KNC’s price jumped more than 50% after expanding access to ten blockchain networks and integrating it with Uniswap v3.

The outlook for decentralized finance (DeFi) projects has improved in recent months as a combination of global events has highlighted the benefits of holding funds outside of traditional financial systems.

One project that has rallied in recent months is the Kyber Network, a multi-chain cryptocurrency and liquidity trading hub that aims to provide users with the best trading rates.

Data from Cointelegraph Markets Pro and TradingView shows that Kyber Network (KNC) price rose 55.4% after rebounding from a low of $2.83 on April 6 and an all-time high of 4.04 on April 8 $ reached. 24 hour trading volume.

KNC/USDT 1-day chart. Source: Trade View
Three reasons for building momentum for KNC are the integration of support for ten separate blockchain networks, the launch of the Avalanche (AVAX) liquidity mining program, and a growing list of partnerships and protocol integrations extending the reach of the Kyber network extend.

Kyber Network adds support for multiple networks
One of the key factors driving the development of Kyber Network is the protocol’s desire to integrate with the leading chains in the cryptocurrency ecosystem.

KyberSwap, the main decentralized exchange interface on the network, now offers trading on ten separate networks, including Ethereum, Avalanche, Polygon, BNB Smart Chain, Aurora, Arbitrum, Fantom, Oasis, Velas, and Cronos.

Interoperability has become one of the main themes driving growth not only in DeFi but in all sectors of the crypto economy as the ability to send assets and data across multiple chains is a necessary feature of the future of DeFi, a non-fungible token , is (NFT). Sectors and the Metaverse.

As more networks emerge, accessing them via a single protocol is a desirable feature that many cryptocurrency and DeFi investors are looking forward to.

KNC participates in Avalanche Rush Phase 2
Another major development that has helped increase awareness and trading activity on the Kyber network is the project’s partnership with the Avalanche Network and the Avalanche Rush Phase 2 liquidity-depletion program.

The Liquidity Incentive Program launched March 21 and includes a $1 million reward for liquidity providers.

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

New partnerships and protocol integration
A third reason KNC’s momentum is building is the constant addition of new partnerships and key protocol integrations that help expand the reach of the network.

On April 7th, it was announced that KyberSwap will be integrated with Uniswap v3 on the Ethereum and Polygon networks, offering the most active decentralized exchange in the KyberSwap ecosystem.

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

Cointelegraph Markets Pro VORTECS™ data began revealing a bullish outlook for KNC on April 6, ahead of the recent price rally.

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

VORTECS™ score (green) compared to KNC price. Source: Cointelegraph Markets Pro.
As seen in the chart above, KNC’s VORTECS™ surged sharply on April 6, peaking at 75 for about nine hours before the price surged 55.4% over the next two days.

Source: CoinTelegraph

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