KyberSwap Docs
  • Introduction to KyberSwap
  • Getting Started
    • Quickstart
      • FAQ
    • Supported Exchanges And Networks
    • Foundational Topics
      • Decentralized Finance
        • Tokens
        • Stablecoins
        • DEX/DeFi Aggregator
        • Slippage
        • Price Impact
        • Zap
        • Maximal Extractable Value (MEV)
      • Decentralized Technologies
        • Wallets
        • Dapps
        • RPC
        • Oracles
        • On-Chain vs Off-Chain Data
      • Other Valuable Resources
  • KyberSwap Solutions
    • KyberSwap Interface
      • User Guides
        • Connect Your Wallet
        • Switching Networks
        • Instantly Swap At Superior Rates
        • Swap At Your Preferred Rates
        • Cross-chain Swap
        • Add Your Favourite Tokens
        • Get Crypto With Fiat
        • Bridge Your Assets Across Multiple Chains
      • Profiles
        • Profile Creation
        • Profile Customization
        • Sync Profile Across Devices
      • Notifications
        • Notification Center
    • KyberSwap Aggregator
      • Concepts
        • Dynamic Trade Routing
      • User Guides
        • Instantly Swap At Superior Rates
      • Developer Guides
        • Execute A Swap With The Aggregator API
        • Upgrading To APIv1
      • Aggregator API Specification
        • EVM Swaps
        • Permit
      • Contracts
        • Aggregator Contract Addresses
      • DEX IDs
      • Subgraphs
      • FAQ
    • KyberSwap Zap as a Service
      • KyberSwap Zap as a Service (ZaaS) API
        • ZaaS HTTP API
        • ZaaS GRPC API
      • KyberSwap Zap Liquidity Widget
      • Zap Fee Model
      • Zap's Supported Chains/Dexes
      • Zap's Deployed Contract Addresses
      • Zap's DEX IDs
    • KyberSwap Widget
      • Developer Guides
        • Integrating The KyberSwap Widget
        • Customizing The KyberSwap Widget
      • iFrame Alternative
      • Widget/iFrame Fee
    • KyberSwap Liquidity Widget
      • Integrating The KyberSwap Liquidity Widget
    • Limit Order
      • Concepts
        • Off-Chain Relay, On-Chain Settlement
        • Gasless Cancellation
      • User Guides
        • Swap At Your Preferred Rates
        • Update Limit Orders
        • Cancel Limit Orders
      • Developer Guides
        • Create Limit Order
        • Gasless Cancel
        • Hard Cancel
        • Fill Limit Order
      • Contracts
        • Limit Order Contract Addresses
      • Limit Order API Specification
        • General APIs
        • Maker APIs
        • Taker APIs
      • FAQ
    • KyberSwap OnChain Price Service
    • Fee Schedule
  • Governance
    • KyberDAO
      • User Guides
        • Participating in KyberDAO
        • Staking
        • Voting
        • Stake KNC And Enjoy Gas Savings
      • Fees to KyberDAO
      • KyberDAO Operator MultiSig
      • Contracts
        • KyberDAO Contract Repo
        • KyberDAO Contract Addresses
      • FAQ - Others
    • KNC Token
      • KNC Tokenomics & Utility
      • Gas Refund Program
      • KNC Contract Addresses
  • Security
    • Audits
  • Reference
    • Legacy
      • KyberSwap Classic
        • Concepts
          • Programmable Pricing Curves
          • Dynamic Auto-Adjusting Fees
          • Virtual Balances
          • Protocol Fees
        • Contracts
          • Classic Contract Repo
          • Classic Contract Addresses
          • Classic Contract Farming Addresses
      • KyberSwap Elastic
        • Concepts
          • Concentrated Liquidity
          • Reinvestment Curve
          • Tick-Range Mechanism
          • Pool Process Flows
          • Anti-Sniping Mechanism
          • Tick-Based Farming
          • Elastic Zap
          • TWAP Oracle
          • Elastic APR Calculations
        • Contracts
          • Elastic Contract Repo
          • Elastic Contract Addresses
          • Elastic Farming Contract Addresses
          • Elastic Zap Contract Addresses
          • Elastic Core Contracts
          • Elastic Core Libraries
          • Elastic Periphery Core Contracts
          • Elastic Peripheral Library Contracts
          • Elastic Peripheral Base Contracts
        • Subgraphs
      • Whitepapers
      • Audits
      • KyberAI
        • KyberScore
        • Concepts
        • On-Chain Indicators
          • Number Of Trades
          • Trading Volume
          • Netflow To Whale Wallets
          • Netflow To CEX
          • Number Of Transfers
          • Volume Of Transfers
          • Number Of Holders
          • Top Holders
        • Technical Indicators
          • Live Charts
          • Support & Resistance Levels
          • Live Trades
          • Funding Rate On CEX
          • Liquidations On CEX
        • Liquidity Analysis
      • Elastic Legacy
        • Elastic Legacy Contract Repo
        • Elastic Legacy Contract Addresses
        • Elastic Legacy Farming Contract Addresses
        • Remove Elastic Legacy Liquidity
      • Protocol
        • Overview
        • Smart Contract Architecture
        • Trust and Security Model
      • Integrations
        • Getting Started
        • Use Cases
        • Integration Types
        • Smart Contracts
        • Ethers JS
        • RESTful API
        • Slippage Rate Protection
        • Price Feed Security
        • Contract Events
        • Platform Fees
      • Reserves
        • Getting Started
          • Overview
          • Why Develop On Kyber
          • Create New Reserve
          • Existing Reserves
          • Customising Existing Reserves
        • Development Guides
          • Fed Price Reserve
          • Automated Price Reserve
          • Reserves with Ganache
          • Orderbook Reserve
        • Operations
          • Listing Policies
          • Reserve IDs
          • Reserve Rebates
          • Sanity Rates
      • Addresses
        • Introduction
        • Mainnet
        • Kovan
        • Rinkeby
        • Ropsten
      • API/ABI
        • Introduction
        • RESTful API
          • RESTful API Overview
          • RESTful API
        • Core Smart Contracts
          • IKyberNetworkProxy
          • KyberNetworkProxy
          • IKyberNetwork
          • ISimpleKyberProxy
          • IKyberMatchingEngine
          • KyberMatchingEngine
          • IKyberHint
          • KyberHintHandler
          • IKyberHintHandler
          • IKyberFeeHandler
          • IKyberStaking
          • KyberStaking
          • IKyberDao
          • KyberDao
          • IKyberStorage
          • KyberStorage
          • IKyberHistory
          • KyberHistory
          • IKyberReserve
          • KyberReserve
          • ConversionRates
          • LiquidityConversionRates
          • EpochUtils
          • IEpochUtils
          • KyberFeeHandler
        • Contract ABIs
          • ABIs
        • Code Snippets
          • Token Quantity Conversion
        • Misc Contracts
          • KyberNetwork
          • ConversionRatesInterface
          • PermissionGroups
          • SanityRates
          • Withdrawable
          • OrderbookReserveInterface
          • OrderbookReserveLister
    • KyberSwap Operator MultiSig
    • Permitable Tokens
    • Third-Party Integrations
    • KyberSwap Analytics
    • KyberSwap App
    • GitHub
    • KyberSwap Analytics
    • KyberSwap Blog
    • Kyber Network Press Kit
  • Socials
    • X
    • Discord
    • Telegram
    • LinkedIn
    • Reddit
    • Instagram
    • Tik Tok
  • Support
    • KyberSwap Help Center
    • Complaints Handling Process
Powered by GitBook
On this page
  • KNC Distribution
  • KNC Initial Coin Offering
  • KNC Token Migration
  • KyberDAO Ecosystem Growth Fund
  • Present Day
  • KNC Token Framework
  • KNC Utility
  • Governance Rights
  • Voting Rewards
  • Gas Refunds
  • Liquidity Provision
  • Liquidity Incentives
  • Collateral for Loans
  • The future of KNC

