The new Kyber update is implemented in its main network
Kyber Network has just implemented the latest update of its protocol in its main network along with its decentralized autonomous organization, or DAO.
Kyber launched its „Katalyst“ protocol update, as well as its decentralized finance or DeFi solution, KyberDAO, Kyber Network said in a blog post on July 7.
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Update focuses on movement to DeFi
Following the DeFi wave, Kyber Network put Katalyst in action to help with KyberDAO’s liquidity, according to the publication.
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„Furthermore, KyberDAO will empower the Kyber and DeFi community with a real stake in the future of Kyber, which will allow them to contribute directly to our development,“ said the publication. „We have revamped the Kyber Network website to better communicate the various protocol changes and our new Kyber Network Crystal (KNC) token model“.
KyberDAO enters DeFi
Kyber has its own main network, which now runs KyberDAO. „Kyber Network is a fully networked liquidity protocol, which aggregates various sources of liquidity and allows decentralized token exchanges in any application,“ the blog explained.
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KyberDAO participants can receive payments in Bitcoin Evolution for helping to run the system by staking their KNC tokens or for voting.
The DeFi sector has been on fire in recent weeks, as the blockchain and cryptomoney niche received significant attention during June.