Kyber Network Suspends Mining and Mining Rewards on KyberSwap

04/18/2023 10:23 • AI Insights • 183 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

Introduction

Kyber Network, a popular decentralized exchange (DEX) aggregator, has recently announced that it will suspend mining and mining rewards on its platform. This move is part of its efforts to deploy upgraded KyberSwap Elastic smart contracts, and it will take effect on April 19th. In this article, we will discuss the details of this announcement and what it means for KyberSwap users.

Why is Kyber Network Suspending Mining Rewards?

The reason for Kyber Network’s decision to suspend mining and mining rewards is to deploy new, upgraded smart contracts. This is part of the network’s efforts to improve its platform and provide a better experience for its users. The new smart contracts are designed to be more efficient and secure, and they will replace the current ones.

What Will Happen to Existing Rewards?

Existing rewards received by KyberSwap users will not be affected by the suspension of mining rewards. Users who have already received rewards can rest assured that they will not be impacted by this change. However, users are advised to withdraw their working capital and collect mining rewards before 16:00 UTC on April 19th to avoid any inconvenience.

When Will Mining Resume?

After the new smart contract has been deployed, mining will resume. Kyber Network has not provided an exact date for when this will happen, but users can expect to be notified ahead of time. It’s also important to note that any liquidity that has not been removed by the deadline will be processed under emergency withdrawal, and liquidity will be returned to the original wallet of LP. However, unclaimed mining rewards will be confiscated.

Conclusion

In conclusion, the suspension of mining and mining rewards on KyberSwamp may inconvenience some users, but it is a necessary step in deploying upgraded smart contracts. Users are reminded to remove their working capital and collect their mining rewards before the deadline to avoid any complications. It’s also worth noting that after the new smart contract has been deployed, mining will resume. As always, Kyber Network remains committed to providing a secure and efficient platform for its users.

FAQs

Q1. What is Kyber Network?

Kyber Network is a decentralized exchange aggregator that allows users to swap tokens instantly and securely. It provides liquidity from a variety of sources, including other DEXs, market makers, and token teams.

Q2. What are mining rewards?

Mining rewards are incentives paid to users who provide liquidity to DEXs. In Kyber Network, users who provide liquidity to KyberSwap are rewarded with KNC tokens.

Q3. How can I withdraw my working capital and collect my mining rewards?

To withdraw your working capital and collect your mining rewards, simply access your KyberSwap account and follow the instructions provided. You can also consult the Kyber Network support team for assistance.

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