Nearly 6% of Kyber’s Token Supply Staked in One Day

$16.7 million worth of decentralized finance (DeFi) liquidity protocol Kyber Network’s KNC token have been locked up in staking within 24 hours of the service’s launch. However, KNC has posted a 10%  price retracement since topping out roughly one week ago.

Kyber’s network also saw a surge in activity ahead of staking’s launch, with a record number of daily KNC transactions being executed last week. With nearly 182 million KNC in circulation, 5.7% of the market’s total supply has been locked in staking.

Timeline of Kyber-network