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Kyber Network Readies Massive DeFi Protocol Overhaul

Kyber Network Readies Massive DeFi Protocol Overhaul

The decentralized finance automated market maker, Kyber Network, is preparing to launch its third iteration which entails a ‘massive overhaul.’

The revamps and updates are coming thick and fast in the burgeoning DeFi ecosystem. Kyber Network is the latest to announce a massive overhaul of its protocol architecture.

The Kyber 3.0 upgrade will transition the network from a single protocol into a hub of purpose-driven liquidity protocols that are catered to different DeFi use cases, as noted by the blog post .

It added that the overhaul will be the biggest change to its architecture and token model since inception. Version 3.0 will be implemented over two phases called Katana and Kaizen.

Excited to announce our 2021 plan. Massive overhaul of protocol architecture to support more liquidity protocols, potential token upgrade, new dynamic automated market making, more power & engagement for KyberDAO!! — Loi Luu (@loi_luu) January 21, 2021

What’s Expected from Kyber 3.0?

As part of the upgrade, Kyber plans to launch a brand new liquidity protocol called the Kyber DMM, which it claims is DeFi’s first automated Dynamic Market Maker.

“Kyber DMM will provide important benefits to liquidity providers, allowing fully permissionless liquidity contribution from anyone and access to this liquidity by any taker (e.g. Dapp, aggregators, end users).”

There are also plans to upgrade the KyberDAO and KNC, which launched staking services in July 2020, to a new token contract that will be made and voted on through its governance system. This will “enhance the token’s governance power, create multiple streams of utility, and support new liquidity innovation.”

The existing network enables on-chain scanning of available liquidity providers which it calls ‘reserves.’ In order to rapidly capture DeFi trends, this architecture will be overhauled to form a “hub of diverse, purpose-driven liquidity protocols catered to different DeFi use cases.”

Kyber is also expanding its liquidity provision options which will be of most interest to yield farmers. Most of this will be associated with the new DMM which will react to token pairs and market conditions to optimize fees for liquidity providers and rates for takers.

There will also be a pro version for the whales and much-needed gas cost reduction mechanisms will also be included in the upgrade.

The first Katana phase, expected in Q1-2, will launch the Kyber DMM with a proposal for a KyberDAO and KNC upgrade. The subsequent Kaizen phase and the entire Kyber 3.0 upgrade is expected to be completed by late Q3 2021.

KNC Price Update

Kyber’s native KNC token has defied the crypto market dump today, and is up nearly 10% since this week’s open. KNC is currently trading for $1.34, up from $0.80 at the start of the new year.

KNC managed to reach $1.90 back in August 2020 but is still far off from its 2018 all-time high of $5.80.
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