Kyber Network, a liquidity protocol that aggregates on-chain liquidity and enables decentralized token trading in any application announced today, the launch of the Katalyst protocol upgrade to better meet the liquidity needs of the entire decentralized ecosystem.
The KyberDAO, as well as changes to the KNC (Kyber Network Crystal) token model to align incentives from different stakeholders and attract more participants to the development of the protocol from the wider community, goes live from 7 AM GMT, 7th of July 2020.
“Kyber’s growth trajectory and breadth of integrations across the DeFi stack are impressive, as it evolves to become a liquidity protocol for the ecosystem,” said Santiago Roel Santos, Partner at ParaFi Capital.
“With Katalyst, the more active community members participate, the better rewards get returned. Therefore, it will turn more holders into genuine and devoted members of the community,” said Simon Seojoon Kim, Ceo at Hashed.
KyberDAO, a community platform that now allows KNC token holders to participate in governance via a new staking and voting mechanism. KNC holders are now able to stake KNC to vote on various protocol parameters and changes, playing a key role in the direction and success of Kyber Network. In return, they receive rewards in ETH, from network fees collected from trading activities in the network.
KyberDAO platform is a mobile-optimized decentralized application that can be accessed on any platform with Web3 connectivity. The KNC staking and withdrawing process is very fast and simple and can be done within a few minutes.
Users can begin staking KNC for one week from today, and start voting on the first KyberDAO proposal in Epoch 1 (beginning on the 14th of July). There is no minimum or maximum KNC that needs to be staked, no KNC lockup period, no ‘slashing’ (no loss of KNC due to any penalty), and no running of nodes required. Through the official KyberDAO platform, users will always have full control and ownership over KNC staked, and can withdraw it anytime.
“Staking incentive and rebate for makers will bring liquidity for the network and more liquidity is a very welcome thing for Kyber’s sustainability,” explained Ben Chan, CTO at Bitgo.
“Kyber team has been driving force in the growth of DeFI as a liquidity layer and they are ready to move to the next level with Katalyst upgrade. Trust wallet will support Kyber’s journey with in-built dapp browsers for our community to access Kyber’s staking and voting in a simple manner,” said Viktor Radchenko, CEO at Trust Wallet
KNC holders who do not wish to participate in governance will still be able to earn rewards by delegating their tokens and voting power to KyberDAO Pool Operators. Reputable platforms such as StakeCapital, StakeWith.Us, RockX, and Hyperblocks will launch their KNC staking and delegation services soon. Also, Trust, imToken, Status, Alpha Wallet, Opera, Enjin, HTC Exodus, and all other crypto wallets with in-built dapp browsers will provide access to Kyber’s staking DApp gradually.
“Katalyst will help cement Kyber’s position as the top liquidity provider in DeFi space,” said Michael Ng, Co-founder, Unagii by Stakewith.us.
“Kyber already provides liquidity for many transactions and applications, and liquidity is precisely the key to the entire decentralized economy, said Xinshu Dong, Co-Founder at RockX. “The upgrade will allow community members to participate actively in governance and Kyber’s continuous growth.”
“xToken is excited to partner with Kyber as they experiment with a new paradigm for decentralized governance. Katalyst is a big step forward for Kyber and for DeFi,” said Michael Cohen, Founder, xToken.
Kyber has crossed USD $1 billion in total trading volume and 1 million on-chain transactions since its launch in April 2018. It is the leading liquidity provider in the DeFi space, with more than 100 DApps integrated with its open-source, permissionless protocol. Katalyst will harmonize Kyber’s efforts towards providing a single on-chain liquidity endpoint for all takers and makers, and establish a long-term virtuous loop where the success of the DeFi space, growth of the Kyber ecosystem, and value creation for KNC holders go hand in hand.
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