Kyber Network has been upgraded and Katalyst and KyberDAO are officially live now!
That means anybody who has KNC token can start staking on KyberDAO. This is the site here.
This week is the epoch 0 so there is no proposals to vote on but staking needs to be done in this epoch in order to start voting next week (epoch 1).
Staking
Staking process is very simple just go to kyber.org and "Get Started" then connect your wallet.
Wallet info will show up once wallet is connected and click on "STAKE"
Just pick the amount you want to stake and confirm this transaction on your wallet. It's all ready to go 👇
It took about a minute or so for my staking to show up after the transaction was broadcasted to the network.
But the staking process was very simple and ready for voting next week.
If you are not interested in voting?
It seems like voting takes place every 2 weeks or so and if don't want to be involved in voting regularly, you don't have to and still get rewarded by delegating your voting power to the other ETH address, projects or developers (pool).
I am actually interested in how voting works so I will keep my voting power to myself for now, but if it gets too much work, delegation sounds like a good option to have.
If you are interested in voting and pool operations:
KyberDAO: Options for Pool Operators
Reward calculation
Staking rewards is based on the amount of KNC staked and the number of proposals you voted on.
- Avalilable rewards = Network Fees * Ratio allocated to rewards (decided by KyberDAO)
- Voting points = Staked KNC * Numbers you voted
- Share = Voting points (you) / Voting Points for all stakers
- Reward = Share (you) * Avalilable rewards
And these numbers are growing really fast right now so hopefully we will receive nice rewards? We'll see...
Voting points depends on the number of your votes so if you don't vote, you will get 0 rewards.
Fees, Fees, Gas Fees
Staking KNC to KyberDAO costs me 0.012 ETH so it is about $3!
Voting will start next epoch, and it will cost more gas fees every time we vote so very concerned about fees vs rewards.
I am pretty sure it costs gas fee to delegate and undelegate, but if we don't have to pay gas each time we vote, that might be the way to go in the long run? Maybe I should ask Kyber people about delegation fees and incentive distributions by pool operators.
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