Leading on-chain liquidity protocol Kyber recently on 29th June revealed that a major upgrade of Katalyst protocol is sheduled for 7th July, 2020.
The upgrade includes certain amendments to the Kyber Network Crystal (KNC) token model to draw in more participants to the event of the protocol.
In line with the announcement, Katalyst aims to scale back friction in liquidity contributions, introduce rebates for high-performing reserves, and permit decentralized applications to integrate with the Kyber network by adding a custom spread.
KNC Token Holders Participate In Governance
Among the several features included within the upgrade is the launch of KyberDAO, a community platform that permits KNC token holders to participate in governance.
KNC holders will be able to stake KNC to vote on several protocol parameters & amendments, & KyberDAO proposals that “aim to enhance protocol functionality, operations as well as adoption.”
While explaining further, Loi Luu, CEO of Kyber Network, added, “Katalyst will harmonize our efforts towards offering a single on-chain liquidity endpoint for all takers & makers, and establish an extended 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.”
Luu said, “The Katalyst upgrade as well as KyberDAO is based on 3 key groups of Kyber stakeholders: reserves who offer liquidity to Kyber, DApps who link takers to the Kyber protocol, and KNC holders who form the basics of the network.”
Advantages Of Katalyst Upgrade
While adding further, Luu added that Kyber will specialise in offering more education regarding the advantages that accompany the Katalyst upgrade.
“We also aim to extend the number of options available for KNC holders to stake KNC. This includes integrating with more cryptocurrency wallets that permits quick access to Kyber.org on their DApp browsers, also as onboarding more third party Staking Pools which will help vote on the behalf of KNC holders & further permit them to receive rewards.”