The decentralized finance (DeFi) boom shows no sign of slowing, with Kyber Network (KNC) recording 29% growth leading into Thursday, July 2. The renewed surge by the Ethereum-based token comes just days ahead of the next major upgrade for Kyber Network—dubbed Katalyst.
The Katalyst upgrade, scheduled for July 7, promises to bring a host of technical improvements to the decentralized liquidity protocol, and will also introduce the KyberDAO (decentralized autonomous organization).
This will enable KNC holders to stake their tokens and vote on governance proposals, while receiving Ethereum (ETH) payouts in return, according to an official Kyber blog post.
What is Kyber Network?
Kyber Network began development in 2017 as a decentralized liquidity protocol built for the Ethereum blockchain. By holding ERC20 tokens in reserve in special smart contracts, Kyber enables users to trade any Ethereum token quickly, without the need for a centralized exchange. Read More