Token swap feature KyberSwap has integrated Chalinink’s price reference data for enhanced accuracy. Up until now, the price feeds of KyberSwap were taken exclusively from Kyber Network.
KyberSwap and Chainlink
KyberSwap is a platform allowing users to swap between Ethereum tokens quickly and easily, and it’s powered by Kyber Network’s on-chain liquidity protocol. It allows it to access liquidity for more than 70 different ERC20-based tokens.
Up until now, KyberSwap was receiving price data feeds exclusively from Kyber Network. According to a new announcement, however, the platform has integrated Chainlink’s price feeds for its supported tokens.
This should also increase the platform’s security, “further safeguarding against price manipulation by malicious parties.”
Speaking on the matter was Sunny Jain, Head of Product at KyberSwap, who said:
KyberSwap is glad to work with a reputable project like Chainlink and its decentralized oracle network to provide reliable price feeds for our non-custodial token swap platform and improve the overall trader experience.
Chainlink, on the other hand, offers a consolidated framework for building decentralized oracle networks. As such, developers can aggregate several independent oracles and multiple data sources, making a data point that’s delivered reliably to the smart contract and is hard to manipulate.
KNC’s Impressive Performance
The past seven days were nothing short of impressive for Kyber Network’s native token KNC. On June 7th, it was trading at around $0.71, and at the time of this writing, its price is around $1.23.
In other words, in less than six days, the cryptocurrency has managed to increase by more than 70%.
Towards the beginning of the month, Kyber Network partnered with Stake Capital in an attempt to provide convenient KNC staking, as well as delegation services.
KNC holders can stake their tokens, take part in the protocol’s governance, and earn rewards in ETH. Kyber brings forward a deflationary staking token where ETH rewards, as well as the token burns, are determined based on DeFi and actual network usage.