Kyber Network Announces that its ‘Katalyst’ Protocol Upgrade and New Token Model go live on 07/07/20

Katalyst will enable Kyber to become the single on-chain endpoint that powers the liquidity needs of decentralized finance (DeFi) projects .

Singapore — 29th June —  Kyber Network, a liquidity protocol that aggregates on-chain liquidity and enables decentralized token trading in any application, announced the launch date of its major Katalyst protocol upgrade to better meet the liquidity needs of the entire decentralized ecosystem. The upgrade will go live at 7 AM GMT, 7th of July 2020, and will introduce 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.

The Katalyst upgrade and KyberDAO will support 3 key groups of Kyber stakeholders: reserves who provide liquidity to Kyber, DApps who connect takers to the Kyber protocol, and KNC holders who help govern the protocol.

Katalyst aims to reduce friction in liquidity contributions, introduce rebates for high-performing reserves (liquidity providers), and allow DApps integrated with Kyber to add a custom spread for flexible rates. This incentivizes greater liquidity contribution and trade volume throughout the network, enabling Kyber to become the single on-chain endpoint that powers the liquidity needs of DeFi projects. 

On top of liquidity optimization, Katalyst will introduce the KyberDAO, a community platform that 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. 

Demo of KyberDAO

At launch, KyberDAO will be hosted on https://Kyber.org/ for the first time. This will be 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 at the start of Epoch 0 on the 7th of July, 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. 

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, and existing investors in Kyber Network, such as ParaFi Capital, #Hashed, and Signum Capital will also be participating in governance.

Kyber has crossed US$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.

To learn more about Kyber Network, please visit https://kyber.network/

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