DeFi liquidity protocol Kyber Network announced on Tuesday that it has launched the Katalyst protocol upgrade and KyberDAO on the mainnet. As per their official announcement, KyberDAO will empower the community with a stake in Kyber’s future. Also, it will allow users to contribute to the mainnet development by staking their Kyber Network Crystal (KNC) tokens.
Katalyst and @KyberDAO are now LIVE! 🚀This milestone marks the beginning of an exciting era for Kyber, with a new decentralized governance system and technical improvements that will enhance liquidity for #DeFi !
— Kyber Network (@KyberNetwork) July 7, 2020
Kyber is a globally acclaimed on-chain DeFi liquidity protocol that aggregates liquidity data from various sources and allows users to swap tokens in any application. Commenting on the launch of KyberDAO, John Ng, Managing Partner at Signum Capital said that the KyberDAO and the governance process were designed to empower anyone in the KNC Community with fair representation of topics that are meaningful to them. On the other hand, while speaking about Katalyst, Hashed CEO Simon Seojoon Kim said that with Katalyst, the more active community members participate, the better rewards can be earned. Kyber stated in the official blog post,
It was also mentioned in the blog that the users that do not vote will not get any rewards in return. The Epoch 0 will last for a week, however, the subsequent Epochs will last for two weeks. For more details about the staking on the Kyber Network, read the official blog here.