Kyber Network is a blockchain-based, decentralized protocol that enables the exchange of tokens without using an intermediary. Kyber Network crypto can be integrated into crypto wallets, decentralized finance (DeFi) platforms, and decentralized applications (DeFi), and then provide instant token swaps without the use of a third party. It consists of a set of smart contracts, which are implemented on any blockchain that supports smart contracts.
The protocol itself is governed using the native Kyer Network coin KNC. Users can stake their tokens and vote on the network’s fee model, rebates for reserves and similar other proposals. It is an ERC-20 token, and due to how it is made, KNC’s supply will decrease over time.