Kyber Protocol Upgrade Completed on the Ethereum Mainnet
Kyber Network has completed a mainnet protocol upgrade in addition to taking its decentralized finance (DeFI) platform live. Specifically, Kyber completed its Katalyst Protocol Upgrade along with the launch of KyberDAO, a decentralized finance (DeFi) solution.
Catering to the growing popularity of DeFi wave, Kyber Network employed Katalyst to assist in increasing KyberDAO’s liquidity.
The media post stated:
“In addition, the KyberDAO will empower the Kyber and DeFi community with an actual stake in Kyber’s future, and allow them to contribute directly to our development. We have revamped the Kyber Network website to better communicate the various protocol changes and our new Kyber Network Crystal (KNC) token model.”
Kyber owns a mainnet over which KyberDAP is now functioning. The blog detailed:
“Kyber Network is a fully on-chain liquidity protocol that aggregates liquidity from diverse sources and enables decentralized token swaps in any application.”
Partakers of KyberDAO will be awarded Ether (ETH) as payouts for assisting in running the system by staking their KNC holdings and through voting.
The DeFi sector has garnered the attention of blockchain and crypto market in June.