The Kyber Network is a protocol that aims to provide liquidity to decentralized products and facilitates swaps of other ERC-20 tokens. This protocol aggregates liquidity from different sources (reserves, exchanges, etc) into a single pool and uses this to enable instant swaps of ERC-20 tokens. Kyber Network Crystal or KNC is the native token of the Kyber Network.
Liquidity tokens like KNC are integral to the decentralized finance ecosystem as it enables instant settlement of swaps at the best rates possible from multiple tokens. Going forward, the developers of the Kyber Network are aiming to implement the protocol in different blockchain networks that allow smart contracts and act as a single liquidity source for multiple chains.
KNC has recently upgraded into a newer version, KNC v2, while still keeping the old version as KNCL (KNC Legacy). Please note that all mentions of KNC in the Coins.ph app refers to KNC v2. You may transfer KNC (v2) to your Coins.ph wallet without any issue. However, any transactions that use the older version of KNC will not be credited to your account. You can read more about this migration here.
