KNC Migration Process has begun: Tuesday, 20th April, 9 pm SGT (GMT+8)
UPDATE: Most of the top exchanges have completed the KNC migration including Coinbase!
⚠️IMPORTANT: Please make sure not to transfer new KNC tokens to an exchange unless the exchange is already providing support for the new KNC token. Likewise, exchanges who have already completed the migration to support new KNC may not be supporting old KNCL anymore. Please check with your exchange directly before conducting KNC transactions. Failure to do so may result in a loss of funds.
Migration Portal: https://kyberswap.com/kyberdao/stake-knc
In KIP-6, the Kyber team proposed a Kyber Network Crystal (KNC) token upgrade and migration to make KNC much more dynamic and flexible with the ability to support more efficient upgrades, while amplifying KyberDAO’s governance power. The KyberDAO community gave their strong stamp of approval with a large majority of 99.89% voting in favour of the proposal.
Following this successful vote, the migration process began at:
Tuesday, 20th April, 9PM SGT (GMT+8)
To avoid confusion, it is recommended that the old token be labelled as KNC Legacy (KNCL) and the new token will retain the original ticker KNC. KNC remains an ERC-20 token. Please make sure to check your tokens before sending/using them anywhere.
Wallets, Dapps, centralized exchanges, staking pools, and data sites like CoinGecko and Coinmarketcap will be provided with a set of (technical) KNC migration instructions and are expected to change the ticker symbols and support the migration. However, the process will not be immediate and there will be a transition period where both KNCL and KNC tokens will run in parallel.
This migration process has no hard deadline and is open-ended at this moment, meaning there is no rush to convert to the new KNC tokens. However, we do recommend that you migrate your tokens as soon as possible to the new KNC token since it will soon be required for activities such as staking in the latest version of the KyberDAO and adding liquidity on the KyberSwap.
For KNC holders managing their own tokens on self-custodial wallets such as Metamask, Krystal, Ledger, Trezor, Keystore etc. you can convert to the new KNC token on your own via the Migration Portal on https://kyberswap.com/kyberdao/stake-knc
Migration is very simple and instructions can be found below.
Token Contract details
- Old KNCL token contract: 0xdd974d5c2e2928dea5f71b9825b8b646686bd200
- Old KNCL (CoinGecko details): https://www.coingecko.com/en/coins/kyber-network-legacy
- New KNC token contract: 0xdeFA4e8a7bcBA345F687a2f1456F5Edd9CE97202
- New KNC (CoinGecko details): https://www.coingecko.com/en/coins/kyber-network-crystal
- Migration ratio: 1:1 (1 old KNC will be migrated to 1 new ERC-20 KNC token)
KNC Migration Portal: How do I migrate my old KNC to the new KNC?
On KyberSwap, you can migrate KNC from a self-custodial wallet where you control the private keys. If your old KNC is stored in a separate platform where you do not control the private keys to the wallet (e.g. centralized exchanges, Dapps, staking pools), you will first need to withdraw your old KNC to your own wallet or follow their specific instructions on how to migrate to the new KNC.
Migrate your old KNC to new KNC
- Navigate to https://kyberswap.com/kyberdao/stake-knc on desktop or using a Dapp browser on a mobile wallet (e.g. Trust, imToken, Enjin)
- Click the ‘Migrate’ button
- Connect your Ethereum wallet (e.g. Metamask, Ledger, Trezor, WalletConnect, Keystore)
4. Click ‘Migrate’
5. Approve Token if you haven’t done so
6. Confirm your Migration transaction on the UI and your wallet. As this is a transaction on Ethereum, gas is required.
7. Click ‘Done’
You should receive your new KNC tokens in your wallet once the transaction is successful.
How do I view my new KNC tokens on my Metamask extension?
- On Metamask, click the button ‘Add Token’ then go to the tab ‘Custom Token’
- Under ‘Token Contract Address’, paste the new KNC contract address: 0xdeFA4e8a7bcBA345F687a2f1456F5Edd9CE97202
- Add the new KNC token
How are centralized exchanges handling the migration?
We are talking to various centralized exchanges such as Binance to guide them through the migration process. Each exchange will likely manage the migration differently with their own set of instructions and we have no control over their individual processes. Please check with them directly for more details. If you would like to conduct the migration yourself, please withdraw KNC from the exchanges to your own Ethereum wallet and migrate the tokens on your own using the Migration Portal.
⚠️IMPORTANT: Please make sure not to transfer new KNC tokens to a centralized exchange unless the exchange is already providing support for the new KNC token. Doing so might result in a loss of funds.
Is there a hard deadline to migrate to the new KNC?
This migration process began on Tuesday, 20th April, 9PM SGT (GMT+8) but has no hard deadline at the moment, meaning there is no rush to convert to the new KNC tokens unless you wish to stake it in the latest version of the KyberDAO. It is possible for the Kyber community to propose and vote on a hard deadline in the future.
Which KNC do I stake in KyberDAO? Do I vote with my old or new KNC?
Moving forward, to vote and earn rewards, you have to stake with new KNC on https://kyberswap.com/kyberdao/stake-knc.
Do note that KyberDAO has undergone its own migration from v1 to a new version v2 following the approval of KIP-7. If you have staked old KNC on KyberDAO v1 (legacy.kyber.org), withdraw them into your wallet first before migrating to the new KNC on KyberDAO v2 (https://kyberswap.com/kyberdao/stake-knc).
To support this transition, there will be a grace period until the start of Epoch 2 (from 11th May). During this period, there will be NO voting campaigns.
If you have migrated to the new KNC token during Epoch 0, you can begin staking your new KNC on KyberDAO v2 immediately. Staking KNC on KyberDAO v2 during Epoch 0-Epoch 1 makes you eligible to vote in Epoch 2 starting on 11th May.
KyberDAO v2 will be used for all future governance operations moving forward and KyberDAO v2 staking will only support the new KNC token. KyberDAO v2 smart contracts have been audited by Hacken and the report can be found here.
What will happen to KyberDAO v1 and my unclaimed ETH rewards?
KyberDAO v1 (legacy.kyber.org) will continue to support the withdrawal of old KNC and old unclaimed ETH rewards. But no future voting campaigns and governance operations will be conducted on KyberDAO v1. Note that KyberDAO v1 only supports the old KNC token so the new KNC token can’t be staked there.
KNC Legacy (KNCL) and KNC Token Logos
A gentle reminder that exchanges and platform services may not have upgraded to the new KNC token or changed the token ticker symbols and logos during the transition period. Always double-check the token contract address to ensure that you are interacting with the right contract when using different platforms.
Please make sure NOT to send new KNC tokens to an exchange unless the exchange is already providing support for the new KNC.
If you have any questions, please reach out to us on Discord and follow our KyberDAO Twitter for the latest updates! Onwards Kyber Network!
Other details
- KyberDAO FAQ: https://docs.kyberswap.com/kyber-dao/kyber-dao-introduction
- Updated KyberDAO Governance parameters: https://github.com/KyberNetwork/KIPs/blob/master/KIPs/kip-19.md
- Staking and Voting Overview: https://blog.kyberswap.com/kyberdao-staking-and-voting-overview-2/
