Cryptocurrency

Kyber Network Breaks the News of Ethereum’s Istanbul Upgrade

Ethereum’s Istanbul upgrade is slated to be launched by the prestigious platform on December 7, 2019, while the highly anticipated upgrade will kickstart around the 9,069,000th block. The Instanbul Hard Fork is the ultimate last step for Ethereum 1.0. This strategic step will pave the way for the Serenity phase of Ethereum 2.0. The platform has infused a countdown timer to block 9,069,000.

According to the official reports, a major change introduced in Istanbul is Ethereum Improvement Proposal (EIP) 1884, which applies changes to the expense of some EVM opcodes capable of preventing spamming attacks. A properly channelized transition to a new contract is essential after the change of the SLOAD (0x54) operation from 200 to 800 gas, which will put an end to the currently deployed KyberNetwork contract.

Critical Points Regarding The Migration

  • On December 2, 2019, at 7:00 PM SGT, the trading activities will be shut-stopped for approximately 30 minutes. The network contracts shall be migrated during this time.
  • By 7:30 PM SGT, 2nd December 2019, the trading activities will again continue.
  • The network will undergo transition from the present KyberNetwork contract (0x9ae49c0d7f8f9ef4b864e004fe86ac8294e20950) to (0x65bF64Ff5f51272f729BDcD7AcFB00677ced86Cd).
  • The Proxy contract will focus on the new KyberNetwork contract on the time and date of the migration.
  • There are no major changes introduced and also liquidity will remain unchanged.
  • This migration will not affect the KNC holder’s tokens.

For users of KyberSwap or any Kyber-integrated DApp user

The users of KyberSwap (website/Android/iOS) do not have to take any necessary action. The person who uses services or DApps that utilize Kyber protocol like MEW, Enjin, Trust, Nuo, InstaDapp, Fulcrum, etc., need not do anything unless advised to take the additional procedures by the DApp or the service provider.

For users and DApps using the Kyber RESTful API and KyberWidget

The API and widgets will start working according to the change automatically. There will be a major change in the gas costs of trades after the Instanbul hard fork launch, and so the users are advised to take note of it.

For tracking websites and applications

The websites and apps involved in tracking information from Kyber might aspire to track the event logs provided by the newly migrated contracts along with the past contracts. These users can adapt to the new system at any point of time.

The tracking mechanisms which do not depend on the event log given by the new migrated contracts or uses the Kyber API solely; then, no action is required to be taken.

About Kyber Network

Kyber Network’s on-chain liquidity protocol fosters swapping of decentralized tokens to be integrated into an application. This allows value exchange to be channelized between each and every party in the network. The users can indulge in the creation of revolutionary payment flows and apps like instant token swap platforms, ERC20 payments, and financial DApps.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.
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