Kyber Network Takes another Step towards Its Goal to Become a DeFi Hub via a Massive Upgrade

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DeFi exchange, Kyber Network (KNC), recently announced its next step towards its ultimate goal of becoming a hub for the DeFi sector and competing with the likes of Uniswap by way of a complete overhaul of the platform – the Kyber 3.0 upgrade.

On the announced 3.0 upgrade, Kyber aims to evolve and officially become a network of dedicated liquidity pools, reminiscent of how other exchanges optimize their operations for various asset kinds. The team states that this transition would highly benefit almost every aspect of their services. This includes slippage, stability, and capital efficiency improvements. Basically, the networked pools would make it that much easier for DeFi-based applications to access the liquidity of Kyber Network while also taking fewer gas fees and instances for slippages.

According to the co-founder of the network, Loi Luu, Kyber’s upcoming upgrade aims to eradicate the growth barriers presently hindering the network from achieving a higher stature within the DeFi space. Luu adds that she believes that the network has the capacity to become a hub for liquidity growth and innovation with the help of the new Dynamic Market Maker (DMM), which is a part of its upcoming upgrade.

It is also worth noting that KNC’s token economics is also scheduled to be overhauled alongside the 3.0 upgrade; it will mirror that of other governance tokens active today. Kyber’s spokesperson then clarified that the upcoming changes’ specific details still need to be discussed and appropriately approved by the community.

As of press time, there is still no conclusive date on when Kyber 3.0 will officially launch. However, the full transition is expected to finalize in late Q3 of this year.

 

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