KNC Migration Process has begun: Tuesday, 20th April, 9 pm SGT (GMT+8)
In KIP-6, the Kyber team proposed a Kyber Network Crystal (KNC) token upgrade and migration to make KNC much more dynamic and flexible with the ability to support more efficient upgrades, while amplifying KyberDAO’s governance power. The KyberDAO community gave their strong stamp of approval with a large majority of 99.89% voting in favour of the proposal.
Following this successful vote, the migration process will begin at:
Tuesday, 20th April, 9PM SGT (GMT+8)
To avoid confusion, it is recommended that the old token be labeled as KNC Legacy (KNCL) and the new token will retain the original ticker KNC. KNC remains an ERC-20 token. Please make sure to check your tokens before sending/using them anywhere.
Wallets, Dapps, centralized exchanges, staking pools, and data sites like CoinGecko and Coinmarketcap will be provided with a set of (technical) KNC migration instructions and are expected to change the ticker symbols and support the migration. However, the process will not be immediate and there will be a transition period where both KNCL and KNC tokens will run in parallel.
This migration process has no hard deadline and is open-ended at this moment, meaning there is no rush to convert to the new KNC tokens. However, we do recommend that you migrate your tokens as soon as possible to the new KNC token since it will soon be required for activities such as staking in the latest version of the KyberDAO and adding liquidity on the Kyber DMM.
For KNC holders managing their own tokens on self-custodial wallets such as Metamask, Krystal, Ledger, Trezor, Keystore etc. you can convert to the new KNC token on your own via the Migration Portal on kyber.org
Migration is very simple and instructions can be found below.
Token Contract details
- Old KNC token contract: 0xdd974d5c2e2928dea5f71b9825b8b646686bd200
- New KNC token contract: 0xdeFA4e8a7bcBA345F687a2f1456F5Edd9CE97202
- Migration ratio: 1:1 (1 old KNC will be migrated to 1 new ERC-20 KNC token)
KNC Migration Portal: How do I migrate my old KNC to the new KNC?
On Kyber.org, you can migrate KNC from a self-custodial wallet where you control the private keys. If your old KNC is stored in a separate platform where you do not control the private keys to the wallet (e.g. centralized exchanges, Dapps, staking pools), you will first need to withdraw your old KNC to your own wallet or follow their specific instructions on how to migrate to the new KNC.
Migrate your old KNC to new KNC
- Navigate to kyber.org on desktop or using a Dapp browser on a mobile wallet (e.g. Trust, imToken, Enjin)
- Click the ‘Migrate’ button on the menu bar
- Connect your Ethereum wallet (e.g. Metamask, Ledger, Trezor, WalletConnect, Keystore)
4. Click ‘Migrate’
5. Approve Token if you haven’t done so
6. Confirm your Migration transaction on the UI and your wallet
7. Click ‘Done’
You should receive your new KNC tokens in your wallet once the transaction is successful.
How are centralized exchanges handling the migration?
We are talking to various centralized exchanges such as Binance to guide them through the migration process. Each exchange will likely manage the migration differently with their own set of instructions and we have no control over their individual processes. Please check with them directly for more details. If you would like to conduct the migration yourself, please withdraw KNC from the exchanges to your own Ethereum wallet and migrate the tokens on your own using the Migration Portal at kyber.org
Is there a hard deadline to migrate to the new KNC?
This migration process begins on Tuesday, 20th April, 9PM SGT (GMT+8) but has no hard deadline at the moment, meaning there is no rush to convert to the new KNC tokens unless you wish to stake it in the latest version of the KyberDAO. It is possible for the Kyber community to propose and vote on a hard deadline in the future.
Which KNC do I stake in KyberDAO? Do I vote with my old or new KNC?
Do note that KyberDAO has undergone its own migration from v1 to a new version v2 following the approval of KIP-7.
To support this transition, there will be a grace period of 7 days from 20–27th April called Epoch 0. During this period, there will be NO voting campaigns.
If you have migrated to the new KNC token during Epoch 0, you can begin staking your new KNC on KyberDAO v2 (kyber.org) immediately. Staking KNC on KyberDAO v2 during Epoch 0 makes you eligible to vote in Epoch 1 starting on 28th April.
KyberDAO v2 will be used for all future governance operations moving forward and KyberDAO v2 staking will only support the new KNC token. KyberDAO v2 smart contracts have been audited by Hacken and the report can be found here.
What will happen to KyberDAO v1 and my unclaimed ETH rewards?
KyberDAO v1 (legacy.kyber.org) will continue to support the withdrawal of old KNC and old unclaimed ETH rewards. But no future voting campaigns and governance operations will be conducted on KyberDAO v1. KyberDAO v1 will only support the old KNC token so the new KNC token can’t be staked there.
KNC Legacy (KNCL) and KNC Token Logos
A gentle reminder that exchanges and platform services may not have upgraded to the new KNC token or changed the token ticker symbols and logos during the transition period. Always double-check the token contract address to ensure that you are interacting with the right contract when using different platforms.
If you have any questions, please reach out to us on Discord and follow our KyberDAO Twitter for the latest updates! Onwards Kyber Network!
About Kyber Network
Kyber Network aims to deliver a sustainable liquidity infrastructure for DeFi. As a liquidity hub, Kyber connects liquidity from various protocols and sources to provide the best rates to takers such as Dapps, aggregators, DeFi platforms, and retail users.
Anyone can contribute liquidity to Kyber Network and Dapps can integrate different protocols depending on their liquidity needs. Using Kyber, developers can build innovative applications, including instant token swap services, ERC20 payment flows, and financial DApps — helping to build a world where any token is usable anywhere.
Kyber is powering more than 100 integrated projects and has facilitated close to US$5 billion worth of transactions since its inception.
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KNC Token Migration Guide was originally published in Kyber Network on Medium, where people are continuing the conversation by highlighting and responding to this story.