Kyber Network is ready to add a new option of staking for token holders after it has implemented an update of the protocol on the agenda in the next two months.
A partnership to consolidate the decision-making power of customers
A new partnership with StakeWith.US, a Singapore-based blockchain infrastructure company providing staking, should provide "more flexibility" for stakeholders and community members by increasing their control over decision making, Kyber said.
The owners of Kyber Network Crystal (KNC), a token based on the listing of Ethereum (ERC-20), they will be able to delegate their tokens and voting power to the pool of staking by StakeWith.US, ATLAS, when the Katalyst network update is completed by the end of June.
"What we are working on seems like a logical step and would allow KNC token owners who are too busy or who are not comfortable enough to vote on KyberDAO initiatives to delegate their votes to an informed third party and still receive voting prizes. ”Said Gerrit van Wingerden, CTO and co-founder of the Caspian cryptocurrency management platform.
A revolutionary update
Kyber Network is a decentralized exchange that allows instant trading and conversion of highly liquid cryptocurrencies and tokens. Based on the protocol update planned for the coming months, KNC owners will be able to vote on various decisions related to the protocol itself and in return they will receive prizes from network commissions in the form of ether (ETH).
“Kyber will be the only protocol that has a token of staking deflationary with network fees paid in ETH, a monetary premium asset, ”said Michael Ng, co-founder of StakeWith.Us.
With the change, KNC holders will receive their ETH rewards based on the number of tokens wagered. Token burn and rewards are determined by actual network usage and DeFi growth, Kyber said. “Interesting to see providers of staking, such as StakeWithUs, who work closely with DAOs.
The collaboration will lead to a healthy debate on governance and smart proxies, "said David Freuden, a DAO enthusiast and founder of Monsterplay, a blockchain consulting firm that works in the field of smart cities, privacy and decentralized autonomous organizations.
“The providers of staking they can also access a larger and potentially multiparty network staking which will increase the size of the pooled funds that can be distributed, ”Freuden added.
Kyber Network's business grew at the end of April thanks to news of the new function staking, with the number of addresses with a balance in KNC reaching an all-time high of 61.980 on April 27.