Kyber Network Activity Surges as DEX Plans Switch to Staking Model in Q2
A planned upgrade that would allow token holders to earn staking income is bringing out users in droves to Kyber Network, a decentralized exchange (DEX) for cryptocurrency trading. The number of addresses with a balance in Kyber Network Crystal (KNC) – an Ethereum token that fuels operations on the DEX – reached an all-time high of 61,980 on April 27, according to the blockchain intelligence firm IntoTheBlock.
In search of yield The surge in investor interest could be attributed to the upcoming protocol upgrade Katalyst, which will allow KNC holders to earn yield on their token and participate in determining and facilitating economic flow on the network. The reserve managers are required to purchase KNC tokens to operate a reserve on the network, and pay a small KNC fee to Kyber each time a transaction or a token exchange occurs.