Kyber Network Expands to Polygon
- Kyber will expand to Polygon on 30 June, and will launch a $30 million liquidity mining program meant to bring more liquidity to the DeFi ecosystem.
- The Polygon phase of the program will award six liquidity pools with $5 million worth of tokens, while the Ethereum one offers $25 million worth of tokens.
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Decentralized exchange (DEX) Kyber Network will be expanding its new Dynamic Market Maker (DMM) protocol to Polygon, enhancing liquidity for DeFi, the DEX said in a blog post on 16 June.
According to the announcement, the release of Kyber DMM on Polygon — which has been scheduled for 30 June — will be coupled with the launch of Rainmaker, the DEX’s first liquidity mining program on Polygon and Ethereum. The aim of the Rainmaker program is to provide more liquidity to the Ethereum and Polygon DeFi ecosystems, by distributing $30 million in tokens to Kyber DMM liquidity providers. Loi Luu, co-founder of Kyber, said in a statement:
“Through this partnership, Polygon’s vibrant ecosystem will gain access to the highly capital efficient and flexible Kyber DMM protocol, and we believe this will empower more liquidity providers, traders, and developers to effectively engage in the world of decentralized finance.”
The Polygon phase of Rainmaker will run for two months, and will provide six eligible liquidity pools with 2.52 million Kyber Network Crystals (KNC) and $500,000 worth of MATIC tokens. The Ethereum phase will be more extensive, awarding liquidity providers on selected Ethereum-based amplified pools with 12.6 million KNC, worth around $25 million, over the course of three months.
Users can also stake their rewards from the liquidity mining program, and provide even more liquidity to the KNC and MATIC pools, earning themselves some additional profits. KNC can also be staked on the KyberDAO, enabling users to participate in the governance activities.
Polygon’s popularity has continued to grow over the months, as more and more DeFi projects turn to the layer 2 scaling solution to escape the relatively high Ethereum fees. Back in May, both the Umbria DEX and the 1inch DEX aggregator expanded to the Polygon Network, while a month before that Aave announced it will be launching its products on the scalable sidechain.
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Binance CEO Changpeng Zhao. CoinDesk
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