Decentralized finance (DeFi) liquidity hub Kyber Community (KNC) is ready to turn into the subsequent DeFi protocol to enter the increasing Polygon (MATIC) ecosystem.
In an announcement issued on Wednesday, Kyber introduced the launch of Rainmaker — a liquidity mining program on the platform’s Dynamic Market Maker protocol that may start on June 30 to mark Kyber’s growth to Polygon.
Based on 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 whole reward pool, 12.6 million KNC tokens (about $25 million) can be distributed to liquidity suppliers on chosen Ethereum-based amplified swimming pools. The remaining 2.52 million KNC ($5 million) can be for LPs on Polygon-based amplified swimming pools.
These rewards be will within the type of KNC and MATIC tokens which may also 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 extra voting rewards.
Based on 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.
Aside from the $5 million price of KNC tokens, Kyber can be contributing $500,000 in MATIC “cash” for the Rainmaker liquidity mining program.
For Kyber, Rainmaker will assist to additional develop Polygon’s rising liquidity. Certainly, DeFi tasks proceed to ascertain a presence on Polygon amid a broader push for multichain methods and larger general scalability.
Polygon utilization continues to skyrocket triggering vital integration efforts by DeFi primitives. Again in Could, 0x — a liquidity bridge for decentralized exchanges — introduced an API device 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.