Cryptocurrency news

The Catalyst update in the Cyber Network Protocol will be activated on July 7

The Catalyst update in the Cyber Network Protocol will be activated on July 7

The kyber Network decentralized liquidity assurance Protocol announced the date of Katalyst update. It will happen on July 7.

The Katalyst update will change the role and model of the Kyber Network Crystal (KNC) tokens to attract more participants to the Protocol development. Thanks to the update, the process of providing liquidity should become easier, discounts for demanded reserves will also be introduced, and decentralized applications will be able to integrate into the Kyber network and set a custom spread.

One of Katalyst’s biggest innovations will be the KyberDAO platform, which allows the community to participate in Protocol management. KNC token holders will be able to vote for various changes to the Protocol parameters and other proposed changes. This is supposed to “improve the functionality of the Protocol, its performance and popularity.”

“Katalyst will be the common denominator of our work to create a single point of onchain liquidity for all takers and makers. The update will create a long-term development cycle in which the success of DeFi, the growth of Kyber and the welfare of KNC holders will go hand in hand,” said Kyber Netwrok CEO LOI Luu.

After the update, the project will focus on training KNC holders in the new features and benefits that Katalyst brings. The update will add support for new cryptocurrency wallets and third-party betting pools.

Earlier this year, kyber Network-linked decentralized exchange KyberSwap announced its withdrawal from the European market. This is due to stricter requirements of regulators to combat money laundering (5AMLD).