KyberDAO and Staking KNC - Begins JULY 7, 2020!

By mattydevine | mattydevine | 8 Jul 2020


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A very big congratulations to the Kyber team for successfully launching their KyberDAO staking!

 

KyberDAO staking went live this week on kyber.org/vote. This presents an opportunity for KNC stakeholders to vote on the future development and roadmap of the Kyber Decentralized Autonomous Organisation (KyberDAO). Most enticingly while being rewarded in Ethereum for doing so.  This type of staking is not often seen this early in Decentralized Finance (Defi) as most staking rewards with token in kind.

This week is to be known as Epoch 0, it lasts an initial 7 days and started June 7, 2020! Epoch 0 will not have a vote nor will it be paying out any Ethereum rewards. Instead staking will reward you the opportunity to vote in the upcoming Epoch 1 vote (the first vote done by the KyberDAO participants). Voting will subsequently happen every two weeks following Epoch 0 and will pay out ETH rewards.

Staking is open to anyone and with no token minimums; however, I should clarify that you will need a small bit of ETH to cover gas fees on publishing your stake and a little more for rewards payouts. It cost me under $2 for my first staking experience so I estimate the same fee would be applicable upon withdrawal of my stake or ETH reward withdraws. As this is the first Epoch and I've no experience to draw on for the withdrawal purpose, my understanding is that you can leave your KNC tokens staked earning ETH rewards bi-weekly and need not withdraw until so desired. 

There is the opportunity to delegate your votes via a supporting Pool Operator while still earning ETH rewards dependent on the fees setup by said Pool Operators. This is something I will look into further and explore in a future blog. 

 

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There are multiple ways to connect your wallet to the KyberDAO for staking and I tried out three different options to varying degrees of success. The most seamless experience was provided by my coinbase wallet upon which I was storing a small bag of KNC. This was point and click with the camera type success. I used some ETH also held within the wallet to cover the gas fee and it was fast, convenient, and showed me the connected wallet balance immediately. I highly recommend using the coinbase wallet as it was my only story of success today.  

According to the Kyber Twitter account they mention using a desktop computer for staking currently as the best option with Keystore and Private key connections not working correctly, if at all. I also had problems hooking up both my Metamask wallet and my Atomic wallet through walletconnect. So for now my only successful option was the coinbase wallet.

Although some bugs need working out, this is a great step forward in the continual development of Decentralized Finance, and I'm pretty excited I'll be voting on KyberDAO governance from their first vote forward! 

Best of luck to you all,

mattydevine

 

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mattydevine
mattydevine

I use Celsius, Shakepay, BlockFi, Ledger, Publish0x and Brave everyday. #Stackingsats #mattydevine.crypto


mattydevine
mattydevine

₿ mattydevine.crypto ₿ Celsius ambassador, Shakepay advocate, & Brave user!

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