DeFi Project Kyber Network Prepares For Kyber 3.0 Update Rollout

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The developers of the DeFi Kyber Network have announced plans to provide liquidity and launch a new KNC token as part of the Kyber 3.0 platform update.

Kyber Network, the Ethereum-based DeFi token exchange, has announced plans to roll out the Kyber 3.0 update. According to the statement, the update will protect liquidity providers from losses due to price volatility. Kyber also plans to vote on changes that will make the KNC exchange’s own token more useful.

Kyber’s redesigned architecture will allow for networks of customizable liquidity pools for uncontrolled token trading to drive additional innovation in the DeFi industry. The networked pools should make it easier for DeFi applications to access liquidity on the Kyber network by lowering gas charges.

“Kyber 3.0 will remove existing barriers to growth and enable the Kyber Network to create value for countless DeFi opportunities,” said Kyber Network co-founder Loi Luu in a press release. “Kyber will be a hub for innovation and liquidity growth, and the new Dynamic Market Maker (DMM) will be the first major development in this area. KyberDAO will also benefit from all the innovations on the web. ”

Kyber exchange is not controlled by one organization, but it is not completely decentralized and uses more sophisticated smart contracts to route transactions than other DeFi exchanges.

The same smart contract design should allow Kyber 3.0 to dynamically price trading commissions based on market volume and volatility. The Kyber developers argue that these and other changes will help prevent arbitrage-related losses during the price volatility that liquidity providers in DeFi markets suffer from.

In the coming weeks, the Kyber developers will discuss with the community the proposed protocol updates, including the migration of the token to the updated KNC protocol token. The rollout of Kyber 3.0 will be completed before the end of the third quarter of 2021.

Last July, Katalyst was updated in the DeFi Kyber Network protocol, after which more than 10 million KNC tokens were blocked for staking in just a day.

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