Greetings fellow Kyberians and the Kyber community as a whole! After many days and many nights it’s my pleasure to finally introduce to you the Kyber Community Pool (KCP) — a delegation pool with the community at heart.
If you haven’t already heard the news, Kyber Network is nearing completion for their next protocol upgrade, Katalyst. Katalyst is a complete game changer for Kyber and is one of their most highly anticipated upgrades to date. If you need to brush up on the upcoming protocol upgrade, you can do so here.
After Katalyst the native Kyber Network Crystal (KNC) token that many of you love and know is becoming a governance token! Governance tokens are becoming more and more relevant as we to build into the decentralized future that we all dream of, and it’s the next big step to keep Kyber in that dream! So, what does this have to do with the Kyber Community Pool? I’ll tell you!
Once Katalyst is live, users will be able to stake (vote) with their KNC on various proposals that govern the protocol. In return, the user will receive a share of the collected network fees (paid in ETH) as a reward for governing the protocol. To date, Kyber Network has collected over 5,000,000 KNC in network fees!
The problem with on-chain governance is that it‘s time demanding, and requires you to be able to access your wallet frequently to vote. This isn’t easy for someone with little spare time that keeps their wallet safely locked away. Plus, since you are governing the future of the protocol it’s also important you do proper research on each proposal and take into account what the protocol impacts are for each option. All of this can be a strenuous task for the average Joe, which is where Kyber Community Pool comes in.
You have full control over your KNC and rewards.
With the community pool, users will be able to deposit their KNC into the pool and let the pool master do all the hard work. Now before you start worrying, don’t! The KNC you deposit will never be in our control. Additionally, any fees earned by the user are also never in our control all thanks to Protofire’s trustless smart contact proxy.
Claiming your rewards from the pool is very simple and requires very little effort! You can let the rewards continue to pile up, or redeem them regularly. Nevertheless, all that you’ll have to do to redeem your rewards is initiate a Web3 transaction on the main Kyber Community Pool website by entering how much of the rewards you’d like to redeem, and click “Redeem”.
Why Kyber Community Pool?
You might be wondering, what sets apart Kyber Community Pool from other KNC pools that become available?
For starters, Kyber Community Pool will not have any fees associated with it. What that means is, you’ll be earning the same reward as you normally would have if you voted yourself! The next (and most important part) that separates the KCP from other pools is that the community will always remain at the heart of the pool. This is important because as a KNC holder, you should feel comfortable knowing that your KNC is being used to vote in a way that the community feels is right. It’s not uncommon for other projects with a similar delegation system to have pools vote in whatever way benefits them the most, dismissing the feelings of the community.
We are different.
We recognize the need for the community to be heard, and that’s exactly why we’re here! Kyber Community Pool will actively be communicating and gaining sentiment around an active proposal across various social media platforms such as Telegram, Reddit, Twitter, and Discord. On top of that, we will eventually hold bi-weekly calls to give users a chance to openly discuss their thoughts.
Finally, we just want to share how excited we are to be here. Kyber Network has been building consistently over the past few years, and the growth of the protocol shows it. We are very passionate about the project, the community, and we are looking forward to working closely with the community once Katalyst is live!
What’s next?
We are still in the process of finalizing development, so until then you can stay up to date with Kyber Community Pool development by following Kyber Community Pool and DeFi Dude on Twitter!
Kyber Community Pool is not an official project led by the Kyber Network team. It is a standalone project made by DeFi Dude, Sasha Tanase, and Harry Denley.
Documentation:
Kyber Staking Docs: GitHub
Protofire Staking Docs: GitHub
Kyber Resources:
Discord | Website | Blog | Twitter | Reddit | Facebook | Developer Portal | Kyber Tracker | KyberWidget Generator | Github
