Kyber Network has just released the latest update of its protocol on its core network together with its decentralized autonomous organization (DAO).
Kyber started The “Katalyst” protocol update and the decentralized financial or DeFi solution KyberDAO, the Kyber Network announced on July 7 in a blog post.
The update focuses on the switch to DeFi
Following the rhythm of the DeFi wave, The Kyber network has launched Katalyst to improve KyberDAO’s liquidity.
“In addition, KyberDAO will give the Kyber and DeFi community a real stake in Kyber’s future and enable them to contribute directly to our development.”said the publication. “We revised the Kyber Network website to better communicate various protocol changes and our new Kyber Network Crystal (KNC) token model.”
KyberDAO enters DeFi
Kyber has its own core network on which KyberDAO is now running. “Kyber Network is a fully linked liquidity protocol, It adds different sources of liquidity and enables decentralized token exchange in any application, “said the blog.
KyberDAO participants can receive payments in Ethereum (ETH) to support the operation of the system by using or voting on their KNC tokens.
The DeFi sector has been on fire in recent weeks. As the blockchain and cryptocurrency niche received great attention in June.