Kyber expands to Polygon, pronounces $30M ‘Rainmaker’ liquidity mining program
Decentralized finance (DeFi) liquidity hub Kyber Network (KNC) is ready to change into the following DeFi protocol to enter the increasing Polygon (MATIC) ecosystem.
In a press release issued on Wednesday, Kyber introduced the launch of Rainmaker — a liquidity mining program on the platform’s Dynamic Market Maker protocol that can start on June 30 to mark Kyber’s enlargement to Polygon.
According to 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 entire reward pool, 12.6 million KNC tokens (about $25 million) will likely be distributed to liquidity suppliers on chosen Ethereum-based amplified swimming pools. The remaining 2.52 million KNC ($5 million) will likely be for LPs on Polygon-based amplified swimming pools.
These rewards be will within the type of KNC and MATIC tokens which can be staked to supply liquidity on KNC and MATIC swimming pools to compound reward earnings. Rainmaker reward earners that obtain KNC may stake some on the KyberDAO to take part in governance actions thereby incomes further voting rewards.
According to 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 starting from June 30 for each.
Apart from the $5 million price of KNC tokens, Kyber can also be contributing $500,000 in MATIC “coins” for the Rainmaker liquidity mining program.
For Kyber, Rainmaker will assist to additional broaden Polygon’s rising liquidity. Indeed, DeFi initiatives proceed to ascertain a presence on Polygon amid a broader push for multichain methods and better general scalability.
Related: DeFi initiatives launch on Polygon, utilization skyrockets
Polygon utilization continues to skyrocket triggering important integration efforts by DeFi primitives. Back in May, 0x — a liquidity bridge for decentralized exchanges — introduced an API software for Ethereum-based DEX 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.