Kyber Network just put a protocol upgrade into operation on its mainnet in tandem with its decentralized autonomous organization, or DAO.
Kyber fired up its Katalyst Protocol Upgrade as well as its decentralized finance, or DeFi, solution — KyberDAO, the Kyber Network said in a July 7 blog post.
Keeping up with the DeFi wave, Kyber Network put Katalyst in play to help with KyberDAO’s liquidity, the post said.
“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,” the post said. “We have revamped the Kyber Network website to better communicate the various protocol changes and our new Kyber Network Crystal (KNC) token model.”
Kyber has its own mainnet, on which KyberDAO now runs. “Kyber Network is a fully on-chain liquidity protocol that aggregates liquidity from diverse sources and enables decentralized token swaps in any application,” the blog explained.
KyberDAO participants can receive Ethereum (ETH) payouts for helping run the system via staking their KNC assets and voting.
The DeFi sector has been on fire in recent weeks as the blockchain and crypto niche saw significant attention in June.