Since our last update, many exciting things have happened: we scaled up the team, raised oursecond round, and met some of our peers during the Solana Breakpoint conference, where KYVE’s co-founders, Fabian Riewe and John Leteyintroduced KYVEto a broader audience.
Most importantly, we have made incredible progress in the last months, and we’re super proud to share our latest development update with you.
#1 Releasing a delegation feature to increase KYVE’s scalability
We are super thrilled to announce the release of a delegation feature that will allow KYVE users to delegate their $KYVE tokens and earn rewards from the protocol without having to run nodes.
During the last few months, we have noticed a limitation to our network due to thousands of nodes being in a single pool, sending the same transaction simultaneously. The network was clogged, and we needed to find a solution. The delegation feature solves this issue and enables the protocol to have as many nodes as possible, enabling only a certain number of nodes to participate in the validation process.
The network can now accept a limitless number of nodes without ever being negatively impacted.
#2 Using Moonbeam Network as our smart contracting layer
We have decided to move from SmartWeave to Solidity smart contracts, enabling us to secure the scalability we need through supporting EVM contracts and liquidity while staying affordable.
Although Smartweave is client-side executed, which allows a lot of computation, the downside to it is there is no general consensus between all the parties running the smart contract as to what the latest state is, which means that if we want to view the latest state of the contract, we need to execute it from the beginning.
Solidity, the leading smart contracting language on EVM compatible chains, on the other hand, fixes this issue as the contracts are executed on-chain, giving us the consensus we need. Additionally, it allows us to write our smart contracts once and deploy them later to many chains.
“Moonbeam was the obvious partner to deploy the contracts because it gives us access to both Ethereum and Polkadot ecosystems. Since we aim to be blockchain agnostic and reach as many projects as possible, this solution was perfect.” John Letey — CTO of KYVE
The experience of interacting with the protocol is enhanced and made incredibly easier. Metamask can now be used. Users can also use the defi tools they are familiar with to have access to liquidity, and because the latest state is accessible at all times, the network is more reliable and faster.
#3 Releasing a new visual identity
Last but not least, we are super proud to release our new website that comes with a fresh brand identity. We completely reworked our visual identity and added important information such as:
The website is continually being improved, so we welcome feedback at any time!
What is coming next?
The team is tackling one of the major milestones before mainnet launch: the incentivized testnet. We can’t wait to make our incredibly supportive community part of our success and prepare for that big day together!
The KYVE Team