Buy Kyber Network Crystal Legacy (KNCL)

What is Kyber Network Crystal Legacy?

Kyber Network Crystal Legacy (KNCL) is the legacy version of the Kyber Network Crystal (KNC) token. It was replaced by a new token contract to make the token more dynamic and support efficient upgrades, giving greater control to KyberDAO.

How does Kyber Network Crystal Legacy work?

Kyber Network operates on the Ethereum blockchain and supports multiple EVM-compatible networks. The network aggregates liquidity from various sources to facilitate instant token swaps. It relies on smart contracts to manage operations like querying reserves for the best exchange rates and executing swaps.

What are the potential use cases for Kyber Network Crystal Legacy?

Potential use cases for KNCL and its successor KNC include facilitating token swaps, providing liquidity through decentralized protocols, participating in governance via KyberDAO, incentivizing liquidity providers, and serving as collateral on lending platforms. The network’s liquidity and token swap capabilities are also integrated into over 100 decentralised applications and services.

What is the history of Kyber Network Crystal Legacy?

Kyber Network was founded by Loi Luu, Victor Tran, and Yaron Velner. KNCL launched in September 2017 and, at one point, reached a highest historical price of $5.47 in April 2022. In April 2021, an upgrade and migration from KNCL to a new KNC token contract were approved by KyberDAO with a 1:1 migration ratio, streamlining the token’s capabilities and providing more control to the governance process. The new KNC token retains its ticker and functionality as an ERC-20 token.