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Kyber Network

Kyber Network

Kyber Network is an on blockchain protocol enabling exchange and conversion of digital assets.

Kyber Network was founded in 2017 by Loi Luu, Victor Tran, and Yaron Velner, and is headquartered in Singapore, Singapore. The Kyber Network is a decentralized exchange system operating under the Ethereum platform that allows instant on-chain transactions with guaranteed liquidity. It allows users to convert and exchange tokens, and other digital assets; autonomously pay with their own tokens; hedge against price fluctuation; and receive payments from a wide range of cryptocurrencies.

Kyber Network is a hub of liquidity protocols that aggregates liquidity from various sources to provide secure and instant transactions on any decentralized application (DApp). The main goal of Kyber Network is to enable DeFi DApps, decentralized exchanges (DEXs) and other users easy access to liquidity pools that provide the best rates.

All transactions on Kyber are on-chain, which means they can be easily verified using any Ethereum block explorer. Projects can build on top of Kyber to utilize all the services offered by the protocol, such as the instant settlement of tokens, liquidity aggregation, and a customizable business model.

Kyber looks to solve the liquidity issue in the decentralized finance (DeFi) industry by allowing developers to build products and services without having to worry about liquidity for different needs.

The Kyber Network Crystal (KNC) token is a utility token that is the "glue that connects different stakeholders in Kyber's ecosystem." KNC holders can stake their tokens in the KyberDAO to help govern the platform and vote on important proposals --- and earn staking rewards in Ethereum (ETH) that come from trading fees.

Kyber Network began its development in 2017 and is built on top of the Ethereum blockchain. The project was founded by Loi Luu, Victor Tran and Yaron Velner, and currently has its headquarters in Singapore.

Loi Luu is a blockchain researcher and an advisor for various blockchain projects. He developed Oyente, the first open-source security analyzer for Ethereum smart contracts, and co-founded SmartPool, among other decentralized projects.

Victor Tran is a senior backend engineer and Linux system administrator. He was the CTO at Clixy and 24/7 Digital Group as well as a developer for several projects in Vietnam.

Yaron Velner is the current CEO of B.Protocol, a decentralized backstop liquidity protocol, and was a postdoctoral researcher. Velner stepped down from his CTO position at Kyber in October 2019 but remains as an advisor.

The Kyber team is also composed of several executive advisors, engineers and designers. According to the official Kyber Network LinkedIn page, the company has over 50 employees --- most of which are based in Vietnam or Singapore.

Initial Coin Offering

The Kyber Network held their Initial Coin Offering on September 15, 2017 raising around 2,000 ether (~$48,000,000 USD) in funding.


On December 2, 2017 Kyber Network and imToken, a digital asset wallet, announced they will be integrating their platforms to improve their instant exchange services.


On April 24, 2018 Kyber Network began offering its token swap services, and integrated its liquidity protocol with MyEtherWallet. On April 30, 2018 the Kyber Network exchange officially became open to all MyEtherWallet users.


February 15, 2022
ZKyber Testnet Giveaway: How to Claim KNC Rewards - Kyber Network

We would like to thank everyone who participated in our ZKyber testnet campaign and gave us feedback!

Since the early days of Ethereum and DeFi, Kyber had been at the forefront of Ethereum Layer 2 scaling research. Our research work on Elastico was the first proposed sharding solution for public blockchains and directly inspired the design of Zilliqa, a promising scalable blockchain project. We previously contributed to Plasma research and more recently we deep dived into the tradeoffs between different Rollup solutions. Ethereum remains a key pillar of DeFi and ‘ZKyber’ is Kyber’s latest contribution towards L2 scaling research to help improve Ethereum’s user experience and advance its ecosystem.

With our ZKyber testnet, we wanted to showcase the huge potential of a ZK-Rollup-based L2 scaling solution that makes trading on Ethereum faster, cheaper, and fairer, without sacrificing security. To recap, Zkyber has 100x better performance than Ethereum, close to the performance of a centralized exchange while preserving Ethereum’s decentralization and security. ZKyber greatly reduces fees and latency, and also provides front-running and ‘sandwich attack’ resistance. Read our previous post on ZKyber.

ZKyber is an important step towards making DeFi trading truly seamless and effortless — We have taken these learnings and you will hear about more initiatives from us soon this year, the 5th Anniversary of Kyber Network.

