Sunsetting The Kyber Community Pool (KCP)

Thank you for all of the support for Kyber Community Pool (KCP) after all this while. After close to two years of maintaining the KCP, we are sunsetting our 3rd-party KNC staking pool. Users should withdraw KNC from KCP as soon as convenient for them. It’s a bittersweet decision to make but we feel it is the right time to do so for many positive reasons!

KCP Origins

KCP started as a ground-up initiative by Kyber community members in 2020 to create an easy venue for KNC holders to stake their tokens and claim ETH rewards (from trading fees), without having to vote on their own.

After witnessing the overwhelming demand for such a service from KNC holders, I helped lead this initiative with other Kyber community members, Sasha and Harry. Of course, we also had strong support from the Kyber Network team to help kick-start this project.

Key milestones

  • Serviced over 1,000 users on Ethereum
  • Over $1.5M in KNC staked in the KCP
  • Over $150K in rewards
  • As a community, we contributed plenty of feedback to help Kyber Network grow

Why we are sunsetting KCP

Kyber Network and KyberDAO are currently undergoing a massive transformation to optimize both tech, operations, and the KNC token. There are plans to make it much easier and cheaper for individual KNC holders like myself to stake, vote, and claim rewards in order to increase governance participation. This will substantially reduce voting costs and the reliance on 3rd-party staking pools such as the KCP.

It also makes sense to funnel and consolidate important community discussions and feedback to the Kyber governance forum and discord, instead of having separate discussions on multiple external platforms like the KCP and our Discord.

In addition, I am personally building a new Ethereum-based project called Alphaday. Although I will always remain a passionate supporter of Kyber Network, I unfortunately no longer have the time or resources to provide KCP with the care and attention it deserves. As we are unable to maintain the KCP and adequately service all our users to the best of our ability, we believe sunsetting the product is the right path forward.

What to do if you have staked KNC on KCP

Please withdraw your KNC as soon as possible. Here’s how:

  1. Connect the wallet you used with the KCP to legacy.kyber.org
  2. Find your balance at the top of the page, and click it to see a drop-down menu
  3. From there, you can enter how much you want to withdraw
  4. Confirm the transaction in your wallet

Note that this is still in the form of legacy KNC, and will need to be migrated to the new KNC (unrelated to the KCP) before you can re-stake it with another provider.

Where KNC holders can go to stake KNC now

KCP may no longer be operational, but there are still other 3rd-party staking pools available for KNC holders to stake their tokens and let the pools vote on their behalf.

KNC holders may stake KNC on:

Unagii

Unagii is a non-custodial DeFi yield platform that allows users to effortlessly grow their digital asset portfolio. By staking KNC there, Unagii will vote on your behalf and you can just claim your rewards after. This is very similar to how KCP operated.

xToken

xToken creates tokenized strategies that maximize yield and save users gas. Stake KNC tokens in the xToken Pool to mint unique xKNC Tokens that represent your stake and voting preference so you don’t have to spend gas to vote on your own. Withdraw your KNC anytime by burning your xKNC. xToken is a non-custodial platform.

Binance

Binance as a CEX, also provides a convenient KNC staking service. But do note that this is a custodial service so Binance has custody of your KNC assets when you deposit them.

Krystal

Krystal is a non-custodial, multi-chain DeFi management platform. The ability to stake KNC on Krystal to get KyberDAO rewards will be available soon. For now, staking KNC on Krystal allows you to participate in token sales with better allocation on their launchpad, KrystalGO.

Thank you for your support!

It is with a heavy heart that we are sunsetting the KCP. However, this paves the way for the upcoming improvements to KyberDAO and KNC. As we embark on new adventures, we bring with us fond memories of how KCP started and we are confident that the spirit of innovation will continue to flourish in the Kyber community. For those of you who wish to work on similar projects, the KCP code can be found on GitHub here https://github.com/kyber-community-staking-protocol/

Kyber has grown from strength to strength, with the launch of KyberDMM DEX and the expansion beyond Ethereum to Polygon, BSC, Avalanche, Fantom, and NEAR. With liquidity aggregation and capital efficiency, KyberDMM is a great option for traders to get the best rates and liquidity providers to earn more with their crypto assets. KNC holders will reap the benefits from more incoming trading volume! There’s even a discussion for a potential KyberDMM rebrand.

We look forward to other exciting innovations and initiatives that will be coming in the near future and will continue to root for Kyber together with the rest of the Kyber community!

For more questions on how to transfer your KNC to other 3rd-party staking pools, please follow Kyber Network’s socials:

Discord | Telegram | Twitter | Forum

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