Kyber expands to Polygon, announces $30M ‘Rainmaker’ liquidity exploration program

Decentralized finance liquidity hub Kyber Network is set to become the following DeFi protocol to your expanding Polygon ecosystem. In the statement issued on Wed, Kyber announced the start of Rainmaker, a liquidity mining program on the platform’s Dynamic Market Maker process that will commence on 06 30 to mark Kyber’s expansion to Polygon. Based on the announcement, the Rainmaker system will distribute $30 mil in rewards to liquidity providers on the Kyber DMM across both Polygon plus Ethereum. Of the total incentive pool, 12. 6 mil Kyber Network Crystal (KNC) — about $25 mil — will be distributed in order to liquidity providers (LPs) upon selected Ethereum-based amplified private pools. The remaining 2 . 52 mil KNC — about $5 million — will be just for LPs on Polygon-based increased pools. These rewards become will in the form of KNC along with Polygon’s MATIC tokens, which could also be staked to provide liquidity on KNC and MATIC pools to compound incentive earnings. Rainmaker reward earners who receive KNC may also stake some on the KyberDAO to participate in governance routines thereby earning additional voting rewards. According to the announcement, the particular Polygon phase of the Rainmaker liquidity mining program may run for two months, whilst that for Ethereum will be held at over three months — beginning June 30 for each. Apart from the $5 million really worth of KNC, Kyber can also be contributing $500, 000 within MATIC “coins” for the Rainmaker liquidity mining program. Designed for Kyber, Rainmaker will help to more expand Polygon’s growing liquidity. Indeed, DeFi projects still establish a presence on Polygon amid a broader press for multichain strategies plus greater overall scalability. Describing the importance of the Kyber DMM and Polygon partnership, Kyber Network CEO Loi Luu told Cointelegraph: “Kyber’s eyesight is to deliver a eco friendly liquidity infrastructure for DeFi, and this also extends to fast-growing ecosystems such as Polygon, inch adding: “This Polygon collaboration and the $30M Rainmaker liquidity mining program will help display the powerful benefits of the particular Kyber DMM protocol and it is an important step towards significantly boosting liquidity for DeFi, as well as growing the number of customers, developers, and Dapps within the Kyber and Polygon environments. “Related: DeFi projects start on Polygon, usage skyrocketsPolygon usage continues to skyrocket causing significant integration efforts simply by DeFi primitives. Back in Might, 0x — a liquidity bridge for decentralized trades (DEXs) — announced a good API tool for Ethereum-based DEXs like SushiSwap, mStable and Dfyn to connect to the Polygon ecosystem. Ren — a cross-chain liquidity protocol — has also developed bridge to allow porting associated with Ren-based wrapped tokens towards the Polygon network.