Cryptocurrencies have managed to make a noticeable impact in the global financial ecosystem. However, the cryptocurrency industry is still disintegrated in a way that each blockchain network operates in isolation. This means that swapping between cryptocurrency tokens is a mammoth task. The Kyber Network plans to change the rules of the game.
Kyber is an Ethereum-based decentralized liquid network facilitating the instant conversion of cryptocurrency tokens.
The Kyber on-chain liquidity protocol also allows integrating decentralized token swaps into any application. As a result, it provides for seamless value exchange to take place among all participants of the cryptocurrency ecosystem.
Additionally, the Kyber protocol allows developers to build different financial applications and payment flows. It includes innovative financial dApps, ERC-20 payments, and instant token swap services.
Recent Developments in the Kyber Network
A number of platforms are willing to implement the Kyber technology due to its seamless swap feature among different cryptocurrency tokens. Platforms like ETHIS, Peepeth, and Etheremon are willing to enhance their ecosystems by implementing the Kyber technology.
Much recently, the Kyber network further included Augur (REP), 0x (ZRX), and Binance Coin (BNB) to KyberSwap, the on-chain liquidity protocol. In September, Kyber Network also announced a number of wallet integrations.
Recently, KCash, Secrypto, and Midas Protocol Crypto Wallet announced the integration of the Kyber protocol to provide seamless in-app token swaps for its users. These are in addition to other existing wallets like MyEtherWallet, imToken, Trust Wallet, Qbao and Coinbase Wallet.
Additionally, some decentralized cryptocurrency exchanges have decided to add support of Kyber’s liquidity protocol. A few of them include Easwap, Weswap, and Totle. Decentralized margin trading protocol bZx is also one of the many financial dApps integrating the Kyber protocol.
Working on Institutional-Grade Products
The Kyber Network has also got its focus on working with several decentralized institutional products like hedge funds. Kyber has recently partnered with Melonport, allowing investors to invest in trust-less hedge funds.
Furthermore, Kyber is working on adding support for trading “advanced financial instruments.” It is also working on adding derivatives in the form of forwards and options contracts.
Future Plans and Actions
Currently, the Kyber Network works only with ERC-20 tokens on the Ethereum blockchain. However, the project plans to expand to other blockchain and will begin with Bitcoin (BTC) and privacy coin Zcash (ZEC) based on zkSNARKS.
The Kyber team is currently exploring chain relays like ZecRelay and BTCRelay as well as interchain communication protocols like Polkadot and Cosmos. Additionally it is said that they are working on enhancing the scalability and flexibility of the network.
Risk Disclosure
This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
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