Kyber will offer tokens via delegation after the next network update

Kyber Network is ready to add a new staking option for token holders after it has implemented a protocol update 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 that provides staking services, is expected to provide "greater flexibility" for stakeholders and community members by increasing their control over decision making, Kyber said.

Owners of Kyber Network Crystal (KNC), a token based on the Ethereum (ERC-20) listing, will be able to delegate their tokens and voting power to the StakeWith.US staking pool, ATLAS, when the Katalyst update of the network will be completed by the end of June.

"What we are working on seems like a logical step and would allow KNC token holders 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 updated protocol planned for the coming months, KNC owners will be able to vote on various decisions relating 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 deflationary staking token with network fees paid in ETH, a monetary reward asset," said Michael Ng, co-founder of StakeWith.Us.

With the change, KNC holders will receive their ETH prizes based on the number of tokens wagered. The burn and token rewards are determined by the actual use of the network and the growth of the DeFi, Kyber said. “It is interesting to see staking providers, 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.

"Staking providers can also access a wider and potentially more staking network that will increase the size of the pooled funds that can be distributed," added Freuden.

The activity of Kyber Network grew at the end of April thanks to the news of the new staking function, with the number of addresses with a balance in KNC which reached an all-time high of 61,980 on April 27.