The Kyber Protocol long awaited Katalyst upgrade (incl KyberDAO) has now been deployed on the Ethereum mainnet, the team announced on Jul 07. The Katalyst upgrade was announced on Dec 17, 2019 and deployed on testnet by Apr 02, 2020. The users can now start staking on Kyber in the genesis Epoch 0 which will end on Jul 14, 7:07 AM GMT and the network fees collected during this Epoch will be used to burn KNC tokens. The fee burning will be powered by Kyber’s FeeHandler, assisted by Chainlink price feeds.
The genesis Epoch 0 will start with 65% of the collected rewards being reserved for staking rewards, 30% for Reserve Rebates for incentivizing liquidity providers and 5% for token buybacks / burning, as determined by user votes in the pre-DAO Twitter poll. Apart from the genesis Epoch with a duration of 1 week, all other following Epochs would be of two weeks duration. The voting will begin on the first KyberDAO proposal in the Epoch 1 and first ETH rewards will go out by Epoch 2.
Katalyst and @KyberDAO are now LIVE! 🚀This milestone marks the beginning of an exciting era for Kyber, with a new decentralized governance system and technical improvements that will enhance liquidity for #DeFi !
Details: https://t.co/ulWRkDsKO4
Visit: https://t.co/BS41TCnFk2 pic.twitter.com/hE4fiquZsF— Kyber Network (@KyberNetwork) July 7, 2020
This is a major development for the Decentralized Finance (DeFi) industry, of which the Kyber Protocol is a core-component, aggregating liquidity from different providers and enabling decentralized orderbook-less instant conversions. With the deployment of Katalyst upgrade (incl KyberDAO), the Kyber Protocol will usher in a new era of growth and development.
About Kyber Protocol
Kyber Network is an on-chain liquidity provider for crypto-assets that lets token holders provide liquidity by maintaining and running reserves. The reserves can be of different kind and exist as a smart-contract. Kyber protocol can instantly exchange/swap tokens by checking the best price across all reserves and executing the conversion transaction, unlike traditional order-book matching.
It is a major component of the Decentralized Finance (DeFi) eco-system. It can be used by businesses, DApps, wallets and protocols to swap tokens or for payment. Kyber native token is KNC, which is a pre-requisite for activity on the network. For instance, its used to pay network fees and as a stake for running reserves on the protocol.
About Kyber Katalyst
Katalyst introduces new staking mechanism, decisions making powered by KyberDAO, improvements to liquidity contributions and customizable fees. This will increase network’s liquidity, stakeholders participation and improve the value of the native KNC tokens.
Kyber envisions that this upgrade will “incentivize greater liquidity and trade volume throughout the network enabling Kyber to become the single on-chain endpoint required by the decentralized finance (DeFi) projects for their liquidity needs”.
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