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Krystal and Kyber Network Extend Collaboration

Krystal and Kyber Network Extend Collaboration

Krystal was established to be a multi-chain platform that helps users manage their NFTs and access DeFi related services. Krystal has worked with Kyber Network since the former’s inception. Kyber Network is a liquidity infrastructure solution for DeFi. 

Krystal token swap services use the Kyber liquidity ecosystem. When Kyber had launched its KyberDMM DEX protocol, Krystal had integrated it into all its supported blockchains like the Binance Smart Chain, Ethereum, Polygon, and Avalanche. KyberDMM DEX gives Krystal users access to the best rates to swap their tokens. Krystal and Kyber Network will now take their partnership forward and introduce even more features. 

Krystal recently announced a new feature that will boost the utility of its $KNC token. It created a platform called KrystalGO. Users can access it to participate in public funding rounds of token projects. Users will have to accumulate and stake Krystal’s $KNC tokens to be a part of these funding rounds. Their participation may also be determined by their volume of trade on Krystal. 

Staking on KrystalGO will give $KNC owners points, and they will also be able to stake their tokens on any supported blockchain network. But the higher utility tiers will only be accessible to people with a minimum $KNC staking. 

Krystal and Kyber Network are also working together to create the community-based platform called KyberDAO. This platform will allow users with $KNC tokens to participate and vote on important governance proposals. In return, the $KNC holders will be rewarded some ETH that will be a part of the network fee for Kyber transactions. 

In the future, Krystal and Kyber want to develop a feature that will allow users to shift their voting power from KrystalGO to earn reward tokens from KyberDAO. 

At present, Krystal uses KyberDMM’s Rainmaker liquidity mining solution. But once KrystalGO starts, Krystal will be connected to many upcoming token projects that want to boost the liquidity on certain exchange platforms. Krystal users will be able to use KyberDAO to increase the liquidity of some token pairings. 

Both Krystal and Kyber Network hope that their planned future collaborations will be as successful as their present partnership.

Carl Newton is a blockchain analyst and has 4 years of experience in bitcoin exchange. He makes people aware about the importance of cryptocurrency trading. He writes latest news contents for our team.