Cryptocurrencies are gaining traction as more and more people are using them to conduct transactions. Kava (KAVA) and Kyber Network (KNC) are two cryptos that have been making waves lately.
Today, cryptocurrencies showed mixed prices. While the world’s top crypto, Bitcoin, and altcoins like Ethereum and Litecoin rose over the previous day, other cryptos like Solana, XRP, Avalanche, etc., witnessed a decline in their prices. At the time of writing, the global crypto market cap stood at US$1.81 trillion, with a gain of 0.18% over the previous day.
So, here in this article, we will take a peek at two cryptos, namely, Kava and Kyber Network, which are gaining a lot of traction these days.
Kava, an altcoin, has witnessed a jump of 4.22% over the last 24 hours and is currently trading at US$5.46.
Operating as a Layer-1 blockchain, Kava is one of the emerging DeFi projects that allows its users to lend and borrow assets without making use of a conventional financial intermediary.
Its network delivers the development power of Ethereum, combined with the speed, scalability, interoperability and low transaction fees of Cosmos in a single network.
Kava’s native governance and utility token is known as KAVA, which can be staked by validators, who in turn get, 37.5% of all KAVA emissions as a reward for securing the network. Moreover, the stakers also get to vote on governance proposals related to its network.
Kava crypto, at the time of writing, has a market cap of over US$997 million. Currently, there are over 181 million KAVA coins in circulation; however, the maximum supply is not known.
Next, we will talk about Kyber Network, which is built on the Ethereum blockchain. It is a liquidity hub and multi-chain crypto trading platform that aims to provide safe, secure and fast transactions.
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It primarily focuses on enabling DApps and ensuring trades at the best rates.
Merchants and traders can utilise Kyber Network for accepting different cryptocurrencies and, at the same time, receive payments in cryptos of their choice.
The network’s utility token is known as KNC, i.e., Kyber Network Crystal and its token holders can help govern the platform and vote on key proposals by staking their tokens through KyberDAO.
Currently, the crypto is priced at US$5.60, down by 0.37% in the last 24 hours. Over 177 million KNC coins are in circulation, while its maximum supply is not available.
Given the astronomical rise in the popularity of cryptocurrencies, tech-savvy investors are investing in these new-age digital currencies so as to diversify their investment portfolios. However, as crypto markets are prone to extreme price fluctuations and are risky, a cautious approach and due diligence must be followed while undertaking any such crypto-related investments.
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