The KNC token is up nearly 40% to $2.21 over the past 24 hours. On June 2, the price reached a two-week high of $2.38. As a result of this rally, KNC's market cap again surpassed $400 mln. According to Messari, the token is still in the list of the 20 most famous DeFi protocols by market value.
At the time of writing, Uniswap is the largest DeFi project ranked number 1 with a market cap of $15.6 bln. Second and third places are taken by Aave and Maker with $4.86 bln and $3.56 bln, respectively.
Denis VINOKOUROV, head of analytical department at Synergia Capital said:
«Kyber Network has underperformed its peers, still trading at relatively low market capitalization.»
The KNC token is expected to catch up with its DeFi peers following positive fundamental developments. A dynamic market maker (DMM) aimed at providing greater flexibility and high capital efficiency, was started in early April. The planned migration to the new KNC token to improve governance is going smoothly. Exchanges such as Binance, KuCoin, Gateio, UpBit, and Bithumb are supporting the new token, while Huobi, OKEx, and Coinbase are making some preparations for the migration.