Here's how Kyber Network's "Katalyst" upgrade has boosted its fundamental strength

Popular DeFi protocol Kyber Network recently released their highly anticipated Katalyst upgrade, allowing KNC token holders to engage with the network on a deeper level.

This upgrade incentivizes investors to vote on important economic proposals for the network by offering staking rewards.

From a fundamental perspective it has significantly bolstered Kyber Network, with KNC's daily active address count and the number of transactions both rocketing higher.

Kyber Network's Katalyst upgrade doesn't spark excitement from investors.

On July 7th, the Kyber Network implemented its Katalyst upgrade.

The implementation of the upgrade went off without a hitch, and instantly caused the supply of KNC within smart contracts to rocket from 16 percent to 20 percent.

"Just one day after the deployment of Kyber Network's Katalyst upgrade & the KyberDAO, KNC supply in smart contracts has jumped from 16% to over 20%.".

It is still trading up nearly 100 percent from its early-June lows of $0.80 but is down slightly from its weekly highs of over $1.90.KNC's fundamental strength boosted by Katalyst upgrade.

Although it has not boosted the token's price, the Kyber Network's recent upgrade has significantly bolstered its fundamental strength.

"The number of daily KNC transactions has averaged 3,970 over the last week, representing almost a 10x increase versus the number seen at the beginning of 2020. Overall, anticipation for the Katalyst upgrade has evidently led to on-chain growth for Kyber's underlying network."