A Look at Kyber

A Look at Kyber

By SupportiveNormie | Supportive Normie | 17 Sep 2020


I don't see much posted here about Kyber, which has popped up on my radar recently, so here are a few reasons to be interested in Kyber Network Crystal (KNC):

Availability in Coinbase

Even if you don't like Coinbase, having a token listed there lends it some notoriety. It was a part of the Coinbase Earn program, which undoubtedly boosted visibility.

Ethereum Based

Let's say you cave and buy your KNC from Coinbase; you can take them to whichever Ethereum based wallet you'd like since KNC is an ERC-20 token. Right now gas prices might be a hindrance to making too many moves, but gas prices will come down at some point.

Staking

If you want to put your KNC to use, you can stake them and reap some rewards for holding. Being active in the KyberDAO governance through voting gives you an additional reward after each voting period or epoch. Don't want to vote? You can always delegate your votes to another person or voting pool.

DeFi

If all that isn't risky enough for you then you can always throw your KNC out as collateral in the DeFi world. The deposit APY% on Aave has hovered around 30% for Kyber the last 30 days, which actually outperforms the rewards you'd receive through staking (I did some simple math for this, if your numbers vary greatly please enlighten me). Of course staking rewards change based on a number of factors, just like the APY% can vary wildy.

Lastly, I can't help but enjoy the name. I'm a Star Wars fan, and the thought of owning lightsaber crystals is pretty cool.


SupportiveNormie
SupportiveNormie

Trying to navigate the crypto landscape as an amateur


Supportive Normie
Supportive Normie

A collection of thoughts on crypto related topics and my experience in the realm of digital currency. All coming from the non-enthusiast point of view.

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