If you don’t plan to deposit or withdraw KNC tokens, then there is nothing to worry about. Your KNC balance will remain the same and trading will remain unaffected.

If you are planning to withdraw or deposit KNC tokens, please keep on reading.

On July 27th, 2022, Qovex will perform a scheduled upgrade of the KNC token.

• The upgrade period will start on July 27th, 2022 at 08:00 AM UTC and last approximately 3 hours.
• During the upgrade period KNC withdrawals and deposits will be paused.
• With the upgrade, Qovex will start using the new KNC ERC-20 token smart contract for token deposits and withdrawals.
• Your KNC account balance on Qovex exchange will be automatically converted to the new token representation in a 1:1 ratio.
• Trading will not be halted during the upgrade period.

What is KNC token?

It's a utility token of the Kyber Network ecosystem. The token is circulated on the Ethereum Mainnet network as a standard ERC-20 token.

In April 2021, Kyber Network released a new version of KNC token ERC-20 smart contract that superseded previous KNC ERC-20 token smart contract.

The Kyber Network provides a KNC migration tool that allows anyone holding KNC in their wallet to upgrade it to the new KNC ERC-20 smart contract in a 1:1 ratio.

What will Qovex upgrade on July 27th, 2022?

The upgrade will change the withdrawal and deposit ERC-20 token smart contract that Qovex uses for KNC token.

Today, any KNC deposit or withdrawal made to Qovex uses the old KNC ERC-20 smart contract. During the upgrade, all KNC tokens that users hold on their Qovex accounts will be exchanged for the KNC tokens represented by the new ERC-20 token smart contract in a 1:1 ratio. After the upgrade, all KNC deposits or withdrawals will use the new KNC ERC-20 smart contract.

The table below summarizes the periods and their effects on deposits, withdrawals and trading.

Will Qovex API users be affected?

While the API will continue to function normally, API users who are using deposit and withdrawal functionality should prepare for the update and migrate to the new version of the KNC token at the same time as Qovex to avoid any settlement issues.

I've deposited the KNC token represented by the new smart contract before the upgrade to the new KNC token.

Don’t worry, during the upgrade period your KNC token balance will be credited for all the deposits that you made in the past using the new KNC token contract.

I've deposited the KNC token represented by the old smart contract after the upgrade to the new KNC token.

Don’t worry, we'll be able to help you. Please contact , and note that the usual transaction recovery terms apply.

Will the upgrade change my Qovex KNC balance?

Your KNC balance on Qovex will remain the same in most cases.

If you sent KNC v2 to your Qovex deposit address before the upgrade, your Qovex KNC balance will be credited for that amount.

I have v1 KNC token in my wallet. Will I be able to deposit KNC after the upgrade?

After the upgrade, you will not be able to deposit KNC token that is represented by the old KNC ERC-20 smart contract.

However, you can at any time exchange v1 KNC token for v2 KNC token in a 1:1 ratio using this page.

For more information, please read the KNC token upgrade announcement.

How do I know which version of KNC token is in my personal wallet?

• Open your wallet address on Etherscan.io.

• Use the "Tokens" combo box and click on KNC token.

• This will open up a page that shows you all your transactions of the KNC token.

• Check the name of the token at the top of the page.

• If the name of the token is KyberNetwork, you are using v1 of the KNC token

• If the name of the token is Kyber Network Crystal v2, you are using v2 of the KNC token.

Reference

Old KNC token ERC-20 smart contract: 0xdd974d5c2e2928dea5f71b9825b8b646686bd200

New KNC token ERC-20 smart contract: 0xdeFA4e8a7bcBA345F687a2f1456F5Edd9CE97202