Kyber Network, the decentralized exchange and trading platform, is all set to add a new staking option on its platform in association with Singapore based blockchain infrastructure firm StakeWith.US.
We've partnered @KyberNetwork on their upcoming KyberDAO Katalyst upgrade! 🧑💻👩💻
💠A smart contract proxy is being developed to enable trustless operations of voting pool for Pool Masters.
💠 KNC Staking will be available on ATLAS end Q2 2020.
— StakeWith.Us (@StakeWithUs) May 4, 2020
The staking option is slated for inclusion after the scheduled Katalyst network protocol upgrades by the end of June. The new staking services are expected to offer more flexibility and control to the community members in the decision-making process.
Kyber Network Crystal (KNC), is an ERC-20 token which can be staked by its holders along with the voting powers With.US's staking pool, ATLAS after the scheduled upgrade within 2 months.
Gerrit van Wingerden, CTO and co-founder of crypto asset management firm Caspian. lauded the partnership between the two firms and called it a step in the right direction. He explained:
“This seems like a logical tie-up and would allow KNC token holders who are either too busy or don't feel comfortable enough to vote on KyberDAO initiatives to delegate their votes to an informed third party and still receive voting rewards.”
How the Upcoming Network Upgrade Helps Traders
The upcoming Katalyst network protocol upgrade would allow traders and KNC token holders to vote on important protocol upgrades and they would be awarded in Ether from the network fees.
This will also make it the only protocol with deflationary staking token where the traders would be paid out in ETH based on the number of KNC tokens they have staked. Kyber also noted that token burns and rewards would be determined by the growth of the DeFi ecosystem.
David Freuden, a DAO enthusiast commented on the proposed upgrade and added staking option saying:
“It's interesting to see staking providers, such as StakeWithUs, working closer with DAOs. The collaboration will lead to a healthy debate around governance and proxy smart contracts. Staking providers can also access a broader and potentially larger network of staking participants which will increase the size of deployable pooled funds.”