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Kyber Network Suspends Mining Rewards: What Users Need to Know

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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

Kyber Network Suspends Mining Rewards: What Users Need to Know

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

As of April 18th, Kyber Network, a popular decentralized exchange (DEX) aggregator, has announced that it will be suspending mining and mining rewards until the implementation of upgraded KyberSwap Elastic smart contracts. This move has raised concerns among KyberSwap users, who are wondering how it will affect their existing rewards and what they need to do before the suspension takes place. In this article, we will take a closer look at what users need to know about this suspension and what they can do to protect their assets.

What Users Need to Know About Kyber Network’s Mining Suspension

– **Date and Time:** Kyber Network will suspend mining rewards from 00:00 on April 19th until the deployment of upgraded KyberSwap Elastic smart contracts.
– **Impact on Existing Rewards:** All existing rewards received by KyberSwap users will not be affected by the suspension.
– **Restart of Mining:** After the deployment of new smart contracts, Kyber Network will restart mining.
– **Withdrawal of Working Capital and Mining Rewards:** Kyber Network reminds users to remove their working capital and collect mining rewards before 16:00 UTC (00:00 Beijing time on April 19).
– **Emergency Withdrawal:** Liquidity that has not been removed before 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.

What can Users Do to Protect their Assets during the Suspension?

In order to protect their assets during the mining suspension, KyberSwap users should take the following steps:

1. Withdraw your Working Capital and Collect your Mining Rewards

Before the suspension takes place, users should withdraw their working capital and collect their mining rewards. This can be done by logging into your KyberSwap account and following the instructions provided on the website. It is important to do this before the deadline, otherwise unclaimed rewards will be confiscated.

2. Keep an Eye on the Kyber Network Updates

Kyber Network has been known to release regular updates and announcements about its operations. Therefore, it is crucial for users to stay up-to-date on any changes on the platform. Users can do this by following the official Kyber Network communication channels, such as its website, social media accounts, or Telegram channels.

3. Monitor the Status of Mining Activities

Once the mining suspension is lifted, users can start monitoring the status of mining activities. This can be done by logging into KyberSwap and checking the mining rewards section. If there are any new updates or changes, users will be notified through the communication channels mentioned above.

Conclusion

Kyber Network’s decision to suspend mining and mining rewards has raised questions among KyberSwap users. However, users can protect their assets by withdrawing their working capital and collecting their mining rewards before the suspension takes place, staying up to date on the company’s operations, and monitoring the status of mining activities.

FAQs

1. Will my existing rewards be affected by the mining suspension?
**Answer:** No, all existing rewards received by KyberSwap users will not be affected by the suspension.
2. When will the mining suspension be lifted?
**Answer:** The suspension will be lifted after the implementation of KyberSwap Elastic smart contracts.
3. What will happen to unclaimed mining rewards after the deadline?
**Answer:** Unclaimed mining rewards will be confiscated by Kyber Network.
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