A Notable Surge in KNC Staking Makes Kyber Network New DeFi Star
Kyber Network’s fame in the DeFi markets is rising day by day. The network has become a new DeFi star after witnessing a notable surge in the staking of its KNC token.
KNC staking rises after the network upgrade
Recently, the Kyber Network launched its long-awaited network upgrade and announced the staking of KNC as well along with it. The upgrade of the Katalyst protocol was gone live on the 7th of July on the mainnet of the network. The network also introduced a decentralized protocol KyberDAO allowing users to stake their KNC token onto it. By staking their coins on DAO, KNC token holders can participate in governance protocol to vote there and can earn rewards paid in Ethereum.
Following the launch of the Katalyst protocol upgrade and staking opportunities for holders, a significant surge has been noted in the staking of the KNC token just after one day. Reportedly, KNC token holders have staked KNC coins worth $18 million on the KyberDAO protocol.
According to a tweet from KyberDAO on July 8, the protocol has seen staking of more than 10,000,000 KNC tokens right after one day of the protocol upgrade launch.
Over 10,000,000 KNC staked on @KyberDAO @KyberNetwork just one day after the launch! Stake KNC, participate in governance, get ETH rewards.
📽Tutorial: https://t.co/p5VIDl16jK pic.twitter.com/HjT3fOS2mC
— KyberDAO (@KyberDAO) July 9, 2020
The network is now looking forward to improving its governance and plans to increase its on-chain liquidity protocol. According to a blog post:
We look forward to working with the DeFi ecosystem to govern and increase adoption of our on-chain liquidity protocol and enhance liquidity for DeFi!
KNC price is also trading bullish
Apart from noticing a surge in KNC staking, the price value of the token is also witnessing some positive gains at the moment. The token seems to have set an uptrend for short-term case scenario and is currently trading bullish at $1.66 USD with a change rate of +4.46% in 24 hours.