Coinbase is planning a KNC (Kyber Network) token upgrade on a future date. We'll update this page once the date is finalized. When it takes place, the upgrade will temporarily pause any send/receive transactions for this token and the old KNC tokens (KNCL) will not be accepted after the upgrade.
What will happen with the Kyber Network?
On a future date, Coinbase will be performing a required upgrade for Kyber Network (KNC) tokens.
During the upgrade, sends and receives of KNC will be temporarily paused and any deposits into Coinbase may result in lost funds. All deposits of KNC will need to be initiated well in advance of the upgrade time window (to be announced at a later date).
No action will be required on your behalf.
What do I need to know about the KNC token upgrade?
In April 2021, the Kyber team announced a Kyber Network Crystal (KNC) token upgrade and migration to make KNC much more dynamic and flexible with the ability to support more efficient upgrades.
Moving KNC Tokens
You have the option to move your KNC tokens out of your Coinbase account any time before the upgrade date and to convert them on your own using Kyber Network's migration site.
Sending and receiving KNC Tokens
When sending/receiving KNC tokens, please check what version of KNC tokens you currently hold. Exchanges and wallets may or may not have updated to the new token contract, and your funds might be lost if you send an unsupported version of KNC. The Ethereum contract address for the old KNC token (KNCL) is: 0xdd974d5c2e2928dea5f71b9825b8b646686bd200.
Will I be able to deposit the new KNC token to Coinbase before the upgrade?
No. Coinbase KNC wallets supporting the new smart contract won’t be available until after the upgrade on a future date.
What happens if I deposit the new KNC token into my Coinbase account before the upgrade?
If you transfer the new KNC token from another exchange to Coinbase before the upgrade, the token will not be accessible or available for withdrawal from Coinbase until the KNC smart contract is supported after the upgrade on a future date.
What happens if I deposit the old KNC smart contract after it’s deprecated on Coinbase on a future date?
These deposits will not be supported and will be treated as an unsupported digital currency. Depositing unsupported assets in your Coinbase account will cause you to lose them.
If you're holding old KNC tokens somewhere other than in your Coinbase account (e.g., in another wallet), we recommend that you upgrade them to the new smart contract using Kyber Network's migration site prior to transferring them to your Coinbase account after the upgrade happens.
Sending and receiving KNC tokens
Old KNC: You can send & receive the old KNC tokens (KNCL) before the update.
New KNC smart contract: You won't be able to send & receive the new KNC smart contract before the upgrade.
After the upgrade, sending and receiving the new KNC tokens will be enabled on Coinbase, but sending and receiving old KNC tokens will no longer be available.
What happens to my KNC after the upgrade to the new KNC smart contract?
All of your KNC tokens will automatically convert to the new smart contract and your new KNC tokens will be available in Coinbase products. You’ll then be able to buy, sell, and convert KNC on Coinbase products.
Will we support the new KNC token on Pro trading books?
Yes, but only after the upgrade.
What does this mean for KNC in my standalone Coinbase Wallet?
If you have KNC in your Coinbase Wallet, it will be migrated to the latest version with no impact to your funds. No action will be required from you during the migration.
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