Was this helpful?

  1. Governance
  2. KNC Token

KNC Tokenomics & Utility

Kyber Network Crystal

PreviousKNC TokenNextGas Refund Program

Last updated 1 year ago

Was this helpful?

KNC Token

For an overview of KNC, please visit the .

KNC Distribution

KNC Initial Coin Offering

On 16th September 2017, Kyber concluded its KNC raising 200,000ETH on the Ethereum Mainnet. A total of 21,309 unique addresses participated in the token sale which was a significant proportion of . 226,000,000 KNC was minted and distributed accordingly:

  • Community investors and participants: 61.06% (137,995,600 KNC)

  • Company operational reserves: 19.47% (44,002,200 KNC)

  • Founders, advisors, early investors (2-year vesting, 1-year lock-up): 19.47% (44,002,200 KNC)

Following the claim period for community and investors, a total of 10,374,651.16 KNC was . This brought the KNC max supply down to 215,625,348.84 KNC following the completion of the ICO.

By the end of September 2019, all vested KNC tokens for founders, advisors, and early investors was unlocked and distributed.

KNC Token Migration

With ongoing advancements in token designs, the Kyber team proposed a KNC token upgrade and migration to make KNC much more dynamic and flexible with the ability to support more efficient upgrades, while amplifying KyberDAO’s governance power. This was approved by the KyberDAO in and the migration process began on .

