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Kyber Network to Release Major Upgrade for Katalyst Protocol

By Shannon Wilson | June 30, 2020
Kyber Network to Release Major Upgrade for Katalyst Protocol

On-chain liquidity protocol Kyber reportedly disclosed that a big update for its Katalyst protocol will be rolled out on July 2020. 

Specifically, the update will reportedly come with change to the existing Kyber Network Crystal (KNC) token model, as an attempt to achieve enhanced participation attraction, to the growth of the protocol. 

Per the announcement, Katalyst reportedly has a target to bring down friction in liquidity contributions, roll out rebates for high-performing reserves, as well as enabling integration of DApps with the Kyber network, via the inclusion of a custom spread.

Throughout the updates rolled out there reportedly are also a release of KyberDAO – a community platform granting KNC token holders the power to take part in governance. 

KNC holders will reportedly have the choice for staking KNC, to vote on different protocol parameters and changes, along with KyberDAO proposals which reportedly look to “improve protocol functionality, operations and adoption.”

“Katalyst will harmonize our 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.” Loi Luu – head of Kyber Network reportedly claimed. 

“The Katalyst upgrade and KyberDAO support three key groups of Kyber stakeholders: reserves who provide liquidity to Kyber, DApps who connect takers to the Kyber protocol, and KNC holders who form the heart of the network.” The CEO further remarked.

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