Kyber Network to Roll Out Katalyst Upgrade on July 7th; Launching KyberDAO & Liquidity for DeFi
Kyber, an on-chain liquidity protocol, has announced July 7 as the date for the launch of its Katalyst upgrade, which would bring some significant changes to the in-house token, to attract more consumers.
The announcement suggests that the upgrade aims at lowering the friction liquidity contributions along with DApp integration to the Kyber network and the introduction of rebates for the high-performing reserves.
Another major upgrade would be the launch of KyberDAO, which would be a community platform allowing KNC holders to participate in the essential on-chain governance process. KNC holders can participate in this process by staking their tokens, which will enable them to vote on significant protocol parameters and changes along with the KyberDAO proposal.
Loi Luu – CEO of Kyber Network – talked about the upcoming major upgrade and believed the update would prove pivotal in their effort to offer on-chain liquidity for taker and maker. He said:
“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.
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.”
Luu further commented on the plans for the network, and how it aims to bring in more options for KNC token holders that can do more by staking their tokens. These plans also include integration to new wallets, which allow easy access to Kyber.org and its dapp ecosystem. The firm also plans to add more third-party staking options.