The Kyber Network is a protocol aiming to make swapping digital assets and cryptocurrencies simple,fast and efficient. The Kyber protocol aggregates liquidity from a wide range of reserves, powering instant and secure token exchange in any decentralized application (dApp).
There are two types of users on the network: makers and takers. Makers create liquidity by holding their tokens, and takers are the end users that are requesting token swaps. dApps can connect to the Kyber network in order to accept any token from users, but only receive the token they want. KNC is used to facilitate and pay fees for the transactions on the Kyber network.
KNC is the governance token of the Kyber Network. KNC allows token holders to play a critical role in building a wide base of stakeholders and capturing value created by new innovations on Kyber Network. KNC holders stake and vote to receive trading fees from protocols in the network. As more trades are executed and new protocols added, more rewards are generated.
KNC is dynamic and can be upgraded, minted, or burned by KyberDAO to better support liquidity and growth. Holding KNC means having a stake in all the important innovation and liquidity protocols created for DeFi.