Review on Kyber Network by Saleh Bayramli

Many blockchain networks have their own crypto assets. For example, Bitcoin, Ethereum, Litecoin are examples of these networks. The crypto assets of these networks, such as bitcoin, ether and litecoin, are also called cryptocurrencies. Networks like Ethereum, on the other hand, allow creating crypto assets without building a blockchain network from scratch with various protocols like ERC20. These assets are not called cryptocurrencies, but rather tokens.

If you want to buy a crypto asset, crypto exchanges are usually used, but if you want to exchange two different crypto assets with each other, you can do this through exchanges. Kyber Network is a solution that aims to step in at this point and eliminate the stock markets.

Basically, Kyber Network is a solution that runs on the Ethereum network and provides fast exchange of ERC20 tokens. However, the crypto-asset swap service is not limited to the Ethereum platform and ERC20 tokens.

With its flexible developer capabilities, Kyber Network can connect to liquidity pools that hold different crypto assets, or to other crypto exchanges or wallet applications that manage these assets. In this way, relationships can be established between the Ethereum blockchain network and other blockchain applications for the exchange of digital assets.

What makes Kyber Network important is that if you have an Ethereum wallet (like MetaMask), you can transfer your ether assets to the Kyber Network without any registration and get Kyber Network Crystals (KNC), the unique token of this network, and quickly exchange these tokens with other crypto assets. to start your operations.

This structure allows us to better understand the concept of DeFi, which has been rapidly rising recently.

LoserDAO

Nwtwork loss, a development which was released in July 2020 commissioned the kyberdao . KyberDAO is a decentralized autonomous organization for the Kyber Network and enables KNC owners to have a say in the Kyber Network governance process.

KNC holders can now vote on various proposals related to the development and operation of the Kyber Network by transferring their tokens to KyberDAO. Participants in the process earn commissions from the transaction revenues generated by the system, on average, every two weeks. Those who do this are called “stakers” (a general definition in the DeFi ecosystem) and KNC stakers can currently generate an annual revenue of about 12.8 percent. Of course, this rate may vary depending on Kyber Network's trading volume and some other parameters.

Kyber Network continues to work to create its own transaction layer in the future, taking into account the high gas fees paid for transactions on the Ethereum network.