KyberSwap is excited to unveil our very first Gas Refund Program for KNC (Kyber Network Crystal) stakers! This aims to make trading on KyberSwap even more efficient and align incentives between KNC holders and KyberSwap users.
This idea has been brewing in our product pipeline for a few months and has already garnered strong community support in our governance forum and feature request page.
Starting from epoch 59 (18 July, ~2.07pm GMT+7), gas costs incurred by successful swaps on Ethereum would be partially refunded in the form of KNC based on your KNC staking tier, and users can claim refunds at the start of each new 2-epoch cycle (approximately every 4 weeks).
Moreover, KNC stakers are by default eligible to vote on KIPs (Kyber Improvement Proposals) and earn additional KNC voting rewards!
KyberSwap’s Gas Refund Program will launch only on Ethereum initially, but we have plans to expand to other popular chains such as Polygon, Arbitrum, and Optimism.
Motivation
Ethereum continues to generate among the highest trading activity and volume in DeFi, and gas spent can also be seen as an important measure of trading activity on KyberSwap. However, gas costs can be relatively high at times. KyberSwap’s Gas Refund Program will play a big part in our ongoing efforts to help lower gas consumption for traders, especially for Ethereum traders.
It also provides another strong utility for KNC and rewards KNC holders who contribute to the growth of KyberSwap.
Eligibility Criteria
To claim gas refunds, users would first need to stake a minimum of 500 KNC and meet the necessary trading requirements.
- Staking requirement: The user is required to stake a minimum of 500 KNC here https://kyberswap.com/kyberdao/stake-knc. The % of gas refunded from each swap is based on your KNC staking tier.
- Trading requirement: Value of each trade needs to be worth ≥$200; calculated at the point of the trade.
Other details
- Each user has a maximum cap of $200 worth of gas refunds in each 2-epoch cycle (~4 weeks).
- Gas Refund Program only covers successful swaps on Ethereum. It does not cover failed swaps and gas incurred from token approvals.
- Gas refunds would be calculated in USD but distributed in the form of KNC. You can view your accumulated KNC on the KNC Utility page.
Start staking KNC now to enjoy Gasback
Step 1: Stake at least 500 KNC on the KyberDAO page: https://kyberswap.com/kyberdao/stake-knc
Step 2: Swap at least $200 worth of tokens on Ethereum via KyberSwap to enjoy partial gas refunds.
Step 3: You can claim your gas refunds (in the form of KNC) at the start of the n+2 epoch, where n = the starting epoch of a new 2-epoch cycle. There is a countdown timer on the “Pending” tab to let you know when refunds become claimable and there is no deadline to claim your refunds. View your Tier level, and Available, Pending, and Claimed refunds on the KNC Utility page.
Step 4: After claiming your KNC, you can either stake it to increase your voting power (and rewards) for the next KIP, or add liquidity to KNC pools and earn fees.
Degen Tip: Vote on KyberDAO KIPs to earn more KNC
KNC stakers are by default eligible to vote on KIPs on our KyberDAO page: https://kyberswap.com/kyberdao/vote and earn KNC voting rewards. There will be new KIPs ever 2-4 epochs (4-8 weeks).
Users can stake KNC to enjoy gas refunds + vote on KIPs to earn even more rewards!
Give us Feedback!
The KyberSwap Gas Refund Program for traders is currently in its pilot phase. Please send us your feedback on our governance forum here so that we can optimize the program further!
Gas Refund FAQ
- Can I participate in the Gas Refund Program if I am not staking KNC?
- No. You have to stake a minimum of 500 KNC in KyberDAO (on Ethereum) here, and meet the eligibility criteria by completing at least 1 swap on KyberSwap, with a minimum trading volume of ≥$200.
- No. You have to stake a minimum of 500 KNC in KyberDAO (on Ethereum) here, and meet the eligibility criteria by completing at least 1 swap on KyberSwap, with a minimum trading volume of ≥$200.
- Are swaps on all chains eligible for gas refunds?
- During this beta phase, only swaps on Ethereum are eligible for gas refunds. We may expand the Gas Refund Program to other chains in the future.
- During this beta phase, only swaps on Ethereum are eligible for gas refunds. We may expand the Gas Refund Program to other chains in the future.
- When will gas refunds be available to claim?
