The price of the KNC token jumped 55.4% to an all-time high of $4.04 on April 8 as the Kyber Network has been rallying over the past few months. Its price spiked 253% in its 24-hour trading volume. This is attributed to the integration of support for 10 separate blockchain networks, the launch of a liquidity mining program with Avalanche (AVAX), and expanding list of partnerships and protocol integrations that boost the reach of the Kyber Network.
A big plus point is the protocol’s push to integrate with the top chains across the cryptocurrency ecosystem. The main decentralized exchange interface on the network, KyberSwap offers trading across 10 separate networks, including Ethereum (ETH), Polygon, Avalanche, Aurora, Fantom, Oasis, and BNB Smart Chain. Interoperability has been driving growth in DeFi and other sectors of the crypto economy. Analysts say the ability to send assets and data across multiple chains is an important feature in the future of DeFi, the NFT sector, and the metaverse.
With more chains coming online, the ability to access them through one protocol is touted as a desirable feature. Kyber Network has also attracted increased attention with its partnership with the Avalanche Network and the Avalanche Rush Phase 2 liquidity mining program. The liquidity incentive program, which was introduced on March 21, includes $1 million in rewards for liquidity providers.
Furthermore, Avalanche is one of the fastest-growing Ethereum Virtual Machine compatible networks in the cryptocurrency ecosystem. It attracted more users and liquidity to the Kyber Network users by offering a low-fee alternative to Ethereum. Additions of new partnerships and major protocol integrations are also helping the network expand its reach.