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Kyber, the ethereum based decentralized finance dapp focused on providing liquidity to defi platforms, has seen a 4x increase in its price.
Kyber was trading at about 50 cent in April, now it briefly reached $2 and stands at $1.80, seeing significant gains with a 20% increase today.
MakerDAO has added KNC, the Kyber Network token, as an option for collateralizing DAI.
Kyber in turn has added Comp, the Compound lending and borrowing token which has risen as the top defi project by current market evaluation.
It’s Katalyst that is catalyzing Kyber however, that being a platform upgrade that in addition to the decentralized governance layer (DAO) has a number of improvements, including stake.
According to a somewhat informal vote held on Discord, 65% of Kyber fees will go to staking rewards.
Staking being the locking of KNC to engage in the governance process with the staking rewards to be in eth.
Just how much you get depends on how much Kyber is used, with their stated stats boasting of $400 million in trading volumes in the past two years based on half a million trades that until now had 70% of the trading fees used to burn KNC tokens held by 70,000 Kyber heads (or Kybernians?).
Only 5% of fees will now go towards burning tokens once the protocol upgrade launches on July 7th, this Tuesday. The remaining 30% will go towards reserve rebates.
Meaning there isn’t much difference for token holders except that while previously they all effectively got 70% of the fees and in KNC, now 65% is received by those that actively stake and it’s in eth.
In addition the token holders get to have a say on how this liquidity provider and exchange/broker operates through the governance layer which should form a community of sorts that in some ways is in competition with other DAO communities as company boards are replaced by kids in their bedrooms.
Making the defi space a dynamic and innovative environment that just keeps on moving as smart young ones race to grab all the ripe fruits on the ground.
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