KyberSwap recently announced the integration of Chainlink price feeds to BNB chains, Arbitrum, Avalanche, Optimism, Polygon, and Ethereum. This integration will allow the network to convert collected fees into his KNC tokens at a fair market rate.
In this way, KyberSwap can more reliably and transparently distribute rewards to DAO participants. Additionally, Oracle will also provide support for her KNC token as collateral on various of her DeFi lending platforms.
Chainlink provides accurate on-chain price data on KNC tokens across multi-chain circuits. There are currently two trading pairs KNC, KNC-USD and KNC-ETH live on the BNB chain, Arbitrum, Avalanche, Optimism, Polygon and Ethereum.
This integration will allow lending protocols such as Aave, Benqi, and QiDAO to calculate the exact price of KNC whenever a user lends KNC tokens or borrows funds against the tokens as collateral. This will be very beneficial during KNC collateral clearing and will improve her KNC credibility and security on the lending platform.
Acting as the KyberDAO’s governance token, the KNC token will allow users to vote on various proposals. Voting unlocks new rewards for voters via commissions collected on her KyberSwap through transactions. Fees are converted to KNC before being distributed among users.
KyberSwap is DeFi’s first Dynamic Market Maker, a decentralized exchange protocol that provides frictionless crypto liquidity. Thousands of users and multiple decentralized applications are already providing and using liquidity.Recently, Lido Finance kyber swap A protocol that brings more liquidity to Polygon.
KyberSwap also uses price feeds to get accurate market data for WBTC and ETH and convert fees into KNC tokens. This ensures that all voters receive fair compensation.
In addition to this, Kyber also runs a Chainlink node to provide price data for KNC and other tokens. Secure the Chainlink oracle network while informing more users about the platform.
Victor Tran, co-founder and CEO of Kyber Network, spoke about recent developments. According to Tran, Chainlink powers the DeFi ecosystem with trusted, decentralized and secure market data. It also works with his KyberDAO where Kyber users are rewarded for voting.
The entire Kyber team is excited to work with Chainlink to add Tran to traders, liquidity providers and developers in the multi-chain DeFi industry. Chainlink has been tried and tested countless times and proven to be reliable under extreme conditions. Therefore, any addition to the Kyber ecosystem will bring great value to the network and its users.