Kyber Network Put Protocol Upgrade Into Operation on Ethereum Mainnet

By Tracy Hannes | July 8, 2020

Kyber Network has reportedly deployed the Katalyst Protocol Upgrade on its mainnet, simultaneous with its decentralized autonomous organization (DAO). 

Specifically, in its attempt to stay ahead of the DeFi trend, Kyber Network reportedly made Katalyst functional to provide assistance for KyberDAO’s liquidity.

“In addition, the KyberDAO will empower the Kyber and DeFi community with an actual stake in Kyber’s future, and allow them to contribute directly to our development. We have revamped the Kyber Network website to better communicate the various protocol changes and our new Kyber Network Crystal (KNC) token model.”

Kyber reportedly possesses its self-developed mainnet, currently in use to facilitate KyberDAO. 

“Kyber Network is a fully on-chain liquidity protocol that aggregates liquidity from diverse sources and enables decentralized token swaps in any application”. 

KyberDAO participants will reportedly be on the receiving end of Ethereum (ETH) payouts, for their help with operating the system, by staking their KNC assets and voting.

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