This article was first published on Kyber Network - Medium
Kyber’s liquidity protocol is open source, trustless, and is permissionless for any DApp and developer to use, but when it comes to important decisions on network fee distribution, technical upgrades, specifications, and allocation of resources, the Kyber team has so far been the sole decision-maker.
As Kyber progressively evolves into a project with a more decentralized form of governance, we want to empower the Kyber and DeFi community with an actual stake in Kyber’s future, and have a greater say in protocol parameters and upgrades. This is the main motivation behind the upcoming launch of the KyberDAO and new KNC (Kyber Network Crystal) model.
Katalyst is coming, and there is one important task we will need to fulfill together as a community prior to the launch:
We will conduct a Pre-DAO Poll off-chain on Discord, allowing the Kyber community, for the very first time, to vote on the initial set of network fee parameters for the protocol.
This Pre-DAO Poll is required to kickstart KyberDAO operations, and will also serve as a warm-up to the actual on-chain voting that will take place by KNC holders at Epoch 0 once the KyberDAO is launched.
Duration: Friday, 19th June 14:00 to Friday, 26th June 23:59 SGT (GMT+8)
Recap: How KyberDAO staking, voting, and rewards work
KyberDAO is a conduit for a set of on-chain and off-chain governance processes to align incentives and streamline collaboration between the Kyber team, KNC community, and market participants. KyberDAO will put KNC holders right at the heart of Kyber, with token holders playing a critical role in determining key protocol parameters.
KNC holders can stake their tokens to vote on important proposals that help Kyber succeed. In return, they receive rewards in ETH from ...
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Kyber Network - Medium