On 4th March 2020, the Singaporean on-chain liquidity protocol Kyber Network announced its new partnership with the StakeWithUS staking platform. The two companies will work together to offer a convenient Kyber Network Crystal (KNC) token staking as well as KyberDAO participation.
The announcement is part of the three focus areas that Kyber Network scheduled for 2020 to improve staking performance and services on its platform.
Partnering with StakeWithUS will enable Kyber Network to benefit from some of its best features, including high-grade staking protocol and hosting on its upcoming side venture, Unagii.com. This venture will be a multi-chain aggregating platform for different Open Finance services and will include KNC as one of its staking products.
KyberDAO and Kyber Katalyst Upgrade
KyberDAO is a decentralized community Platform that Kyber Network is developing to enable KNC token holders to take part in protocol governance. KyberDAO is set to launch by the Q2 of 2020 and will allow KNC holders to stake their coins and vote on how network fees should be spent for burning, staking rewards, and reserve (maker) incentives.
Kyber Network said that these network upgrades, including the Kyber’s Katalyst Upgrade that will come before KyberDAO, will make “KNC the first deflationary staking token where token burn and rewards are determined by actual usage and DeFi growth.”
Kyber Network Upgrade Attracts More Investors
Kyber Network announced its plans for 2020 in mid-December 2019 when the price of KNC was about $0.17.
“Moving forward, we are focusing our efforts on becoming the liquidity layer of the DeFi space, intending to have the majority of DApp developers and liquidity providers using Kyber as their on-chain endpoint.”
The price tripled in March 2020, when heightened interest started to peak, with rising anticipation of Katalyst Upgrade and KyberDAO launch in Q2, which has now raised its price to around $0.66.
Additionally, in March, a detailed analysis of Kyber Network on Medium by IntoTheBlock showed that KNC has gotten Bullish, rallying by up to 170%, since the announcement in December.
“KNC’s increasing price has been accompanied by a growing number of transactions and transaction volume. The average number of transactions of KNC has increased by over 90% in the last year from 933 to 1790 per day.”
Blockchain Networks Are Increasingly Capitalizing On Staking
Blockchain developers have massively adopted proof of stake for its versatility and many other advantages, including scalability and protocol management. With more than five variations of evidence of stake concepts, blockchain development is looking at more innovations and use cases.
More developers are exploring the potential of staking to attract more investors to take part in the governance of blockchain protocols and expand cryptocurrency adoption.