How to stake KNC and earn rewards with the Kyber Community Pool
The Kyber Network is a protocol that aggregates liquidity from a variety of sources to enable instant, decentralized token swaps within applications. To date, Kyber has facilitated over $4 billion USD in transactions.
As of the Katalyst Protocol Upgrade on July 7, 2020, governance of the network transitioned to the KyberDAO, a community platform that gives KNC holders a say in the network’s future and incentivizes participation with a share of the ETH generated from protocol fees.
The Kyber Community Pool is a trustless pool for participating in governance and earning rewards on the Kyber Network. The Pool was created to represent the interests of the community while making participation effortless for the users.
Why join a pool?
In order to earn rewards from staking KNC, you must vote on every proposal. Delegating your voting power to a pool operator like the Kyber Community Pool earns you the same rewards as staking as an individual — the KCP has no fees beyond gas costs — without the attention investment required to vote on each proposal and no personal risk of missing a proposal.
Community Pool members can discuss individual proposals, Kyber governance, and the Pool in a dedicated Discord channel.
Setup: getting KNC in your wallet
The Kyber Community Pool is accessible with a MetaMask-enabled browser or though an app that utilizes WalletConnect.
MetaMask is a non-custodial software wallet available as either a browser extension or an Android/iOS app. The extension or app allows users to visit and interact with blockchain-based applications.
WalletConnect is an open source protocol for connecting decentralized applications with mobile wallets. Apps like Argent and Trust Wallet use WalletConnect to let their users interact with DeFi protocols, for example.
Once you have a compatible wallet set up, get some KNC using your method of choice. Then, navigate to the Kyber Community Pool website with your wallet-enabled browser or mobile app.
Click the Deposit button in the top-right corner of the home page to get started:
How to stake KNC with the Kyber Community Pool
1. Connect your wallet
From the Kyber Community Staking Dashboard, you have the option to connect a wallet via the Connect a wallet button in the top-right corner:
Selecting your wallet provider will prompt you to confirm the address of the account you want to connect to the Kyber Community Pool. After connecting, the Dashboard displays your wallet address in the top-right corner of the interface; below you’ll see your KNC balance and various platform and protocol performance graphs.
2. Deposit KNC with the Kyber Community Pool
Select how much KNC you want to deposit using the input field beneath your Total KNC Balance:
Clicking on the Approve KNC button prompts you to sign a transaction allowing the Kyber Community Pool to access your KNC balance (a one-time cost). After approving your KNC, another transaction will pop up. This is the deposit transaction. Sign the second transaction and your tokens will be staked with the Kyber Community Pool smart contracts.
After the deposit transaction is confirmed, refresh the page if your balance does not appear under KNC in Pool.
3. Delegate your KNC
Once you’ve deposited your KNC, you can delegate your vote to the Kyber Community Pool. Clicking the Delegate button will initiate a transaction to grant the Kyber Community Pool your voting power.
Delegating your vote to the Pool contributes your share of influence to KCP votes on Kyber Network governance proposals; because the Pool is non-custodial, you always retain complete control over your tokens.
After the delegation transaction is confirmed, the Delegate button will disappear from the interface.
Kyber Community Pool Rewards
KNC must be deposited for a complete governance cycle, called an epoch, in order to earn rewards for that cycle: if you stake your KNC during epoch 10, epoch 11 will be the first cycle to earn rewards. Note: your rewards will not appear on your dashboard until the following epoch (so rewards earned during E11 will display shortly after E12 begins).
Each epoch lasts about two weeks, and you can track the time remaining in the current epoch at the top of your dashboard or on the KyberDAO website.
Learn more about Kyber reward distribution on kyber.org.
Your rewards are displayed on the Dashboard under Your Fees Earned:
Redeeming your rewards
You can redeem your rewards at any time, there’s no minimum amount required. From Your Fees Earned on the Dashboard, click the Redeem all unclaimed button to initiate a transaction and claim your rewards. Your unclaimed ETH balance will then be added to your connected wallet.
Withdrawing your KNC
From the Dashboard, input the amount of KNC you want to remove from the Pool in the Withdraw field under KNC in Pool:
Click Withdraw and confirm the transaction to remove your staked KNC from the Kyber Community Pool and have them returned to your connected wallet.
Troubleshooting
In the event you run into difficulty using the Kyber Community Pool web interface, you can interact with the protocol from the KyberDAO website.
Clicking on My Stake will display a brief overview of your Kyber profile:
- My wallet shows your connected wallet
- My stake shows how much KNC you currently have staked
- Delegate shows where you have delegated your vote
From this menu, you can confirm how much KNC you have at stake and that you successfully delegated your vote to the Kyber Community Pool. You can also use the Stake and Delegate features to interact with the KCP using the Pool’s contract address:
0xFf895DBC075379aF849DfD8a5C42Ba4E920B04A2
Caution: Do not send any KNC or other tokens to this address, it is strictly a delegation address.
When all else fails, you can reach out in the Kyber Community Pool’s support channel on Discord.
The Kyber Community Pool is a collaborative effort by DeFi Dude, Sasha, and Harry, made with ❤️ for the Kyber community.
Follow the Kyber Community Pool on Twitter or just start staking.
