Why Kyber Network Tokens Tripled to $100M Despite the Coronavirus Recession

In the meantime, the Kyber Network protocol is essentially the third-most-popular DEX, with nearly $5.4 million worth of reserves in its decentralized finance (DeFi) systems, ranked behind Uniswap and IDEX. What makes Kyber different from startups like 0x is that the former is primarily a liquidity protocol, not just a DEX.

The Kyber Network DEX is merely a proof-of-concept, to show the protocol can allow on-chain trading functionality. “On-chain market making is very different from off-chain market making, because you are actually using the blockchain to run all your operations,” said Kyber Network advisor Ming Ng.

Timeline of 0x, Kyber-network