$50,000 ZKyber Testnet Giveaway

5921 wallet addresses fulfilled the criteria stipulated earlier and are eligible to claim KNC rewards on KyberSwap. Each wallet will receive roughly 8 USD worth of KNC. Some further elaborations below.

To be eligible, ZKyber users must have completed the following before the deadline of 31 Jan, 2022, 11.59pm GMT+8.

On ZKyber

On Ropsten testnet, complete at least 2/3 of the following:

1. Swap Tokens

2. Add or Remove Liquidity

3. Deposit tokens from Ropsten testnet L1 to ZKyber L2


On KyberSwap

On ANY mainnet chain/network KyberSwap supports (Ethereum, Polygon, BSC, Avalanche, Fantom, Cronos) make at least 1 trade or add any liquidity before the deadline.

How to claim

Claiming will be done on the Polygon network on KyberSwap instead of Ethereum as it has cheaper gas costs. Most users who participated in ZKyber also conducted transactions on Polygon.

1. Visit KyberSwap and connect your wallet. This has to be the wallet you used to fulfill the ZKyber campaign criteria

2. Switch your network to Polygon

3. Click on the menu option at the top right and then click the ‘Claim Rewards’ button

4. In the dialog that opens, you will see the KNC reward amount you are eligible to claim

5. Click the ‘Claim’ button

6. You have 6 months to claim your KNC rewards on KyberSwap Polygon

Note: You will need some MATIC tokens in your wallet to pay for gas before you can claim the KNC rewards

ZKyber On-chain Statistics

Number of Swap Transactions : 17,337

Number of Add Liquidity Transactions: 13,338

Number of Remove Liquidity Transactions: 9,149

Total ETH distributed through our faucet: 37.8 ETH

Total ETH deposited from L1 to L2: 19,726 ETH

Total ETH withdrawn from L2 to L1: 88 ETH

Number of Wallet Addresses used in the testing: 15,547

Other Statistics

Number of Feedback Responses — 2590 Responses

Total Page Views — 450,000+ Page Views

Number of Users by Country (Top 3):

India — 4,374 Users

Taiwan — 3594 Users

Indonesia — 3,021 Users

Scaling Ethereum Together

ZKyber is a product of Kyber’s research and development initiatives and our way of giving back to the Ethereum community and we hope that it helps expedite the progress of L2 scaling research, especially in the field of ZK-Rollups. We welcome all Ethereum researchers and developers to reach out to learn more about how they can use ZKyber and work with us to advance the DeFi space together.

About Kyber Network

Kyber Network is delivering a sustainable liquidity infrastructure for DeFi. As a liquidity hub, Kyber connects liquidity from various protocols and sources to provide the best token rates to Dapps, aggregators, DeFi platforms, and traders.

Through Kyber, anyone can provide or access liquidity, and developers can build innovative applications, including token swap services, decentralized payments, and financial Dapps — helping to build a world where any token is usable anywhere. Kyber is powering more than 100 integrated projects and has facilitated over US$8 billion worth of transactions for thousands of users since its inception.

KyberSwap, the latest protocol in the liquidity hub, provides the best rates for traders and maximizes returns for liquidity providers.

November 25, 2017
Binance lists KNC

The cryptocurrency exchange Binance lists KNC on their platform.

November 15, 2017
Initial Coin Offering

Kyber Network raised $48 million during their ICO.

September 19, 2017
Kyber Network raises a $60,000,000 initial Coin Offering from Amino Capital, Andreas Schwartz, Chain Capital, Fenbushi Capital, Fundamental Labs, Hashed, IOSG Ventures, Julian Sarokin and Kenetic Capital.
September 2017
Kyber Network raises a $60,000,000 initial Coin Offering.
Kyber Network was founded by Loi Luu, Victor Tran and Yaron Welner.

Funding Rounds



Further Resources


2Key integrates Kyber's On-chain Liquidity Protocol for Seamless Token Swaps

Kyber Network


May 18, 2020

BENQI Liquidity Mining on KyberSwap Continues with ~1.7M in QI & KNC Rewards

Kyber Network


April 14, 2022

Introducing KyberSwap's Referral Campaign! $2000 in KNC Rewards Up for Grabs When You Share!

Kyber Network


May 23, 2022

Kyber Network announces new CEO - Kyber Network

Kyber Network


January 18, 2022

Kyber Network Crystal explained in under 5 minutes. (cryptocurrency)


October 30, 2021


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