Kyber Network Katalyst update and KyberDAO governance platform to launch on July 7
The chain liquidity protocol The Kyber Network has announced that its major update to the Katalyst protocol and the KybarDAO community governance platform will be released on July 7.
The Kyber Network announced the news in a blog post published on Monday, June 29. The update presents important technical improvements aimed at improving decentralized liquidity for decentralized finance (DeFi).
According to the announcement, the Katalyst update has brought changes to the Kyber Network Crystal (KNC), the native ERC-20 token, to attract more participants to protocol development and the launch of KyberDAO, a community platform to facilitate decentralized governance of the protocol. Once launched, more than 72,000 KNC holders will be able to participate in governance by voting on new proposals and other protocol parameters.
The ad says:
Once Katalyst launches, KNC holders can bet their tokens on KyberDAO and rule the protocol by voting on important proposals and parameters while earning rewards (in ETH) for their efforts. Any KNC holder can contribute to the development of Kyber by participating in KyberDAO «.
There is no minimum and maximum limit to bet on KNC to participate in government and earn ETH. KyberDAO will be hosted at Kyber.org which can be accessed with any WEB 3 browser such as Opera, Brave, etc.
The company recommends the Metamask, Ledger, Trezor, WalletConnect and WalletLink Etherem wallets to connect with Kyber.org. There is also no need to run nodes and users can remove their staked KNC at any time.
KyberDAO will be activated from Epoch 0. Any user who plays KNC in Epoch n will be able to vote in Epoch n + 1. Kyber further noted that Epoch 0 will only last 1 week, but from Epoch 1 onwards, each Epoch lasts 2 weeks. .
In addition, users can also run a KyberDAO Group through which they can run a betting group and vote on behalf of KNC holders, and charge a fee for their efforts.
The network fee for KyberDAO has been divided into three parameters including participation / governance rewards, refunds for Federal Reserve (FPR) price reserves and the KNC "burnout".
According to the blog post, 65% of KNC wagered will go to stake rewards, 30% to booking discounts for Federal Reserve (FPR) price bookings, and 5% to buy and burn KNC.
The Katalyst update also allows DApp developers to integrate with the Kyber network by adding a custom extension. The update will bring many new drivers to reduce friction in liquidity contributions by introducing discounts for high-yield reserves.
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