Kyber Network Announces Polygon Integration and Liquidity Mining Program

The Rainmaker program aims to bring more liquidity to Ethereum and Polygon-based decentralized finance (DeFi) ecosystems.

Jun 16, 2021 at 1:00 p.m. UTC
Updated Sep 14, 2021 at 1:11 p.m. UTC

Ethereum-based decentralized exchange Kyber Network is partnering with the Ethereum layer 2 scaling solution Polygon network to enhance the decentralized finance (DeFi) liquidity.

  • In an announcement on Wednesday, Kyber Network said it will expand to the Polygon network on June 30 and launch "Rainmaker" – the two-month-old Kyber dynamic market maker (DMM) protocol's first liquidity mining program on Polygon and Ethereum.
  • "Through this partnership, Polygon's vibrant ecosystem will gain access to the highly capital efficient and flexible Kyber DMM protocol," Loi Luu, co-founder of Kyber Network, said in a press release shared with CoinDesk. "We believe this will empower more liquidity providers, traders, and developers to effectively engage in the world of decentralized finance."
  • The Rainmaker program aims to bring more liquidity to Ethereum and Polygon-based decentralized finance (DeFi) ecosystems by incentivizing Kyber DMM liquidity providers with $30 million in rewards over three months.
  • Polygon liquidity providers will receive $5 million with the rest to be paid to Ethereum liquidity providers, Kyber network's spokesperson told CoinDesk in a Telegram chat.
  • During the two-month Polygon phase of the liquidity mining program, six eligible liquidity pools will receive 2.52 million Kyber network tokens (KNC) and Polygon's MATIC tokens worth $500,000.
  • Recipients can employ KNC and MATIC tokens for more liquidity mining. Additionally, KNC tokens can be staked in KyberDAO to participate in Kyber's governance and earn voting rewards.
  • The Ethereum phase will run for three months and distribute 12.6 million KNC tokens to liquidity pools.
  • Kyber's dynamic market maker (DMM), aimed at bringing greater flexibility and high capital efficiency by offering liquidity providers amplified pools and dynamic fees, went live in early April. 
  • Polygon's adoption has exploded in recent months with major DeFi protocols switching to the layer 2 scaling solution in a bid to bypass relatively higher fees and congestion on Ethereum.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
San Francisco NFL Player Alex Barrett Taking His Salary in Bitcoin

The most valuable crypto stories for Thursday, May 20, 2022.

The most valuable crypto stories for Thursday, May 20, 2022.

CoinDesk - Unknown
2
CoinDesk - Unknown
Justin Sun Still Thinks Algorithmic Stablecoins Are a Good Idea

The crypto mogul also said LUNA and UST might make good "meme coins," he said on CoinDesk TV’s “First Mover.”

The crypto mogul also said LUNA and UST might make good "meme coins," he said on CoinDesk TV’s “First Mover.”

CoinDesk - Unknown
3
CoinDesk - Unknown
Former BitMEX CEO Arthur Hayes Sentenced to 2 Years Probation

Hayes pleaded guilty to one count of violating the Bank Secrecy Act (BSA) in February, and faced a sentence of up to 12 months in prison.

Hayes pleaded guilty to one count of violating the Bank Secrecy Act (BSA) in February, and faced a sentence of up to 12 months in prison.

CoinDesk - Unknown
4
CoinDesk - Unknown
Market Wrap: Cryptos Decline Amid Choppy Trading, DeFi Tokens Underperform

Aversion to risk remains as volatility returns to stocks and cryptos.

Aversion to risk remains as volatility returns to stocks and cryptos.

CoinDesk - Unknown