XRP

The outlook for projects in the decentralized finance (DeFi) sector has begun to improve in recent months as a combination of global events have 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 KNC 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, the NFT sector the Metaverse.

As more chains come online, the ability to access them through one protocol is a desirable feature that many crypto and DeFi investors will come to expect.

KNC joins Avalanche Rush Phase 2

Another significant development that has helped attract increased attention and trading activity on the Kyber Network is the project’s partnership with the Avalanche Network and the Avalanche Rush Phase 2 liquidity mining program.

The liquidity incentive program kicked off on March 21 and it includes a total of $1 million in rewards for liquidity providers.

Avalanche is one of the fastest-growing Ethereum Virtual Machine (EVM) compatible networks in the cryptocurrency ecosystem and it has helped to attract more users and liquidity to the Kyber Network users by offering a low-fee alternative to Ethereum.

New partnerships and protocol integrations

A third reason for the building momentum behind KNC is the continued addition of new partnerships and major protocol integrations that are helping to spread the reach of the network.

On April 7, it was announced that KyberSwap integrated with Uniswap v3 on the Ethereum and Polygon network, bringing the most active decentralized exchange into the KyberSwap ecosystem.

The project has also revealed a new partnership with the Bondex professional network and Kyber Ventures, the investment arm of the Kyber Network, established a working relationship with Pegacy, a popular NFT racing game.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for KNC on April 6, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

As seen in the chart above, the VORTECS™ Score for KNC spiked into the green on April 6 and hit a high of 75 around nine hours before the price increased 55.4% over the next two days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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