Katalyst and KyberDao Successfully Launched With Over 50 Million KNC Staked In the First Week
Singapore — 14th July — Kyber Network, a liquidity protocol that aggregates on-chain liquidity and enables decentralized token trading in any application, successfully launched the Katalyst Protocol Upgrade and KyberDAO on 7th July 2020. The first KyberDAO proposal is scheduled to start at 7 am UTC, 14th July 2020.
Katalyst is an important technical upgrade meant to meet the liquidity needs of the fast-evolving DeFi space. In addition, the KyberDAO was launched to decentralize Kyber’s governance, align incentives between stakeholders, and empower the Kyber and DeFi community with the ability to contribute directly to Kyber’s development. With the new token model, KNC holders can now stake their tokens on the KyberDAO and govern the protocol by voting on important proposals and parameters, while earning rewards (in ETH) for their efforts.
Over 10 million KNC were staked in the first 24hr of the launch, and over 12% of the total supply (25 million KNC, $36 Million) from 3,100 unique addresses were staked on the KyberDAO within the first week. Since launching on Binance on July 14th, Kyber has now exceeded 50 million KNC staked (20% of the total supply) and 650 unique addresses were voted within the first 4 hrs.
🗳Epoch 1 has begun and the first KyberDAO Proposal BRR-1 to decide the @KyberNetwork fee allocation is live. Over US$80m in KNC staked so far! KNC holders who staked in Epoch 0 can vote in Epoch 1 and claim ETH rewards in Epoch 2. Learn more: https://t.co/RJAFIeWgRy pic.twitter.com/SSegCgP0t9 — KyberDAO (@KyberDAO) July 14, 2020
KNC holders who staked their tokens in the genesis Epoch (Epoch 0) will be able to vote on KyberDAO’s very first proposal in Epoch 1 and decide how network fees are allocated in the next Epoch, specifically what percentage is allocated to Burns, Voting Rewards, or Reserve Rebates. In this first proposal, eligible voters will be given 4 options, one retaining the status quo (Burn 5%, Reward 65%, Rebate 30%), and the other 3 options favoring one specific parameter each. An Epoch lasts for 2 weeks.
KNC holders who are not able to vote can still earn rewards by delegating their tokens and voting power to KyberDAO Pool Operators such as xToken, which went live recently. Other platforms such as Staked.US, Stake Capital, Unagii by StakeWith.Us, RockX, and Hyperblocks are undergoing audits and will launch soon over the next few weeks. Crypto wallets such as Trust, Enjin, Status, Coinbase mobile, imToken, Alpha Wallet and others with in-built DApp browsers can already be used to access the https://Kyber.org web app.
Kyber Network 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. The recent Katalyst upgrade and KyberDAO launch harmonizes 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.
About Kyber Network
Kyber’s on-chain liquidity protocol allows decentralized token swaps to be integrated into any application. 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.
To date, Kyber supports over 80 different tokens, and powers more than 100 integrated projects including popular wallets Trust, Enjin, Argent, Eidoo, and the HTC Exodus smartphone.
To learn more about Kyber Network, please visit https://kyber.network/