Kyber expands into Polygon and announces Rainmaker liquidity mining program valued at $ 30 million

189
SHARES
1.5k
VIEWS
ADVERTISEMENT



The Kyber Network decentralized financial liquidity center is set to become the next DeFi protocol to enter the expanding polygon ecosystem.

In a statement released on Wednesday, Kyber announced the launch of Rainmaker, a liquidity mining program on the platform’s Dynamic Market Maker protocol, which will be released on Jan.

Related articles

According to the announcement, the Rainmaker program will distribute $ 30 million in rewards to liquidity providers on the Kyber DMM through both Polygon and Ethereum.

Of the total reward pool, 12.6 million Kyber Network Crystal (KNC) – about $ 25 million – will be distributed to liquidity providers (LPs) on selected Ethereum-based amplified pools. The remaining 2.52 million KNC – about $ 5 million – will be used for LPs on polygon-based amplified pools.

These rewards will be in the form of KNC and MATIC tokens from Polygon, which can also be used to provide liquidity for KNC and MATIC pools to increase reward returns. Rainmaker Reward Recipients who receive KNC can also use something on the KyberDAO to participate in governance activities and thereby receive additional voting rewards.

According to the announcement, the polygon phase of the Rainmaker liquidity mining program will last two months, while that for Ethereum will last three months – starting June 30th for both.

In addition to the $ 5 million in KNC, Kyber is also contributing $ 500,000 in MATIC “coins” to the Rainmaker liquidity mining program.

For Kyber, Rainmaker will help build Polygon’s growing liquidity. Indeed, DeFi projects continue to build a presence on Polygon amid a broader pursuit of multichain strategies and greater overall scalability.

Kyber Network CEO Loi Luu explained to Cointelegraph the importance of the partnership between Kyber DMM and Polygon: “Kyber’s vision is to provide a sustainable liquidity infrastructure for DeFi, and this extends to fast-growing ecosystems like Polygon.”

“This Polygon partnership and Rainmaker’s $ 30 million liquidity mining program will help demonstrate the powerful benefits of the Kyber DMM protocol and are an important step in significantly increasing liquidity for DeFi and the number of users, developers, and dapps in Kyber and Polygon ecosystems. “

Related: DeFi projects start on polygon, usage explodes

The use of polygons continues to skyrocket, triggering significant integration efforts by DeFi primitives. Back in May, 0x – a liquidity bridge for decentralized exchanges (DEXs) – announced an API tool for Ethereum-based DEXs like SushiSwap, mStable and Dfyn to interact with the Polygon ecosystem.

Ren – a cross-chain liquidity protocol – also created a bridge to allow porting of Ren-based packaged tokens into the polygon network.