Binance successfully integrated PancakeSwap (CAKE) on Ethereum (ERC-20) and Kyber Network (KNC) on Polygon. The union of these two notable blockchain initiatives offers consumers new opportunities and strengthens their positions in decentralized finance (DeFi).
KyberSwap Integration Strengthens Kyber Network Crystal (KNC) Utility on Binance
KNC’s importance as a platform component. The Ethereum (ERC20) and Polygon (POL) (MATIC) networks can deposit and withdraw PancakeSwap (CAKE) and Kyber Network (KNC) tokens. This advancement should increase project and community opportunities.
Since its launch in 2017, Kyber Network’s KNC token has helped grow the ecosystem. KNC, Kyber Network’s foundation, is a utility and governance token. KyberSwap, Kyber Network’s major DEX aggregator and liquidity platform across several chains, underpins this integration. The Kyber Network Crystal (KNC) token powers KyberSwap’s network utility and governance.
Staking KNC tokens gives holders voting rights in the network, allowing them to influence major policy decisions. The increased involvement and growth on KyberSwap may also benefit the individuals.
KNC was revised in 2021 to include new features and improve adaptability to fit the dynamic DeFi ecosystem. The token formerly known as KNCL (Kyber Network Crystal Legacy) was rebranded. KNC token holders can trade them for KNCL tokens at 1:1.
KNC and CAKE Strengthen Roles in Decentralized Finance (DeFi) Ecosystem
The ability of KyberDAO to create tokens increases the malleability of the Kyber Network Crystal (KNC). The capacity boosts liquidity, innovation, and growth in the KyberSwap ecosystem.
Staking KNC tokens in the KyberDAO allows token holders to vote on Kyber Improvement Proposals (KIPs), allowing them to directly influence the platform’s future. KNC token holders also receive a percentage of KyberSwap trading fees for staking and governance.
The merger of Binance, PancakeSwap, Kyber Network, and numerous blockchain ecosystems advances decentralized finance (DeFi). The increase in user options reinforces KNC and CAKE’s responsibilities in their networks.
