The Kyber Network team announced via a blog post on Friday that it has extended its support for the Ethereum Proof of Work (EthPoW) chain due to increasing demand from its users.
The team added that If usage of the EthPoW chain reduces on KyberSwap to the point of no transactions within a given week, we will turn off the support. Conversely, if there is rising demand for the EthPoW chain and users want Kyber Network to provide them with more services, the team said it would enable more features on the EthPoW chain.
Kyber Network is an on-chain liquidity protocol that aggregates liquidity reserves to allow instant and secure token exchange in multiple decentralized applications (dApps). KNC, the native token of the Kyber Network, is up by less than 1% in the last 24 hours and currently trades at $0.934.
Ethereum is a decentralized network (often referred to as “the world computer”), created by Vitalik Buterin in 2013. Its network consists of an open-source, globally decentralized computing infrastructure, which executes programs called smart contracts. This network is fueled by a cryptocurrency named ether (ETH).
ETH is up by more than 1% in the last 24 hours and is currently trading at $1,308 per coin.