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Kyber Network Surpasses 827,000 ETH in Total Transaction Volume

Posted by Gerald Fenech on 3rd July 2019 in Business, International News

ASEAN’s Biggest Name In Blockchain Has Become the Defacto Transaction Layer Of The Decentralized Economy

Kyber Network (https://kyber.network/), a blockchain based liquidity aggregator that provides seamless value exchange among the world’s digital assets, is on track to interconnect the world’s fragmented $280 billion digital asset ecosystem. Since the mainnet release a year ago, Kyber’s use has increasingly spiked, surpassing 827,000 ETH in total transaction volume, and one million tokens burned.

Kyber Network’s protocol allows any application built on a smart contract enabled blockchain to easily integrate Kyber Network’s protocol via Web3, widgets, plugins, and API to provide seamless digital assets exchange. Leveraging Kyber Network’s liquidity aggregation capabilities, DApps and exchanges, wallets have significantly expanded the volume, in some instances, achieving 517% growth in volume in a month.

To date, fifty-seven blockchain-based applications including MyEtherWallet, Decentraland, and Coinbase wallet have integrated with Kyber, providing much-needed liquidity and volume for over 70 digital assets, one of which is Wrapped BTC (WBTC) – Kyber’s first case study in a community-led initiative to bring the value of Bitcoin into the Ethereum blockchain. Since WBTC’s introduction in Q1 2019, Kyber has been one of the major leaders of this initiative, contributing to ecosystem growth.

Loi Luu, CEO and Co-founder of Kyber Network, said, “We’re finding strong burgeoning growth for decentralized financial products and the implications of this on finance, banking, and trade are tremendously understated. With monolithic companies like Facebook investing into the industry, the Kyber team remains committed to providing a decentralized framework for all blockchain stakeholders to break up the monopoly of data, wealth and authority that lies ahead.”

The world is projected to transact 10% of global GDP on the blockchain by 2025, but may reach there sooner. In fact, global demand for easy digital asset access has prompted a race for smartphones to integrate blockchain products for their consumers. HTC collaborated with Kyber on the production for one of the first blockchain accessible phones, the EXODUS1, and Samsung has followed suit to integrate the Enjin wallet, also powered by Kyber, into the Galaxy S10.

“We’re focused on increasing our network by implementing Kyber-framed protocols on different blockchains to power decentralized cross-chain swaps, and adding value and liquidity to the entire blockchain ecosystem,” explained Loi. “Kyber Network has become one of the most prolific non-banking liquidity providers in a decentralized ecosystem. We aim to build a world where the value of digital assets can flow seamlessly anywhere in any wallet, payment services, and financial products.”

Posted in Business, International News | Tagged blockchain, digital assets, Digital economy, Kyber

About the Author

Gerald Fenech

Gerald Fenech

Gerald Fenech is an experienced journalist and reporter of over 15 years standing. He began his career with Maltamedia and di-ve.com, Malta’s first online news portals. He then worked for The Malta Independent Malta Today and Smash TV, the latter as news editor. He has reported several General Elections, EU summits and was also in Washington and New York in 2004 reporting the US Election on invitation of the US State Department. He specializes in politics, business and economic affairs and is also a well known sports journalist.

His interests include American history and politics, music, art and travel.

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