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Home Tech Crypto First Mover: Kyber CEO Predicts 2020 Transactions at $3B as DeFi Token...

First Mover: Kyber CEO Predicts 2020 Transactions at $3B as DeFi Token Soars

Document Analysis NLP IA

955
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4:46
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positive
sentiment

Sentiment0.12152618016904
objective
redaction

Subjectivity0.41995650381365
probably it's an affirmation
Affirmation0.40210843373494

Highlights

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Key Concepts (and relevance score)

Summary (IA Generated)

The fast-growing realm of decentralized finance, known as DeFi, has produced some of the year’s richest returns for cryptocurrency investors, from Compound’s COMP tokens to Chainlink’s LINK.

So it may come as little surprise that the Kyber Network’s KNC token has jumped eight-fold in price this year, giving it the largest market capitalization among decentralized exchanges tracked by the data firm Messari.

Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more.

First Mover interviewed Kyber CEO Loi Luu about the project, including its July 7 launch of the KyberDAO governance platform.

The short version is to say it’s a liquidity protocol for anybody, anywhere.

People look at the growth of Kyber, and people look at the ecosystem that we’re building.

Whether the token can do well or not, it really depends on how the protocol is performing.

Source: CoinGeckoDo you think there’s any speculation in the KNC token related to future Kyber developments? .

Honestly, I think there’s going to be speculation for any token, so it’s not only for KNC.

So they need to do a lot of on-chain trading from one asset to another.

And that’s where Kyber can come in, because they can do everything on-chain.

I emphasize a lot on the on-chain aspect because everything Kyber does runs on the smart contract, on the blockchain.

Currently we are seeing a lot of experiments happening in the DeFi ecosystem, from liquidity mining, from bootstrapping adoption of a protocol and things like that.

We’ve also started seeing a lot of new projects that have nothing to do with DeFi also branded as DeFi to get some hype.

So I think there’s definitely some hype, but compared with the ICO boom in 2017, it’s nowhere close.

We’re not seeing retail get into the DeFi hype.

We’re not seeing people talking about DeFi in the mainstream.

The gas prices, or fees to use Ethereum, are still very high.

For end users, they can’t pay $5 to $10 everytime they use a decentralized protocol.

There must be a cheaper and more efficient way to use decentralized applications every day.

Source: TradingViewBTC: Price: $11,775 (BPI) 24-Hr High: $11,924 24-Hr Low: $11,662 .

The top cryptocurrency by market value jumped to highs above $11,900 during Thursday’s U.

However, further gains remained elusive and the cryptocurrency ended the day (UTC) on a flat note at $11,770.

Put simply, the day began with optimism but ended on a pessimistic note, with buyers failing to keep prices at highs above $11,900.

This type of price action after a notable recovery rally and near multi-month highs is indicative of indecision among bulls (uptrend fatigue) and often precedes pullbacks.


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