The explosion of interest in non-exchangeable tokens over the past two months has attracted some interest from the decentralized financial sector, but that does not mean there has been no outbreak of some projects.

One project that continues to work on enabling the ecosystem is the Kyber Network (KNC), which is a on-chain liquidity protocol that combines liquidity from multiple sources to enable the instant exchange of tokens in any DApp.

Data from Cointelegraph Markets and TradingView shows that KNC’s price has risen 50% in the past 24 hours, rising from $ 1.93 on March 16th to an intraday high of $ 2.89 on March 16th.

Optimism about Cyber ​​3.0 is on the rise
The main driving force behind the growing optimism in the Kyber community is the upcoming launch of Kyber 3.0, which will “move Kyber from a single protocol to a node with targeted liquidity protocols designed for different DeFi use cases.”

The launch will take place in two phases – Katana and Kaizen. The katana phase is set for the first and second quarters of 2021 and includes the launch of the Kyber Dynamic Market Maker (DMM), the first for the fledgling DeFi sector, as well as a proposal to renew KyberDAO and KNC.

This is a significant development for the Kyber ecosystem as DMM will provide benefits to liquidity providers and also support unauthorized liquidity contributions from anyone and provide access to that liquidity to any recipient.

The KyberDAO and KNC renewal proposal also aims to bolster KyberDAO’s management strength and create additional revenue and value creation sources for KNC as a way to provide additional liquidity and encourage innovation.

The Kaizen phase will help bring all parts of the Kipper ecosystem together to complete Kyber 3.0 and is expected to be completed by the end of the third quarter.

VORTECS data from Cointelegraph Markets Pro began to show an optimistic outlook for KNC on March 15th ahead of the recent price rally.

The VORTECS score, excluding the Cointelegraph, is a mathematical comparison of historical and current market conditions derived from a set of data points, including market sentiment, trading volume, recent price movements, and Twitter activity.

As shown in the chart above, the KNC Ratings VORTECS started turning green on March 11th and reached a high of 77 on March 12th, when KNC’s trading activity started to pick up. Then over the next two days, the VORTECS rating dropped into the yellow zone, and on March 15th, it rose to 64. This was almost seven hours before KNC’s price began to drop 40% over the next two days.

Sector turnover in the cryptocurrency markets can happen quickly, as the NFT mania demonstrated in the past two months. This reorientation gave DeFi projects the opportunity to regroup and plan for the next phase of development.

Upgrading the Kyber network, which increases governance functions while adding solutions to rising gas costs, the project is well positioned for wider adoption as the interest in the cryptocurrency market returns to the booming DeFi sector.

Source: CoinTelegraph

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