The Kyber Network Crystal token, or KNC for short, is an ERC-20 utility and governance token that serves as the bedrock of the KyberSwap ecosystem. KNC plays a critical role in governing KyberSwap through KyberDAO and facilitating its various operations.
By staking and voting with KNC, users can participate in the KyberDAO governance process and shape the future of the KyberSwap ecosystem. In return for securing the Kyber network, KNC stakers also gain access to a host of other benefits such as gas refunds or protocol trading fee distribution.
Launched on Ethereum in 2017, KNCadheres to the ERC-20 standard, meaning seamless compatibility with EVM-based smart contracts. Since September 2019, all vested KNC tokens for founders and advisors have been unlocked and distributed.
In 2021, in order to evolve with the DeFi landscape, KNC was upgraded with additional functionality and flexibility, and the old token version was renamed KNCL (Kyber Network Crystal Legacy). Old KNCL holders can migrate to the current KNC version at a 1:1 ratio. View the relevant audits here.
KNC is dynamic and can be upgraded or minted by KyberDAO to better support liquidity and growth. Holding KNC means having a stake in all the important innovation and liquidity protocols created for DeFi. KNC is supported on and can be bridged to other EVM-compatible networks whose full list can be found on the KNC Contract Addresses page.