Add KNC To AAVE V1 and V2 Proposal
Add KNC to AAVE V1 and V2 proposal is now live. This proposal aims to list the new version of the Kyber Network Crystal (KNC) token 6 for borrowing and lending and as a collateral asset on both Aave v2 and v3, after delisting 4 the old KNCL token (previously on Aave).
Kyber Network is a multi-chain crypto trading and liquidity hub that connects liquidity from different sources to enable token trading at the best rates through its principal user interface KyberSwap.com.
As a hybrid DEX aggregator + liquidity platform, it aims to offer traders the best rates and returns for liquidity providers with concentrated liquidity.
Kyber Network launched on Ethereum in February 2018 and is a pioneer in the DeFi space. Developing one of the earliest decentralized exchanges (DEX) with Vitalik Buterin as an advisor. The team has continued to innovate. Spearheading the launch of WBTC (Wrapped Bitcoin) – the most popular ERC20 version of Bitcoin today- and developing amplified liquidity pools on KyberSwap. Offers capital efficiency for any token pair. Kyber Network is also part of the pioneer batch of Alliance DAO/DeFi Alliance mentors.
Motivation
KyberSwap (Kyber Network’s main swap interface) is one of the oldest and most popular DEX aggregators with close to 1M web visitors per month 1 (June 2022). KyberSwap has already been deployed on 12 chains. Total trading volume has crossed $10B+ (combined legacy and new KyberSwap protocol) and the current total value locked (TVL) is $63M+.
KNC is Kyber’s utility and governance token and is an important part of KyberSwap operations. KNC holders can stake KNC to vote on proposals to improve KyberSwap. In return, KNC voters receive rewards from fees collected through trading on KyberSwap.com and other benefits from ecosystem collaborations. As more trades are executed and new protocols are added, more rewards are generated.
KNC is a liquid asset with many token holders. KNC holders may want to obtain additional liquidity without selling KNC. They can still capture potential upside in value. With KNC supported on Aave, KNC holders can borrow funds for a wide variety of DeFi use cases, such as margin trading or for new investment opportunities, all without selling their current holdings.
ABOUT Kyber Network
Kyber Network is a multi-chain crypto trading and liquidity hub that connects liquidity from different sources. Enable token trading at the best rates through its principal user interface KyberSwap.com. As a hybrid DEX aggregator + liquidity platform, it aims to offer traders the best rates and returns for liquidity providers. Kyber’s vision is to be the multi-chain liquidity hub for the decentralized economy. This is where any user or application can easily access the required tokens for their liquidity needs.
