Kyber Network Suspends Mining Rewards for KyberSwap in Preparation for Smart Contract Upgrade
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 sm
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
On April 18th, 2021, Kyber Network, the popular DEX aggregator, announced that they will be suspending mining and mining rewards on KyberSwap starting 00:00 on April 19th. This is in preparation for the deployment of upgraded KyberSwap Elastic smart contracts, which will improve the overall functionality of the platform.
Why is Kyber Network Suspending Mining and Mining Rewards on KyberSwap?
Kyber Network is one of the leading DEX aggregators, which means that it connects various decentralized exchanges to provide a comprehensive and efficient trading experience for its users. KyberSwap is the official decentralized platform of Kyber Network, which allows users to swap between different cryptocurrencies seamlessly.
To ensure that the upgrade of the KyberSwap Elastic smart contract goes smoothly, Kyber Network has decided to temporarily suspend mining and mining rewards on KyberSwap. This will enable them to deploy the upgrade without any interruptions, which will ultimately strengthen the overall performance of the platform.
What Will Happen to Existing Rewards and Liquidity?
Existing mining rewards that have been received by CyberSwap users will not be affected by the suspension of mining and mining rewards. However, Kyber Network advises all users to remove their working capital and collect mining rewards before 16:00 UTC (00:00 Beijing time) on April 19th. This will prevent any unclaimed mining rewards from being confiscated.
Furthermore, any liquidity that has not been removed before the deadline will be subject to emergency withdrawal. Kyber Network will return the liquidity to the original wallet of the LP, but any unclaimed mining rewards will be forfeited.
When Will Mining Restart?
Kyber Network plans to restart mining on KyberSwap after they have successfully deployed the new smart contract. This is expected to happen soon, and all users will be able to resume mining and earning rewards on the platform.
Conclusion
Kyber Network’s decision to suspend mining and mining rewards on KyberSwap is a necessary step towards the successful deployment of the upgraded KyberSwap Elastic smart contracts. While this may cause a temporary inconvenience for users, it is for the greater good of the platform’s performance and functionality.
FAQs
What is Kyber Network?
Kyber Network is a leading DEX aggregator that connects various decentralized exchanges to provide a comprehensive and efficient trading experience for its users.
What is KyberSwap?
KyberSwap is the official decentralized platform of Kyber Network, which allows users to swap between different cryptocurrencies seamlessly.
When will Kyber Network restart mining on KyberSwap?
Kyber Network plans to restart mining on KyberSwap after they have successfully deployed the new smart contract, which is expected to happen soon.
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