- On the “Pending” tab, there is a countdown timer showing when pending refunds become available for claiming. Refunds become available for claiming at the start of the n+2 epoch, where n = the starting epoch of a new 2-epoch cycle. You can claim your rewards in the KNC Utility page.
- On the “Pending” tab, there is a countdown timer showing when pending refunds become available for claiming. Refunds become available for claiming at the start of the n+2 epoch, where n = the starting epoch of a new 2-epoch cycle. You can claim your rewards in the KNC Utility page.
- Is there a deadline to claim your gas refunds?
- There is no deadline to claim your gas refunds. You can wait for more KNC to be accumulated before claiming them in order to save on gas fees.
- There is no deadline to claim your gas refunds. You can wait for more KNC to be accumulated before claiming them in order to save on gas fees.
- Are limit orders and cross-chain swaps eligible for gas refunds?
- No. Limit orders and cross-chain swaps are not eligible for gas refunds. Only standard swaps on KyberSwap are eligible.
- No. Limit orders and cross-chain swaps are not eligible for gas refunds. Only standard swaps on KyberSwap are eligible.
- How are gas refunds calculated?
- Gas refund rewards are based on the user’s staked KNC tier and the corresponding gas refund %, and will be converted to KNC at the time of the swap transaction.
- Gas refund rewards are based on the user’s staked KNC tier and the corresponding gas refund %, and will be converted to KNC at the time of the swap transaction.
- What is the maximum gas refund limit for a user?
- Each user wallet address is eligible for gas refunds of up to $200 within each 2-epoch cycle.
- Each user wallet address is eligible for gas refunds of up to $200 within each 2-epoch cycle.
- How can I vote on KIPs with my staked KNC to earn voting rewards?
- Once you have staked KNC, you can vote on active KyberDAO KIPs (Kyber Improvement Proposals) on the Vote page to earn voting rewards. Users who stake KNC can enjoy gas refunds + vote on KIPs to and earn even more rewards. For more information on how to vote, please visit https://docs.kyberswap.com/governance/kyberdao.
- Once you have staked KNC, you can vote on active KyberDAO KIPs (Kyber Improvement Proposals) on the Vote page to earn voting rewards. Users who stake KNC can enjoy gas refunds + vote on KIPs to and earn even more rewards. For more information on how to vote, please visit https://docs.kyberswap.com/governance/kyberdao.
Receive an xHashtag Soulbound Token badge
To commemorate the launch of KyberSwap’s Gas Refund Program, all users who are eligible for gas refunds on KyberSwap within the initial launch period will be airdropped an xHashtag Soultag SBT (Soulbound Token) reward badge on Arbitrum. Learn more here.
xHashtag campaign period: From the start of epoch 59 (18 July, ~2.07pm GMT+7) until the end of epoch 60 / before the start of epoch 61 (15 August, ~2.07pm GMT+7).
This special badge, a testament to your participation in the launch of the Gas Refund Program, can be displayed using xHashtag’s SOUL Domains. xHashtag will also provide $XCRED to users, making it possible to acquire a .SOUL Web3 domain. This gives users a unique way to showcase their newly received badges, accessible through any standard web browser. Take a look at this example: picklerick.soul.page.
What is xHashtag?
xHashtag is a Web3 protocol providing on-chain credentials tailored for the evolving landscape of work. Leveraging reputation-based credentials, brands can dynamically assemble skilled liquid teams while users can establish their Web3 reputation and receive earnings for their valuable contributions.
How to view your xHashtag KyberSwap Gasback Launch SBT ?
- After the end of epoch 60 / start of epoch 61, KyberSwap will provide the list of eligible addresses to xHashtag and these users will then be airdropped the KyberSwap Gasback Launch SBT on Arbitrum.
- Users can log into app.xhashtag.io and visit the Soul Profile section via the Soul Portal to view their badge. Please note, as a Soulbound Token (SBT), this identity badge is directly tied to your wallet address and can’t be transferred to another user.
How to claim XCRED on xHashtag?
If you’re eligible, you can claim your XCRED at no cost by visiting the Soul Drops area in the Soul Portal. After you’ve claimed it, you can select and buy a .SOUL domain of your liking. Just head over to the ‘Claim Soul Name‘ section within the Soul Portal to do so.
*Third party mentions are not endorsements. Users are responsible for their own funds, and should DYOR and stay alert for phishing attempts before using any services.