The previous KNC token was renamed KNCL () with the newly created token maintaining the KNC ticker. Previously, from ICO date through to the migration date, a total of as part of the initial design whereby KNCL gets burned whenever trades go through the protocol. Consequently, the new KNC was allocated a max supply of 210,250,962 KNC.

remains convertible to at a 1:1 rate .

KyberDAO Ecosystem Growth Fund

Present Day

As of 27 October 2023:

  • KNC Max Supply (KNC + KNCL): 252,301,550 KNC


KNC Token Framework

The KNC token framework serves as an important guidepost ensuring that KNC remains a vital element securing the decentralization and sustainability of the KyberSwap Ecosystem. By aligning governance and product incentives, the KNC token framework intends to generate ever greater adoption of KNC through synergistic ecosystem growth.

The KyberSwap Ecosystem is composed of a myriad of stakeholders, each contributing to the KyberSwap network in various ways. Some obvious examples are:

  • KNC Token Holders: Stake their KNC tokens in the KyberDAO to vote on the future of KNC. All changes must receive a majority vote via KIPs (Kyber Improvement Proposals) prior to being implemented.

  • Third Party Developers & Integrators: Individuals or teams building on top of the KyberSwap ecosystem. By leveraging superior rates from KyberSwap, such integrators are also significantly expanding KyberSwap’s market depth and consequently facilitate trade volume.

  • Traders & Liquidity Providers: Facilitates the seamless trading of tokens, including KNC, via KyberSwap. Ranging from market makers to users conducting a single trade, the aggregate effect of their actions result in a vibrant market for token swaps.

Given the multitude of user profiles, each with their own objectives, the ultimate goal of the KNC token framework is to steer development towards long-term ecosystem growth. This means aligning individual stakeholder objectives to drive KIPs which will increase KNC’s reach through lasting utility.


KNC Utility

Governance Rights

Voting Rewards

Gas Refunds

Liquidity Provision

KNC holders can contribute to KyberSwap’s liquidity pools (e.g. KNC-USDC), providing valuable liquidity and earning fees from the trading activity that flows through the pool.

Liquidity Incentives

KNC’s role extends to incentivizing liquidity providers through liquidity mining rewards, on top of standard trading fees. This provides more value to liquidity providers, bootstraps liquidity, and further amplifies ecosystem growth.

Collateral for Loans


The future of KNC

As KyberSwap evolves and gets equipped with additional features, KNC’s utility is poised to grow even further. User feedback, community engagement, and ongoing developments will collectively shape the token’s future applications.

To increase active liquidity for KNC, the KyberDAO voted to mint an additional 42,050,588 KNC (16.67% of new KNC supply) which would be distributed via the KyberDAO Ecosystem Growth Fund ( and ). This mint was completed on 15 June 2021 resulting in a new max supply of 252,301,550 KNC.

KNC Total Supply:

KNC Circulating Supply:

KyberDAO Operator MultiSig (Signatories can be found ): (4.85%)

KyberDAO Staking Contract: (18.2%)

You can also find more information about our KNC and the relevant on our Docs.

KNC holders who stake their tokens gain voting power within KyberDAO, enabling them to and influence key decisions that steer KyberSwap’s development and enhancements.

In return for staking and participating in governance through voting, KNC holders receive a portion of protocol trading fees generated on . As more trades are carried out on KyberSwap, trading fees increase, resulting in more rewards for the KyberDAO. The more KNC staked by a user, the bigger their share of fees! Thus, there is a symbiotic relationship between KyberDAO stakeholders and KyberSwap’s success.

With our new , KNC holders who stake their tokens on KyberDAO are also able to enjoy gas refunds when they trade with KyberSwap. The percentage of gas refunds are based on their KNC staking tier, offering more rewards for higher levels of commitment.

KNC is supported as a collateral asset on some lending/money market platforms for users to mint or borrow other tokens. For example, KNC can be deposited in as collateral to borrow stablecoins or loaned out to users who want to borrow KNC (earning interest in the process). KNC can also be deposited in to borrow the MAI stablecoin.

Visit the and help us improve KNC by providing suggestions on our and making !

KNC Token overview page
ICO token sale
Ethereum users at the time
burned
KIP-6
20th April 2021
KNC Legacy
5,374,386.84 KNCL was burned
KNCL
KNC
here
KIP-8
KIP-9
228,782,331 KNC
170,542,470 KNC
here
~12,243,146 KNC
~45,996,714 KNC
token contracts
audits
vote on KIPs (Kyber Improvement Proposals)
KyberSwap
Gas Refund Program
Aave
QiDao vaults
KNC Utility page
governance forum
feature requests