Kyber Network v1 (KNC) is an Ethereum token used for paying fees on the Kyber Network, a protocol that aims to make swapping digital assets and cryptocurrencies simple and efficient. The Kyber Network underwent a token swap on April 20, 2021.
Please read the KNC Token Swap section for more details.
What products support KNC?
What regions support KNC?
Crypto to crypto trading pairs
See the full list of countries that Coinbase supports for crypto-to-crypto trading.
How many confirmations are needed for KNC?
KNC requires 35 network confirmations. Learn about transaction confirmations.
Which blockchain network hosts KNC?
KNC is hosted on the Ethereum blockchain.
What are the minimum and maximum withdrawal amounts?
Coinbase has implemented safeguards to ensure a healthy and efficient network both on-chain and through our platform.
These safeguards include both minimum and maximum amounts for each cryptocurrency we allow customers to send through the blockchain.
Minimum: 0.01 KNC
Maximum: 121,000 KNC
On April 20, 2021, KNC (Kyber) deployed their new token and swap contracts. You can reference KNC’s tweet for more on the token swap. While we won’t support the new smart contract at the time of the initial token swap, we will support it a later date in 2021.
What do I need to know about the KNC token swap?
The new KNC smart contract will be available on Coinbase and Coinbase Pro.
New smart contract
Coinbase will not support the new smart contract at the time of the token swap. You won’t be able to trade (buy/sell) the new token. You can still trade the older version of KNC before the conversion tha occurs later in 2021.
Once Coinbase supports the new smart contract later in 2021, Coinbase will automatically convert all the KNC tokens in your account and trading will be enabled. If you have KNC in your Coinbase accunt, we’ll notify you a few weeks before the conversion once a conversion date is determined.
Moving KNC Tokens
You have the option to move your KNC tokens out of Coinbase any time before the conversion date.
Sending and receiving KNC Tokens
When sending/receiving KNC tokens, please check what version of KNC tokens you currently hold. Exchanges and wallets might have or have not updated to the new token contract, and your funds might be lost if you send an unsupported version of KNC. The Ethereum contract address for the old KNC token is: 0xdd974d5c2e2928dea5f71b9825b8b646686bd200.
Will I be able to deposit the new KNC token to Coinbase before the conversion?
No. Coinbase KNC wallets supporting the new smart contract won’t be available until after the conversion later this year. We'll announce this date on Twitter once we know.
What happens if I deposit the new KNC token into my Coinbase account before the conversion?
If you transfer the new KNC token from another exchange to Coinbase before the upgrade then the token will not be accessible or available for withdrawal from Coinbase until the KNC smart contract is supported.
What happens if I deposit the old KNC smart contract after it’s deprecated on Coinbase?
These deposits would not be supported and would be treated as an unsupported digital currency. Depositing unsupported assets in your Coinbase account will cause you to lose them.
Sending and receiving
Old KNC: You will be able to send & receive the old KNC before update/conversion.
New KNC smart contract: You will not be able to send & receive the new KNC smart contract before the upgrade/conversion.
After the upgrade, sending and receiving the new KNC tokens will be enabled on Coinbase Pro but sending and receiving old KNC tokens will no longer be available.
What happens to my KNC after the mandatory conversion to the new KNC smart contract?
As previously mentioned, all of your KNC tokens will automatically convert to the new smart contract and your new KNC tokens will be available in Coinbase products. You’ll then be able to buy, sell and convert KNC on Coinbase products.
Will we support the new KNC token on Pro trading books?
Yes, but only after Coinbase supports the conversion later this year.
What does this mean for KNC in my standalone Coinbase Wallet?
If you have KNC in your Coinbase Wallet, KNC funds will not convert to the KNC. You will need to follow the instructions outlined by KNC in their Migration Guide.
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