Thursday, September 23, 2021

Kyber expands to Polygon, announces $30M ‘Rainmaker’ liquidity mining program

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Decentralized finance liquidity hub Kyber Community is ready to develop into the following DeFi protocol to enter the increasing Polygon ecosystem.

In an announcement issued on Wednesday, Kyber introduced the launch of Rainmaker, a liquidity mining program on the platform’s Dynamic Market Maker protocol that can begin on June 30 to mark Kyber’s growth to Polygon.

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In line with the announcement, the Rainmaker program will distribute $30 million in rewards to liquidity suppliers on the Kyber DMM throughout each Polygon and Ethereum.

Of the whole reward pool, 12.6 million Kyber Community Crystal (KNC) — about $25 million — can be distributed to liquidity suppliers (LPs) on chosen Ethereum-based amplified swimming pools. The remaining 2.52 million KNC — about $5 million — can be for LPs on Polygon-based amplified swimming pools.

These rewards be will within the type of KNC and of Polygon’s MATIC tokens, which may also be staked to offer liquidity on KNC and MATIC swimming pools to compound reward earnings. Rainmaker reward earners who obtain KNC also can stake some on the KyberDAO to take part in governance actions thereby incomes further voting rewards.

In line with the announcement, the Polygon section of the Rainmaker liquidity mining program will run for 2 months, whereas that for Ethereum will happen over three months — beginning June 30 for each.

Other than the $5 million value of KNC, Kyber can be contributing $500,000 in MATIC “cash” for the Rainmaker liquidity mining program.

For Kyber, Rainmaker will assist to additional develop Polygon’s rising liquidity. Certainly, DeFi tasks proceed to ascertain a presence on Polygon amid a broader push for multichain methods and larger total scalability.

Detailing the significance of the Kyber DMM and Polygon partnership, Kyber Community CEO Loi Luu advised Cointelegraph: “Kyber’s imaginative and prescient is to ship a sustainable liquidity infrastructure for DeFi, and this additionally extends to fast-growing ecosystems corresponding to Polygon,” including:

“This Polygon partnership and the $30M Rainmaker liquidity mining program will assist showcase the highly effective advantages of the Kyber DMM protocol and is a vital step in the direction of significantly boosting liquidity for DeFi, in addition to rising the variety of customers, builders, and Dapps within the Kyber and Polygon ecosystems.”

Associated: DeFi projects launch on Polygon, usage skyrockets

Polygon utilization continues to skyrocket triggering important integration efforts by DeFi primitives. Again in Could, 0x — a liquidity bridge for decentralized exchanges (DEXs) — announced an API tool for Ethereum-based DEXs like SushiSwap, mStable and Dfyn to work together with the Polygon ecosystem.

Ren — a cross-chain liquidity protocol — has additionally created a bridge to permit porting of Ren-based wrapped tokens to the Polygon community.