Kyber Expands into Polygon, Proclaims $30 Million ‘Rainmaker’ Liquidity Mining Program

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Decentralized monetary (DeFi) liquidity hub Kyber Community (KNC) would be the subsequent DeFi protocol to enter the rising Polygon (MATIC) ecosystem.

In a press release launched Wednesday, Kyber introduced the launch of Rainmaker – a liquidity mining program on the platform’s Dynamic Market Maker protocol that kicks off June 30 to mark Kyber’s growth into Polygon.

In line with the announcement, the Rainmaker program will distribute $30 million in rewards to liquidity suppliers on the Kyber DMM for each Polygon and Ethereum.

Of the whole reward pool, 12.6 million KNC tokens (roughly $25 million) might be distributed amongst liquidity suppliers on choose Ethereum-based fortified swimming pools. The remaining 2.52 million KNC ($5 million) is for LP’s Polygon-based amplified swimming pools.

These rewards are within the type of KNC and MATIC tokens which can be staked to supply liquidity on KNC and MATIC swimming pools to compose reward revenue. Rainmaker rewards that KNC receives also can wager a portion of the KyberDAO to take part in board actions and thereby earn extra voting rewards.

In line with the announcement, the Polygon part of the Rainmaker liquidity mining program will final for 2 months, whereas the one for Ethereum will happen for 3 months beginning June 30 for each.

Other than the $5 million value of KNC tokens, Kyber can also be contributing $500,000 in MATIC cash for the Rainmaker liquidity mining program.

For Kyber, Rainmaker will assist additional develop Polygon’s rising liquidity. Certainly, DeFi tasks proceed to have a presence on Polygon amid a broader push for multichain methods and better total scalability.

Associated: DeFi projects launch on Polygon, usage skyrockets

Polygon utilization continues to skyrocket, resulting in important integration efforts by DeFi primitives. In Could, 0x – a liquidity bridge for decentralized exchanges – announced an API tool for Ethereum-based DEX comparable to SushiSwap, mStable, and Dfyn to work together with the Polygon ecosystem.

Ren – a cross-chain liquidity protocol – additionally has: made a bridge to allow porting of Ren-based packaged tokens to the Polygon community.

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