The Kyber Network (KNC) project is all set to introduce staking to its decentralized exchange (DEX) in Q2 2020, as reports emerge that network activity is spiking. 

The team announced late last year that it would implement the ‘Katalyst’ upgrade, which would encourage users to participate in the network by way of staking. Staking allows users to apportion some of their funds towards network consensus, and be rewarded for doing so. 

It is considered a more democratic and accessible method through which users are rewarded - as opposed to mining, which requires expensive hardware to mine blocks.

In the blog post that announced the upgrade, the team described the specifics of the staking parameters as follows,  

We will develop and launch the KyberDAO, giving the community of KNC holders the power to decide how the fees for the network (currently at 0.25% per trade, subject to change) will be used, by voting on the ratio / percentage between burning, staking rewards, and maker (reserve) incentives. In the future, the DAO will likely also be able to decide on listing tokens, reserve approvals, and network development grants.

Blockchain firm IntotheBlock has reported that Kyber Network has seen a peak of 61,980 addresses, up 14% from January 1, where it was at 54,210. This growth is accompanied by a 438% jump in network interactions, as well as record trading volumes in the month of March. Kyber Network is part of the decentralized finance (DeFi) space, which has seen tremendous growth over the past two years. DeFi entities like dYdX have hit milestones in 2020, the overall outlook remains positive, Kyber Network stands as one of the niche’s top performers.