Kriptoks

KyberDAO has recently approved the KIP-6 upgrade proposal, which aims to enhance $KNC token's dynamics and efficiency by supporting smooth upgrades and providing greater control to KyberDAO. The migration ratio will be 1:1, meaning one old KNC will be migrated to one new ERC-20 KNC token.

To prevent confusion between the old and new tokens, it is recommended to label the old KNC token as KNC Legacy (KNCL) while the new token retains the original ticker KNC. The new KNC token will remain as an ERC-20 token.

For KNC holders who manage their tokens on self-custodial wallets such as Metamask, Krystal, Ledger, Trezor, Keystore, etc., they can easily convert to the new KNC token via the Migration Portal found on kyber.org/migrate.

It is important to note that transferring KNCL tokens to a centralized exchange that only supports upgraded KNC might result in a loss of funds. Therefore, it is advisable to use the Migration Portal for conversion to avoid any potential loss of funds.

KyberDAO's KIP-6 upgrade aims to improve the functionality and efficiency of $KNC token while giving greater control to KyberDAO. The upgrade will allow for smoother upgrades and efficient management of the token. KNC holders who manage their tokens on self-custodial wallets can easily migrate to the new KNC token via the Migration Portal. However, they must be careful not to transfer KNCL tokens to a centralized exchange that only supports the upgraded KNC token, as this may result in a loss of funds.