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Kyber Network Crystal Legacy (KNCL) is the 851st largest cryptocurrency in the world by market cap, valued at $71,955,908. The current price of Kyber Network Crystal Legacy is $0.684139, which is -1.818% lower than yesterday. Prices have ranged between $0.710026 and $0.681477 over the past 24 hours. All prices are listed in US dollars and accurate as of March 27, 2023 04:03 UTC.
Kyber Network Crystal Legacy, or KNCL, is the legacy token of the Kyber Network ecosystem. Kyber Network, or Kyber, is a decentralized protocol that has been built to facilitate the exchange of cryptocurrencies utilising multiple decentralized finance (DeFi) applications.
The protocol can achieve fast, non-custodial token swaps by leveraging aggregated liquidity reserves. The protocol aggregates liquidity from the selection of reserves so that it can offer the best exchange rates for users. As a result of a new innovative internal architecture in 2021, the Kyber Network proposed the use of a new native token - the KNC.
In April 2021 the Kyber Network launched a brand new network token, now referred to as the Kyber Network Crystal (KNC). As a result of the upgrade, the network recommended that the old token change its name to Kyber Network Crystal Legacy (KNCL). The switch took place as part of Kyber Improvement Proposal 6 (KIP-6) and was implemented to facilitate a change in the network architecture of Kyber. According to the Kyber Network Blog, the change of token was motivated by three key elements: (1) to amplify KyberDAO’s governance power, (2) to create multiple sources of utility and increase value accrual for the token, and (3) to allow KyberDAO to incentivise higher liquidity provision to the Kyber Network. The upgrade to the token was voted in by 99.89% of the KyberDAO community. Unfortunately, with KNC now fulfilling the role of Kyber Network’s native token, the KNCL token has lost the majority of use cases.
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