Katana announced a change to KAT’s token model, according to PANews, which reported the announcement on November 12, 2026, at 13:16 (UTC+8). The existing vKAT and voting mechanism will be phased out. Users will instead be able to stake KAT for avKAT.
Starting November 17, a portion of fees from Swap, Perps, Vault Bridge and the sequencer will flow directly to avKAT stakers. Protocol fees will also fund programmatic open-market KAT buybacks, with all purchased KAT distributed to avKAT stakers. The unstaking cooldown will fall from 45 days to seven days, and existing vKAT holders will be able to convert to avKAT in one step from November 17.
The valuation distinction: fees generated by protocol activity are not the same as value received by a token holder. These changes describe two routes to avKAT stakers—direct fee flows and distributions of repurchased KAT—but the report does not quantify the fee share, buyback amounts or expected returns. Those missing inputs prevent a numerical valuation conclusion.