The developers of the Kyber Network (KNC), which provides a tool that allows traders to exchange tokens instantly without having to use exchanges, recently released their monthly progress report.
The Kyber Network team notes that 2020 is now almost behind us and it’s been a very challenging year due mainly to the COVID-19 pandemic that has affected individuals and businesses globally.
As noted in a blog by Kyber Network:
“Our crypto corner of the world made significant gains on its march towards mass adoption. Our tooling got better, our products got better, and our understanding of blockchain technologies has been further advanced through exciting new experiments. ETH2.0 Phase 0 is now live and DeFi continues to innovate at a blinding pace.”
The Kyber Network development team confirms that during 2020, their number of users, new users and trades “all more than doubled while volumes increased six fold over the previous year with December still to go.”
They also mentioned that the KyberDAO’s (decentralized autonomous organization) first six months is “a great demonstration of the viability of decentralized consensus building through on-chain mechanisms.” During this year, the Kyber team launched KyberPRO, a framework that “opens on-chain market-making to professional market makers from all walks of finance.”
The Kyber Network ecosystem includes digital asset traders, professional reserve managers, (decentralized applications) dApps, online wallets, and various staking pools. The Kyber Network team stated in their report that they “highly value the inclusivity of these stakeholders in the KyberDAO as we believe more stakeholder voting leads to healthier consensus building and decision-making.” That’s why “part of the team’s KNC (native tokens of the Kyber Network) has been delegated to 9 different stakeholders to use in the participation of the KyberDAO.”
During the past few years, these teams have been making consistent contributions to the Kyber Network’s ongoing growth by developing products “on and around Kyber Network or by providing liquidity to it,” the report confirmed. It added that “with their expertise in the Ethereum and DeFi space we believe they will make a positive contribution and ultimately grow the Kyber and DeFi ecosystem together.”
Going on to explain their listing policy, the Kyber team noted that KIP5 (the Kyber Listing Proposal) is an incremental and key step forward in the DLT network’s “decentralization.” They describe KIP5 as “a proposed framework that streamlines the token and reserve listing process and allows anyone to submit a request to list an ERC-20 token/reserve with the KyberDAO making the final approval or rejection through a vote.”
The report revealed:
“Kyber Network had its third $300M+ month as it reached $316.4M in November 2020 and unsurprisingly most dapps saw significant increases in both their USD and ETH volumes. 1inch.exchange and Fulcrum had breakout months with $103M and $56M volume respectively while the KyberSwap web, iOS, and Android apps all doubled their volumes over October.”
The report added:
“Overall, while Ethereum (ETH) and USD volumes were high, unique addresses and total number of trades stayed flat over September and October 2020, indicating the same number of users are making much higher value transactions…. Professional market makers continue to dominate Kyber Network activity and account for 63% of the volume while external pools of liquidity account for another quarter of the volume.”