Today, July 14th, 2020, at 7:00 AM UTC, the first proposal on KyberDAO was put to the vote.
On July 7th the update of the Katalyst protocol was successfully launched, and over 50 million KNC tokens were locked during the first week to take part in the vote.
Katalyst is an important technical update to meet the liquidity needs of the DeFi space, and KyberDAO serves to decentralize the governance of Kyber Network, align incentives among interested parties and empower the community with the possibility to directly contribute to the development of the network.
During the first 24 hours of staking, more than 10 million KNC tokens were locked, followed by an additional 25 million KNC from 3,100 unique addresses, representing more than 12% of the circulating supply.
After the launch of staking on Binance, more than 50 million KNC were staked, equal to 20% of the circulating supply.
KNC holders who staked their tokens in the Genesis Epoch (Epoch 0) can now vote on KyberDAO’s first Epoch 1 proposal to decide how network fees will be allocated in the next Epoch, and in particular what percentage is allocated to Burns, Voting Rewards, or Reserve Rebates.
An epoch lasts 2 weeks.
In this first vote, voters will be given 4 options, one of which would maintain the status quo of 5% to Burns, 65% to Voting Rewards, and 30% to Reserve Rebates, while the other 3 options would make changes to it.
KNC holders who are unable to vote can still earn rewards by delegating their tokens and voting power to KyberDAO pool operators, such as xTokens.
Other operators will be enabled in the coming weeks, such as Staked.US, Stake Capital, StakeWith.Us, RockX and Hyperblocks, while crypto wallets such as Trust, Enjin, Status, Coinbase mobile, imToken, Alpha Wallet and others with built-in dApp browsers can already be used to access the Kyber.org web app.
Kyber Network claims to be the leading liquidity provider in the DeFi space, with over 100 dApps integrated with its open source and permissionless protocol.
The KNC token debuted in the crypto markets in September 2017 at around $1.8, while now, after an all-time high of over $5.7 in early 2018 and an all-time low of $0.1 at the end of 2018, it oscillates around $1.5.
Since the beginning of 2020, however, its value has grown by over 700%, particularly with two spikes in early June and early July.