Crypto Platform Kyber Network Teams With StakeWith.Us For KNC Staking And KyberDAO Participationbr>
Kyber Network is a ethereum-based protocol focused on aggregating liquidity and facilitating swaps for ERC-20 tokens. Using its payment APIs, users can send one token to a recipient who wishes to receive the payment in another token in a single transaction. Users can also mitigate the risks of price fluctuations in the cryptocurrency world with the company’s derivative trading.
Based in Singapore, StakeWith.Us is a blockchain infrastructure firm building secure and highly reliable blockchain infrastructures for both retail and institutional clients. The startup claims to be the first and only staking infrastructure provider in the world to be backed by a government deep tech fund – SGInnovate, together with LuneX Ventures, Golden Gate Ventures’ blockchain arm. This year, the team is building out a separate venture – Unagii.com, a multi-chain yield management platform that aggregates different Open Finance services, i.e., yield-enhancing products that include staking of KNC for its users in the future.
The partnership with StakeWith.Us complements Kyber’s Katalyst Upgrade that is planned to go live at the end of Q2, that aims to include a new staking mechanism and the launch of the KyberDAO, a decentralized community platform that allows KNC token holders to participate in protocol governance. KNC holders will have access to a variety of protocol decisions and parameters that will formalize KNC as the first deflationary staking token where token burn and rewards are determined by actual network usage and DeFi growth.
“Unlike other ethereum-based staking protocols including Livepeer and Synthetix that commonly pays out staking rewards in their native tokens, Kyber will be the only protocol that has a deflationary staking token with network fees paid out in ETH – an asset with monetary premium,” said Michael Ng, Co-Founder of StakeWith.Us.
KNC holders who desire greater convenience and flexibility regarding KyberDAO participation but do not wish to vote in the process will have the option to delegate their KNC and voting power to ATLAS, the current staking platform by StakeWith.Us. StakeWith.Us, as a “Pool Master,” will participate in all KyberDAO votes on behalf of KNC holders who delegate their KNC to them.
“Kyber staking doesn’t require any minimum amount, lockups, or slashing. KyberDAO and the governance process were designed to empower our community while ensuring the security and stability of the network. Now with StakeWith.Us, KNC holders will possess even greater flexibility in participating in network governance,” said Loi Luu, CEO of Kyber Network.