DeFi tokens CREAM, UNI, CRV, YFI, YFV, SUSHI, and SWRV are now available on the Kyber Network (KNC).
These seven recently added DeFi tokens will be available on KyberSwap, as well as on any other platform on the Kyber Network Protocol.
Alongside the recently listed DeFi tokens, Kyber Network supports a total of more than 80 ERC-20 tokens. Interested persons have access to buy/sell these tokens on the network.
According to an official blog post, the listing of these seven DeFi tokens took place on Tuesday, September 22, 2020, at exactly 12 pm (GMT+8).
Details on the listed tokens
1. yEarn Finance (YFI)
DeFi platform yearn.finance is designed to carry out a number of functions, including aggregated liquidity, leveraged trading, and automated marketing making (AMM). Users earn YFI (yEarn’s native token) by making contributions to its liquidity pool. yEarn Finance was built by Andre Cronjeto to help automatically move funds between DeFi AMMs, subsequently helping users “secure the best lending rate.”
2. Cream Finance (CREAM)
C.R.E.A.M stands for “Crypto Rules Everything Around Me.” This acronym also serves as the motto of the platform. The DeFi protocol is focused on creating an inclusive, fair, and transparent financial ecosystem for all. The protocol, furthermore, deploys its smart contracts across “EVM-compatible blockchains.” This essentially helps widen its coverage and also facilitates composability among blockchains.
3. Curve Finance (CRV)
CRV is the governance token of Curve Finance. The protocol aims to build deep on-chain liquidity via advanced bonding curves.
4. Uniswap (UNI)
Uniswap, in recent times, has been in the limelight for all the right reasons. Its success is evident with the immediate listing of its UNI token on major exchanges like Coinbase Pro, Bitfinex, and others following its launch. Uniswap, since its launch, has provided users with a decentralized, trustless, and reliable financial structure. It is also one of the most used protocols on Ethereum.
5. SushiSwap (SUSHI)
SushiSwap is a recent fork of the Uniswap protocol. The protocol makes use of SUSHI tokenomics and plans to provide community members with better incentives via its AMM model. SushiSwap recently made headlines when its founder, Chef Nomi, sold off his allocation of SUSHI from the developer fund.
6. Swerve Finance (SWRV)
Swerve Finance is a fork of the Curve Finance protocol. Its entire 33 million supply is owned by holders, liquidity providers, and general users. Rewards are earned in ySWRV tokens which can then be staked to earn SWRV.
7. YFValue (YFV)
According to the official blog post, YFValue’s main goal is to introduce value, transparency, fairness, and innovation to yield farming. The protocol also aims to provide members with equal farming and voting opportunity.
2020 has been dubbed the year of DeFi. The listing of these DeFi tokens on the Kyber Network further ascertains this notion. Kyber Network alleges that it is the most integrated decentralized finance (DeFi) protocol in the world. The platform boasts that it has carried out a whopping US$1 billion worth of transactions since its launch.
We also recently published a technical analysis on Kyber Network price signals.
We recently covered the Kyber Network update on reduced gas fees on our Altcoin Buzz YouTube channel.