Good news for KyberDAO stakers, the KNC token upgrade and migration process is now available and live on Unagii!
In the recent KIP-6, the KyberDAO community gave the green light to make KNC more dynamic and flexible to support more efficient upgrades, amplifying KyberDAO’s governance power. While this migration has already begun directly on KyberDAO on April 20, Unagii users will be able to significantly save on gas costs during this migration process by staking and delegating with us from today.
With no hard deadline at the moment, KNC stakers are able to migrate their old tokens (KNCL) to the new KNC tokens at any time. However, it is still recommended to migrate as soon as possible during a low gas period to participate in the latest version of KyberDAO v2. It is also recommended to claim existing rewards on KyberDAO v1 within one year.
How does staking with KyberDAO v2 work via Unagii?
When users stake with Unagii, they will receive uTokens (uKNC) that are bearer assets that represent their share of the KNC tokens staked in the new Poolmaster contract. Moving forward, rewards will now be given out in KNC instead of ETH*, claimable within 24 hours after an epoch ends. The current fee allocation are based on epoch #20 BRR ratio.
Similarly, users can unstake KNC assets anytime. During this process, users’ uKNC assets will be burned for the new KNC tokens on withdrawal. There will now be a 0.1% withdrawal fee set to prevent front running attacks when the Poolmaster (Unagii) claims rewards on behalf of users at the start of a new epoch. Please note that transaction fees on Ethereum borne by users do still apply.
*While KNC holders earn trading fees in ETH and other tokens accrued from Kyber’s liquidity protocol for a particular epoch, these fees received will be sold into KNC and auto compounded upon the Poolmaster’s (Unagii’s) claims.
How to migrate with Unagii?
1. Head to app.unagii.com/stake/kyber
2. Connect ETH wallet
3. Unstake existing KNCL from KyberDAO v1
4. Approve Unagii Poolmaster contract access to use KNCL tokens
5. Stake KNCL into the Unagii Poolmaster contract, which will delegate and vote on your behalf for KyberDAO v2
Unagii PoolMaster Contract Address: 0x791fb6a7152e980233cd94d83fd4b4630f888c5c
To help facilitate and incentivize KNC holders and Unagii users with the migration, the Kyber team has generously offered to provide a form of ETH reimbursement on gas fees for users. We’re also happy to announce that the Unagii team will be matching Kyber’s contributions. Note that only existing Unagii account users (applicable until the next epoch) will be eligible to receive this gas subsidy.