Veteran of decentralized crypto exchanges, Kyber Network, unveils a detailed roadmap of its path to Kyber 3.0, an integral DeFi ecosystem powered by a number of cutting-egde concepts. Migration to Kyber 3.0 will include two stages, namely Katana and Kaizen, and may take eight to nine months.
"DeFi instead of a single protocol": new epoch for Kyber Network
According to an explanatory long read by Kyber Network's team, 2021 will herald the transition to a new phase of Kyber progress, Kyber 3.0. The team shares many rationales for this migration as it will allow Kyber Network to get rid of the main Ethereum DEXs' disadvantages: high gas costs, partially permissioned architecture and so on.
Kyber 3.0 will come into existence in two steps: the Katana and Kaizen phases will arrive in Q1-Q2 and Q3, 2021, respectively. The new architecture will allow Kyber to onboard DeFi on many protocols.
Advanced interoperability, therefore, will make Kyber more flexible while building solutions for different use cases across the DeFi segment.
Also, Kyber 3.0 will receive unique dynamic market maker (DMM). With this DMM, all liquidity providers of Kyber will benefit: all operations with liquidity will be decentralized regardless of who is a taker (decentralized application, protocol, end user, etc.).
New framework, new token
KyberDAO, the protocol governance module, and its token Kyber Network Crystal (KNC), are also subject to meaningful changes. The Kyber team stresses that:
A new token contract will be made and voted on, with the aim to greatly enhance KNC token's governance power, create multiple streams of utility, as well as support new liquidity innovation.
This upgrade will increase the "value" of Kyber Network, according to the introduction.
The progress of the new Kyber iteration will be facilitated by KyberPRO, the one-of-a-kind framework for on-chain professional market making and the gateway to DeFi for market makers.
Kyber Network is one of the oldest decentralized trading services on Ethereum: after a successful ICO in 2017, it commenced operations in early 2018.