Kyber Network rallied in excess of 50% after expanding access to ten blockchain networks and integration with Uniswap v3.
The outlook for projects in the decentralized finance (DeFi) sector has begun to improve in recent months as a combination of global events has highlighted the benefits of holding funds outside of the traditional financial systems.
One project that has rallied over the past few months is Kyber Network (KNC), a multi-chain cryptocurrency trading and liquidity hub that aims to offer users the best trading rates.
Data from Cointelegraph Markets Pro and TradingView shows that after bouncing off a low of $2.83 on April 6, the price of KNC jumped 55.4% to hit an all-time high of $4.04 on April 8 amid a 253% spike in its 24-hour trading volume.
Three reasons for the building momentum of Kyber Network include the integration of support for ten separate blockchain networks, the launch of a liquidity mining program with Avalanche (AVAX), and an expanding list of partnerships and protocol integrations that expand the reach of the Kyber Network.
Kyber Network Adds Multi-Chain Support
One of the biggest factors providing a boost to Kyber Network is the protocol’s push to integrate with the top chains across the cryptocurrency ecosystem.
KyberSwap, the main decentralized exchange interface on the network, now offers trading across ten separate networks, including Ethereum (ETH), Avalanche, Polygon (MATIC), BNB Smart Chain (BSC), Aurora, Arbitrum, Fantom (FTM), Oasis (ROSE), Velas (VLX) and Cronos (CRO).
Interoperability has become one of the main themes driving growth not just in DeFi, but in all sectors of the crypto economy because the ability to send assets and data across multiple chains is a necessary feature in the future of DeFi, NFT sector the Metaverse.