KNC staking update! Kyber partners with Singapore service provider to launch passive income solution

With less than two months remaining, Kyber Network is gearing up for a major protocol upgrade named "Katalyst," which will introduce a new token staking model. In anticipation of this upgrade, staking service provider StakeWith.US has announced a collaboration with Kyber Network to offer token holders a passive income solution.

Launch of Katalyst Protocol Upgrade by the End of June

Kyber Network is a decentralized token exchange protocol that allows users to convert ERC20 tokens in a decentralized manner on the Ethereum blockchain. According to aannouncement released in December 2019, the protocol is expected to undergo a significant upgrade named "Katalyst" by the end of June.

In addition to being the first step towards Kyber Network transitioning to decentralized governance (KyberDAO), this upgrade will also bring more reward mechanisms for token holders. For instance, to incentivize token holders to participate in network governance, in the future, KNC holders who stake tokens to participate in protocol-related matters (such as voting for supported tokens, network development grants, and reserve approvals) in community polls will receive Ether (ETH) as a reward.

Earn Governance Rewards with Zero Threshold

However, for retail investors, although participating in network governance can earn additional Ether, the threshold is relatively high. Therefore, Kyber Network has provided a convenient new option for retail investors.Kyber Network has established a new partnership with Singapore-based staking service provider StakeWith.US. After the Katalyst upgrade, KNC holders only need to delegate their tokens and voting rights to StakeWith.US' staking pool ATLAS. This way, even if KNC holders are unable to participate in governance, they can still enjoy passive Ether rewards.

Gerrit van Wingerden, the founder of cryptocurrency asset management platform Caspian, pointed out:

"This seems like a logical partnership, as KNC token holders may be too busy or lack the ability to vote on KyberDAO proposals, allowing token holders to delegate voting rights to an informed third party still enables token holders to receive voting rewards."

Kyber Network also stated that establishing a partnership with StakeWith.US will provide greater flexibility for stakeholders and community participants.

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