Kyber Staking - My tale of punishment

WATERCOOLER
#1

I don’t see how Kyber can be successful. I was not looking for a big return or a fast return but I did not expect the payout to be this bad. How can Kyber create a community if you punish average users.

I staked 210 KNC cost $20 in network fee.
I voted - $5 in network fees
Rewards - $ 0.80
WTF??

Voting is completely controlled by large delegation blocks so the governance is a joke, the rewards are a joke. I am a HODLer so i am prepared for longterm holds but what is the upside of staking? At this pace I will need to hold for a few years to make enough rewards to just pay for the network fee to claim the rewards.
This was just an experiment so I am not overly concerned about the money but damn. Now with Uniswap doing so well i do not see how Kyber can gain any traction. I will just hold until we bounce back then I am out.
If anyone has some info on how this may change in they future i would love to do some reading on it.

#2

Hi @Wade I fell into the same trap! 300 KNC for me. Staked it for a couple of weeks, don’t think voted because it costs too much eth! I’ve got 0.001 ETH reward sitting there but don’t want to claim because of gas.

I ended up lending it out on AAVE because it had 40%+ APY but now it’s a pitiful 0.36% … so HODL or sell… market cap has dropped 50% from recent high and I don’t think it’s at the bottom yet. You can go to their discord and ask WTF, there could be lots of others in the same boat.

Good Luck!

#3

I will just keep HODLing, if I can pull it out cheap enough i will throw it onto my Celsius account I think their rate is about 3%.
I’m just glad it was an experiment, I feel bad for anyone who had lots invested.

Thanks for replying
Cheers

#4

You can go to yfv.finance and join the (Balancer) 98%KNC/2%YFV liquidity pool and get a 136.2% APY paid out in the YFV VALUE coin.

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#5

Thanks, I will look into that.