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Kyber Network’s Dynamic Market Maker KyberDMM Debuts on Binance Smart Chain

The exchange has listed the BEP-20 version of the KNC token to facilitate deposits and withdrawals from the BSC network.

Sep 1, 2021 at 1:00 p.m. UTC
Updated Sep 1, 2021 at 4:19 p.m. UTC

Decentralized crypto exchange Kyber Network launched its dynamic market maker KyberDMM on the Binance Smart Chain (BSC) to improve fees and ensure higher capital efficiency for BSC-based liquidity providers.

Kyber Network said in an announcement on Wednesday the KyberDMM protocol is available for traders, liquidity providers and yield farmers on BSC, along with the “Rainmaker” liquidity-mining campaign, which already runs on Ethereum and Polygon.

Binance Smart Chain is the second-largest blockchain by total value locked, followed by Terra, Polygon and Solana. The top spot is held by Ethereum.

The Rainmaker program will run for two months. It will distribute 2 million KNC tokens, worth $4 million, over the four liquidity pools found on KyberDMM’s yield page: ether-Binance token (ETH-BNB), tether-binance token (USDT-BNB), tether-binance USD and kyber network token-binance token (KNC-BNB).

Users providing liquidity to those pools will receive DMM-LP tokens, representing their share in the pool. These tokens can be staked to earn additional KNC rewards proportional to their share of the pool on top of protocol fees.

Supporting the launch, Binance, the world’s largest crypto exchange, has listed the BEP-20 version of the KNC token to facilitate deposits and withdrawals from the BSC network. BEP-20 is the Binance Smart Chain token standard created to extend ERC-20.

“Binance Smart Chain has been a popular avenue for DeFi and NFT Dapps and users,” Loi Luu, CEO and co-founder of Kyber Network, said in a press release shared with CoinDesk. “KyberDMM will provide BSC ecosystem players with a capital efficient and reliable protocol for their liquidity needs and help them maximize their use of capital.”

Launched in early April, KyberDMM ensures capital efficiency by providing amplified liquidity pools and dynamic fees.

KyberDMM allows for the creation of pools with a high amplification factor, where liquidity can be increased without more tokens. That’s possible when the coins in the liquidity pool have low price volatility like the dollar-pegged stablecoins. With dynamic fees, liquidity providers can adjust protocol fees based on market conditions, maximizing returns and reducing impermanent loss arising from volatility in trading pairs.

KyberDMM went live on Ethereum in mid-April and debuted on Polygon on June 30 with a promise to boost liquidity. “Since the launch, total trading volume and total value locked on both networks have exceeded $1 billion and $500 million,” Shane Hong, head of marketing at Kyber Network, told CoinDesk.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Omkar Godbole is the senior reporter on CoinDesk's Markets team.

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