- Kyber Network introduced xToken Market and announced it publicly by tweeting about it on 3rd July, 2020.
- These xToken provide a platform for simple, efficient staking and liquidity strategies.
- It’ll allow the Kyber Network Crystal (KNC) holders to stake them in a pool to mint xKNC Tokens.
In the modern crypto world, almost all communities and projects have their own tokens. These tokens used within their protocol at most times. Kyber Network introduced xToken Market and announced it publicly by tweeting about it on 3rd July, 2020.
Introducing @xtokenmarket by @mjayceee – a simple and efficient way for KNC holders to stake, vote, and participate in Kyber's governance! KNC holders can stake KNC in the Pool to mint xKNC Tokens that represent their stake and voting preference 🗳Details: https://t.co/1EF0KEWJPO pic.twitter.com/2UyEk6zMxL
— Kyber Network (@KyberNetwork) July 3, 2020
These xToken provide a platform for simple, efficient staking and liquidity strategies. It’ll allow the Kyber Network Crystal (KNC) holders to stake them in a pool to mint xKNC Tokens. Furthermore, these xKNC tokens will illustrate their stake and voting preference.
Kyber Network + xToken Market
As mentioned above the Kyber Network tweeted about their partnership with The xToken to introduce xKNC. It is a single set-and-forget ERC-20 tokens. They introduced this token just in time for the coming of Katalyst upgrade on 7th July. Reportedly, they are also introducing xSNX which is a wrapper for the Synthetix staking process. Both these processes will be launching in the coming few days.
These tokens are free – floating ERC-20 tokens transferred from wallet to wallet. Their main job is to provide a seamless, painless and efficient staking solution. These solutions will then used to entice investors by exposing their benefits of holding Kyber Protocol KNC tokens. The investors will also be able to free themselves from gas fees and the need for active management. Moreover, there will be two instance of the token depending upon the way one wants to vote on governance proposals:
- xKNCa – this will be a vote for increasing stakers fees. This will be an optimal solution for those seeking maximum profits on their staking returns and add more KNC.
- xKNCb–this will vote to add more reserve rebate incentives for liquidity providers. This solution is meant to attract investors seeking long term growth of the network.
The introduction of xSNX token will simplify the process of minting sUSD along with debt hedging and maintaining collateralization. Thus, It is one of the most complicated projects in DeFi. It’ll provide convenient exposure to Synthetix. Futhermore allow users to save themselves from the ever increasing gas fees cost on Ethereum.