In another major move by the top automated liquidity provider pool, Kyber Protocol announced a partnership with staking management and vote delegation service StakeWith.Us on May 4. This will allow KNC holders to easily stake their tokens and delegate the voting power on KyberDAO, when the Kyber Katalyst upgrade deploys this June, while earning rewards in Ethereum with minimal effort.
We’ve partnered @KyberNetwork on their upcoming KyberDAO Katalyst upgrade!
A smart contract proxy is being developed to enable trustless operations of voting pool for Pool Masters.
KNC Staking will be available on ATLAS end Q2 2020.
Read more:https://t.co/LRN2itqCJi— StakeWith.Us (@StakeWithUs) May 4, 2020
StakeWith.Us has provided technical assistance to Kyber Protocol to deploy a smart contract proxy, which will allow the pool masters in KyberDAO to operate without any additional smart contract or coding.
The StakeWith.Us will function as a pool master, staking and voting from user owned tokens in KyberDAO, on their behalf. The advantages for the token holders is that they still get to earn the rewards associated with participating in KyberDAO governance, without having to worry about making regular decisions and voting. The interested users can delegate their stake and votes on the StakeWith.Us ATLAS platform. Initially, to celebrate the partnership, the staking service will be free for KNC holders.
The service provided is non custodial and therefore users are always in control of their funds. It means that they can withdraw or transfer to some other delegation service it, at anytime.
About Kyber Katalyst
The Kyber Katalyst is the next major upgrade for Kyber Protocol, which will likely go live by the end of this quarter. It has already been deployed on test-net. It will enable decentralized governance through KyberDAO – short for Decentralized Autonomous Organization and allow KNC holders to earn rewards by staking and participating in the protocol governance.