xKNC Migration
We’re migrating xKNCa and xKNCb to a new proxy structure so that we can seamlessly transition to Kyber V3 and adjust to any other changes in the DeFi space as they present themselves.
We originally used an immutable contract for xKNCa/b, but the truth is that DeFi moves too fast for this to be viable.
What do I need to do?
Please go to xtoken.market and migrate your xKNCa or xKNCb following our guided process. This is all you need to do. When Kyber migrates to Kyber V3 later in the year, we will handle the transition entirely by upgrading our contracts.
If your wallet is connected and you need to migrate xKNCa, xKNCb or both, you should see this on xtoken.market/app/invest:
Note that the UI won’t show your legacy xKNC balance as we’ve migrated the front end to the new instances.
Click on the asset you hold. You’ll be navigated to the asset page for the token and prompted with this message:
A modal will open and you’ll need to submit two transactions: 1) an approve transaction and a 2) migrate transaction. The user interface will guide you through the process.
Note that your xKNC balance post-migration will be slightly higher than it was pre-migration. This is because we’ve reset the xKNC/KNC ratio at 10:1. While your xKNC balance may change, your underlying KNC equivalent holdings will not change.
Gas is expensive, we know.
That’s why we’re offering an incentive to migrate by the end of the week (by Friday 11 pm UTC). You can either receive $50 in ETH paid to your wallet OR enter your address into a random drawing to receive 5,000 xKNC. We will draw three winners, each receiving 5,000 xKNC in the fund the address holds (either xKNCa or xKNCb).
Fill out this form to receive reimbursement or to enter the drawing.
Do I need to migrate?
No, you don’t need to. Migration will be available forever. However, we will only continue to operate legacy xKNCa and legacy xKNCb until the end of the month, so you will no longer be earning rewards if you choose not to migrate.
Feel free to reach out with any other questions in our Discord.
