Honestly, it depends on who you talk to. In my opinion, and the general consensus is, that a lien release = lien cancellation. However, there are some in the industry that refer to lien waivers as a "waiver and release."
In any sense, in Kentucky, once the debt underlying the lien claim has been satisfied (i.e. paid) within 30 days. This can be accomplished by filling out a lien release form, signing and notarizing the form, and filing it in the same county recorder's office where the claim was filed. Be sure to act quickly, if the claim isn't released within 45 days (30 days plus 15 day grace period) lienholders can be liable for up to $100 a day until the claim is released. These penalties bump up to $500 a day starting on the 30th day after the debt was satisfied. For more on the penalties for failing to timely release your claim see: Satisfaction or Bust- Lien Release Deadlines & Penalties in All 50 States.
Congratulations on getting paid!