Kylin Network operates within the Polkadot ecosystem and functions as a Cross-Chain Platform to power the Data Economy. It hopes to become the “Data Infrastructure for DeFi and Web3.0 Powered by Polkadot” and solve the existing problems stemming from a lack of suitable data infrastructure in the blockchain industry. 

In particular, it seeks to address the difficulty of accessing data querying and data analytics services, the current legacy oracle high costs. It also hopes to improve the limited interoperability and scalability of the Ethereum network.

KYL is the network’s native cryptocurrency. It has a total supply of 1,000,000,000 and is used for governance and utilities.

What are Kylin Network’s key features and how does it work?

In order to tackle the aforementioned issues related to data infrastructure, Kylin Network has designed a unique architecture. It consists of four major components: Kylin Data Analytics, Kylin Data Oracle, Kylin Data Marketplace, and the Kylin Token (KYL).

In short, Kylin Data Analytics provides a range of data tools designed for data warehouses. Data patterns, interpretation, and low-cost implementation of data infrastructure tools. 

The Kylin Data Oracle is powered by Polkador and operates as a data-feeding protocol. It provides data sources that have lower costs than alternatives and ensures guaranteed security and accuracy of external data sources.

The Kylin Data Marketplace allows the exchange of data and pricing. Developer teams creating on Polkadot can pay minimal fees to access on and off-chain data. Data could include flight information, social media information, weather reporting, exchange rates, and more.

In order to deliver and operate these components, Kylin Network’s key products include the Open API and SDK. These provide the foundation and functionality of the above-mentioned factors. Decentralized applications and blockchains access to both on and off-chain market data that is reliable and transparent.

What can KYL be used for?

The KYL is needed in order to secure the network via staking. The token can also be used as a means of exchange, for example, for paying transaction fees within the Kylin ecosystem and accessing data behind paywalls, such as for private APIs.

KYL is also needed to take part in network governance. Holders can vote on matters related to protocol upgrades and changes.

Where can you buy KYL?

KYL is available for trading on the following CEXs and DEXs listed here. The most popular platforms with the highest liquidity are Gate.io and KuCoin. The price of KYL will vary depending on the choice of exchange and overall market conditions. For up-to-date and historic data for KYL market prices, please view the price charts on this page.