Overview

Project name: Kyber Network

Ticker symbol: KNC

ICO date: September 2017

Market cap*: $86 million

Circulating supply*: 134,132,697 KNC

Total supply: 215,625,349 KNC



* As of August 7, 2018. Source: Coinmarketcap

Kyber is a decentralized liquidity network for enabling instant and seamless transactions between platforms, ecosystems and other use cases. Users can easily exchange and swap tokens on the platform in a decentralized fashion.



There are thousands of different cryptocurrencies and in order to trade them, users currently need to go on different exchanges, deposit the coins/tokens they want to trade, trade said coins/tokens back to bitcoin/ether, and withdraw back to their wallet, which can take days.



This is troublesome, slow, and at times risky. With Kyber Network, users can instantly trade their tokens to any other cryptocurrencies directly from their own wallet.



Kyber Network has the following 3 features:



Platform agnostic: Kyber allows any application or protocol to be powered by its liquidity network.



Instant settlement: Kyber enables instant inter-token transactions with a wide range of token options with no settlement risk, which are critical factors for many use cases such as real world commerce and decentralized financial products.



Ease of integration: Kyber is developer-friendly and highly compatible with other systems.



The diagram below shows how Kyber Network functions in a nutshell:

More than 25,000 people participated in Kyber’s token sale and used its platform.



As of August 7, 2018, Kyber Network has been making a lot of progress with notable milestones such as the launch of KyberSwap on the Ethereum mainnet in February 2018, partnership with over 20 blockchain projects including Toshi, MyEtherWallet, Trust Wallet, and IMToken, as well as the support of over 50 tokens on the platform including DAI the stable coin, OMG, and BAT.



Since launching on the Ethereum mainnet, Kyber has had transaction volume of over 30,000 ETH, with 33,000 transactions and 7,700 users according to Dapp Volume.

Key Milestones/News

September 15, 2017 : Token sale successfully finished, raising 200,000 ether.

: Token sale successfully finished, raising 200,000 ether. September 25, 2017 : KNC token was listed on Binance.

: KNC token was listed on Binance. December 2, 2017 : Announced partnership with imToken.

: Announced partnership with imToken. December 15, 2017 : KNC token was listed on OKEx.

: KNC token was listed on OKEx. January 10, 2018 : KybetNetwork released on the Ropsten Testnet.

: KybetNetwork released on the Ropsten Testnet. February 10, 2018 : KyberSwap launched on Ethereum mainnet with 10 tokens available on the platform, opened to ICO participants.

: KyberSwap launched on Ethereum mainnet with 10 tokens available on the platform, opened to ICO participants. March 18, 2018 : KyberSwap was opened to the public.

: KyberSwap was opened to the public. April 16, 2018 : Added stable coin DAI on the KyberSwap platform.

: Added stable coin DAI on the KyberSwap platform. April 24, 2018 : Announced partnership with MyEtherWallet.

: Announced partnership with MyEtherWallet. April 25, 2018 : KNC token was listed on Bithumb.

: KNC token was listed on Bithumb. April 30, 2018 : Lou Luu, CEO of Kyber Network, outlined the plans for an Initial Exchange Offering (IEO) and a branding process.

: Lou Luu, CEO of Kyber Network, outlined the plans for an Initial Exchange Offering (IEO) and a branding process. June 8, 2018: Kyber 2.0 event held in Singapore which unveiled Kyber’s vision to be the decentralized liquidity network for the tokenized world.

New product KyberGO , a trustless, secure platform to participate in token sales, was introduced.

, a trustless, secure platform to participate in token sales, was introduced. KyberReserve was undergoing private testing. Instructions are available to set up a reserve on the Ropsten testnet.

was undergoing private testing. Instructions are available to set up a reserve on the Ropsten testnet. Development of a new layer 2 scaling solution, Gormos, designed for specific applications that require an extremely fast, low cost and low latency solution. Gormos is expected to be ready in Q3 2019. Comparison of Gormos and other scaling solutions are shown in the table below:

July 8, 2018: Published a post that explains the origin, current focus, and mission of the project.

July 8, 2018: Token to token swap was available on the KyberSwap platform.

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Conclusion

The project has been showing impressive progress, including the launch of KyberSwap on the Ethereum mainnet back in February 2018. We tried the platform and it was a very smooth experience with nice and simple UI.



The team has been making improvements on the product since then, as well as announcing multiple new products, including a layer 2 scaling solution. We believe it is a great team with a focus on the technology.



On the business partnership front, they have also been making solid progress. Partnerships with projects like imToken, one of the biggest cryptocurrency wallets, and MyEtherWallet, probably the most used Ethereum wallet, enable many users to have access to KyberSwap.



On the transparency side, the team had been making bi-weekly (now monthly) updates. However, the older blog posts were unlisted, so they are not shown on Kyber’s blog. Not sure why that is the case, but we wish they would make every blog post public. Same with the premise of blockchain – a public immutable record.

Additional Resources

Kyber Network Official Resources