This article was first published on Kyber Network - Medium
KNC Migration Process has begun: Tuesday, 20th April, 9 pm SGT (GMT+8)
In KIP-6, the Kyber team proposed a Kyber Network Crystal (KNC) token upgrade and migration to make KNC much more dynamic and flexible with the ability to support more efficient upgrades, while amplifying KyberDAO’s governance power. The KyberDAO community gave their strong stamp of approval with a large majority of 99.89% voting in favour of the proposal.
Following this successful vote, the migration process will begin at:
Tuesday, 20th April, 9PM SGT (GMT+8)
To avoid confusion, it is recommended that the old token be labeled as KNC Legacy (KNCL) and the new token will retain the original ticker KNC. KNC remains an ERC-20 token. Please make sure to check your tokens before sending/using them anywhere.
Wallets, Dapps, centralized exchanges, staking pools, and data sites like CoinGecko and Coinmarketcap will be provided with a set of (technical) KNC migration instructions and are expected to change the ticker symbols and support the migration. However, the process will not be immediate and there will be a transition period where both KNCL and KNC tokens will run in parallel.
This migration process has no hard deadline and is open-ended at this moment, meaning there is no rush to convert to the new KNC tokens. However, we do recommend that you migrate your tokens as soon as possible to the new KNC token since it will soon be required for activities such as staking in the latest version of the KyberDAO and adding liquidity on the Kyber DMM.
For KNC holders managing their own tokens on self-custodial wallets such as Metamask, Krystal, Ledger, Trezor, Keystore etc. you can convert to the new KNC token on your own via the Migration Portal on kyber.org
Migration is very simple and instructions can be found below.
Token Contract details
To keep reading, please go to the original article at:
Kyber Network - Medium