First KyberDAO proposal opens for voting

Source: IBS Intelligence 2020-07-16

Kyber Network, a liquidity protocol that aggregates on-chain liquidity and enables decentralized token trading in any application, had launched the Katalyst Protocol Upgrade and KyberDAO on July 7, 2020. The first KyberDAO proposal was scheduled to start at 7 am UTC, July 14, 2020.

Katalyst is an important technical upgrade meant to meet the liquidity needs of the fast-evolving DeFi space. In addition, the KyberDAO was launched to decentralize Kyber’s governance, align incentives between stakeholders, and empower the Kyber and DeFi community with the ability to contribute directly to Kyber’s development. With the new token model, KNC holders can now stake their tokens on the KyberDAO and govern the protocol by voting on important proposals and parameters, while earning rewards (in ETH) for their efforts.

Over 10 million KNC were staked in the first 24hrs of the launch, and over 12 per cent of the total supply (25 million KNC, $36 Million) from 3,100 unique addresses were staked on the KyberDAO within the first week. Since launching on Binance on July 14, Kyber has now exceeded 50 million KNC staked (20 per cent of the total supply) and 650 unique addresses were voted within the first 4 hrs.

KNC holders who staked their tokens in the genesis Epoch (Epoch 0) will be able to vote on KyberDAO’s very first proposal in Epoch 1 and decide how network fees are allocated in the next Epoch, specifically what percentage is allocated to Burns, Voting Rewards, or Reserve Rebates. In this first proposal, eligible voters will be given 4 options, one retaining the status quo (Burn 5 per cent, Reward 65 per cent, Rebate 30 per cent), and the other 3 options favoring one specific parameter each.

Kyber Network mentioned that it crossed US$1 billion in total trading volume and 1 million on-chain transactions since its launch in April 2018. The recent Katalyst upgrade and KyberDAO launch harmonizes Kyber’s efforts towards providing a single on-chain liquidity endpoint for all takers and makers, and establishes a long term virtuous loop where the success of the DeFi space, growth of the Kyber ecosystem, and value creation for KNC holders are said to go hand in hand.

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Kyber

First KyberDAO proposal opens for voting

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