Kyber Network to Suspend Mining Rewards Temporarily

04/18/2023 10:23 • Tech Ticker • 122 views

On April 18th, it was announced that the DEX aggregator Kyber Network will suspend mining and mining rewards from 00:00 on April 19th, while deploying upgraded KyberSwap Elastic smart contracts. All existing rewards received by CyberSwap users will not be affected. After deploying a new smart contract, mining will restart. Kyber Network reminds users to remove their working capital and collect mining rewards before 16:00 UTC (00:00 Beijing time on April 19). Any liquidity that has not been removed at that time will be processed under emergency withdrawal, and liquidity will be returned to the original wallet of LP, but unclaimed mining rewards will be confiscated.

Kyber Network will deploy the upgraded Elastic contract tomorrow at 00:00, reminding users to remove their working capital as soon as possible and receive mining rewards

Kyber Network, a decentralized exchange (DEX) aggregator, has announced that it will temporarily suspend mining and mining rewards from April 19th, 00:00 UTC, onwards. The suspension is necessary to deploy upgraded KyberSwap Elastic smart contracts. Any liquidity that remains in the system after the suspension will be subjected to emergency withdrawal.

Background

Kyber Network is a decentralized liquidity protocol that allows seamless token swaps across multiple platforms. It aggregates liquidity from a range of sources, including professional market makers and other on-chain liquidity providers. Users of KyberSwap are able to exchange tokens directly from their wallets, and Kyber’s smart contract ensures that the swap always takes place at the best available rate.

The Suspension of Mining Rewards

Kyber Network offers its users mining rewards for providing liquidity to its platform. However, in order to deploy upgraded KyberSwap Elastic smart contracts, Kyber Network needs to temporarily suspend mining and mining rewards. Users who have already received mining rewards will not be affected.
After deploying the new smart contract, mining will resume, and users will again be able to earn mining rewards by providing liquidity to the platform.

Important Reminders for Kyber Network Users

Kyber Network has sent reminders to its users to remove their working capital and collect mining rewards before 16:00 UTC (00:00 Beijing time on April 19) to avoid any liquidation under emergency withdrawal. Any unclaimed mining rewards will be confiscated, and liquidity will be returned to the original wallet of LP.

The Future of Kyber Network

Kyber Network’s temporary suspension of mining rewards shows that the platform is committed to constantly upgrading and improving its services for its users. Kyber Network is poised to become an important player in the decentralized finance (DeFi) space, as it continues to offer innovative solutions for seamless token swaps across multiple platforms.

Conclusion

Kyber Network’s temporary suspension of mining rewards will allow the platform to deploy upgraded KyberSwap Elastic smart contracts. Users should take heed of the reminders and remove their working capital and collect mining rewards before the deadline to avoid any liquidation under emergency withdrawal.

FAQs

1. What are the mining rewards offered by Kyber Network?
– Kyber Network offers mining rewards to users who provide liquidity to its platform.
2. Will existing rewards received by KyberSwap users be affected by the suspension?
– No, existing rewards received by KyberSwap users will not be affected.
3. Why is Kyber Network suspending mining rewards?
– Kyber Network is suspending mining rewards to deploy upgraded KyberSwap Elastic smart contracts.

This article and pictures are from the Internet and do not represent SipPop's position. If you infringe, please contact us to delete:https://www.sippop.com/16973.htm

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.