Kyber Network, an on-chain liquidity protocol, has set July 7, 2020, as the date for its Katalyst protocol upgrade.
On Monday, June 29, Kyber announced that it has finally set a date for a major upgrade of its champion product, Katalyst. The upgrade will occur on Tuesday, July 7, 2020, at exactly 7 AM (GMT). It also revealed that it would be introducing a new feature called KyberDAO. According to the announcement, KyberDAO is “a community platform to facilitate the decentralized governance of the protocol.”
Kyber specializes in token swaps. It aggregates liquidity from various reserves and allows KNC holders to swap tokens between popular exchange websites and wallets. With this upgrade, Kyber expects to get over 72,000 new KNC holders. All KNC holders can contribute to the growth of the network by staking their tokens.
KNC holders can act as governors of the protocol by contributing and voting for parameter changes and new proposals. Contributors will be rewarded with Ethereum (ETH).
Apart from KNC holders, the announcement points out that the upgrade will also affect other Kyber stakeholders such as DApps/Traders, liquidity Reserves, and KyberDAO Pool Operators.
Kyber has publicly laid out a timeline for the various stages of the upgrade. The company advises that it may suspend trading while an upgrade is ongoing.
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