Kyber team has recently announced that Kyber Katalyst was deployed as planned on the testnet, according to Crypto Ticker website.
The team confirmed that they are now conducting security audits for the Kyber DAO, which refers to ‘autonomous decentralized organization’.
They will release the technical update in April 2020 and the launch will most likely take place in Jun 2020.
6/ We have successfully deployed Katalyst on testnet! All critical functions working as planned! Security is our utmost priority and we are undergoing a series of smart contract audits. Amidst all this dev activity, Kyber did a record $33.7M in 24H trading vol & ~$200M in March🔥— Kyber Network (@KyberNetwork) April 2, 2020
What is Kyber Katalyst?
The Katalyst is the most anticipated update to the Kyber network. It will include several features and boost governance and other functionalities. In addition, the Katalyst will make substantial use of the native token Kyber Network Crystal (KNC) on the network. The token will also play a major role in the new reward system, from which stakeholders can benefit.
The Kyber DAO should power the governance in the future. It will decentralize the routing of decision taking and network fund, through coordination between Kyber team, KNC holders and other participants.
Moreover, the Kyber DAO would provide KNC holders with several advantages, including transparency, security as well as opportunities to keep tokens and participate in the governance phase. This would also boost cooperation and allow the token holders to delegate their vote to liquidity pools.
How about staking and voting?
The staking and voting would take place in epochs represented in Ethereum block times, which are almost two weeks. This would lead to easier delivery of incentives and decision-making. Nonetheless, this often needs more efforts from the Kyber staff and needs regular voting by the members.
The team expects individual members to delegate voting rights to third party pools, who will vote on their behalf because they are well acquainted with the conditions and status of the network.