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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

#Table of Contents

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

1. Introduction
2. What is Kyber Network?
3. KyberSwap Elastic Smart Contracts
4. Suspension of Mining and Rewards
5. Impact on Users
6. Restart of Mining
7. Reminder to Users
8. Emergency Withdrawal Process
9. Conclusion
10. FAQs

Kyber Network Suspends Mining and Mining Rewards: What You Need to Know

Introduction

On April 18th, Kyber Network announced the suspension of mining and mining rewards starting from April 19th, 00:00 UTC. This temporary suspension is due to the deployment of upgraded KyberSwap Elastic smart contracts. In this article, we will discuss what Kyber Network is, why the suspension is necessary, and how it will impact users.

What is Kyber Network?

Kyber Network is a decentralized finance (DeFi) protocol that enables the instant exchange of cryptocurrencies. It is built on Ethereum and allows users to trade crypto without the need for intermediaries. Kyber Network aggregates liquidity from various sources, including other decentralized exchanges, to provide users with the best exchange rates.

KyberSwap Elastic Smart Contracts

KyberSwap is a non-custodial exchange built on the Kyber Network protocol. It allows users to swap between Ethereum-based tokens with ease. Recently, Kyber Network upgraded its KyberSwap smart contracts to make them more elastic, which will allow for better pricing calculations and more efficient token swaps.

Suspension of Mining and Rewards

To deploy the upgraded KyberSwap Elastic smart contracts, Kyber Network has suspended mining and mining rewards. This is to ensure that the new contracts are implemented smoothly and without any issues. The suspension started on April 19th, 00:00 UTC.

Impact on Users

All existing rewards received by CyberSwap users will not be affected by the suspension of mining and rewards. However, users are advised 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 by then will be subject to emergency withdrawal.

Restart of Mining

After the upgraded KyberSwap Elastic smart contracts are implemented, mining will resume. Kyber Network has not disclosed the date and time of the restart yet, but it is expected to be after the upgrade is completed successfully.

Reminder to Users

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.

Emergency Withdrawal Process

If users fail to remove their liquidity before the deadline, their positions will be subject to emergency withdrawal. This means that liquidity will be returned to the original wallet of LP, but unclaimed mining rewards will be confiscated. Users are advised to keep an eye on their positions and act accordingly.

Conclusion

Kyber Network has suspended mining and mining rewards temporarily to deploy upgraded KyberSwap Elastic smart contracts. This will help to improve the efficiency and pricing calculations of token swaps. Users are advised to remove their working capital and collect mining rewards before the deadline to avoid any issues. After the upgrade is completed successfully, mining will resume.

FAQs

1. What is Kyber Network?
Kyber Network is a DeFi protocol that enables the instant exchange of cryptocurrencies without intermediaries.
2. Why has Kyber Network suspended mining and mining rewards?
Kyber Network has suspended mining and mining rewards to deploy upgraded KyberSwap Elastic smart contracts.
3. What should users do before the deadline?
Users are advised to remove their working capital and collect mining rewards before the deadline to avoid any issues.

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