Things are still exciting about decentralized finance and it doesn’t look like it will slow down in the near future, as Kyber, the symbol for KNC, is up 29% today, Thursday, July 2nd.

The rise is a result of the impact of the upcoming upgrade scheduled for July 7, which is to introduce a set of technical improvements to the decentralized liquidity protocol, and KyberDAO (a Decentralized Autonomous Organization) will also be introduced.

The upcoming upgrade will enable KNC holders to stake their coins and vote on governance proposals, while receiving Ethereum (ETH) payments in return, according to a post. Kyber’s official blog.

We are pleased to announce that Katalyst and Tweet embed Going live on July 7, 7AM GMT! This will usher in an exciting new era for Kyber, with technical improvements that will help boost liquidity for # Davy !https://t.co/P4kYTCe8Sx
Join us: pic.twitter.com/CTUJ0fsWjz

Read:The price of the Cardano currency (ADA) falls due to the postponement of the launch of “Chile”

– KyberNetwork June 29, 2020

What is Kyber Network?

Kyber Network started in 2017 as a decentralized liquidity protocol built on the Ethereum blockchain.

The Kyber protocol enables users to quickly trade any Ethereum token, without the need for a central exchange, by keeping the ERC20 reserve tokens in private smart contracts.

The protocol has already been implemented in many popular digital wallet apps, including Trust Wallet and Enjin, as well as in web browsers such as Brave and Opera.

In the past 24 hours leading up to Thursday, July 2, KNC rose 29% from $1.19 to $1.54, its highest level in two years.

Given the current trend in DeFi, the current boom in Kyber can be seen as a result of enthusiasts taking the coin early before the quota launch was launched.

The value of Kyber has been on the rise since the beginning of the year, with the coin being valued at just $0.18.

The currency rose after announcing its inclusion on the “Coinbase” cryptocurrency exchange on February 27.

Then, in June, the Kyber protocol adopted Chainlink’s Oracle technology for use in updating price feeds on the network.

Read:Bitcoin investment fund “GBTC” drops to an all-time low

Ultimately, Kyber has grown by 755% since January, becoming one of the top performing cryptocurrencies of 2020.

After implementing the Katalyst upgrade on July 7, users can start to stake KNC tokens immediately, and can expect to receive the first Ethereum payment in two weeks, knowing that there is no minimum or maximum stake required.

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