Kyber launches the Rainmaker liquidity mining program on Polygon with ~$30M in rewards!

Kyber announces $30M liquidity mining program to enhance liquidity on both Ethereum and Polygon

We are thrilled to announce that Kyber Network is launching its Dynamic Market Maker, a new protocol in Kyber’s liquidity hub, Kyber DMM on the Polygon network which is set to deploy on 30th June.

With the vision to deliver a sustainable liquidity infrastructure for DeFi, Kyber extends to Polygon and launches ‘Rainmaker’ — Kyber’s very first liquidity mining program on Polygon and Ethereum with an estimated $30M in rewards to liquidity providers to enhance liquidity on Polygon and Ethereum.

Kyber Aims to Enhance Defi Liquidity

The launch of Kyber DMM on Polygon will enable users to take advantage of Polygon’s high-speed and low-cost infrastructure during trading and liquidity provision. A portion of trading fees generated on Kyber DMM will go to KyberDAO, complementing the existing Kyber DMM protocol deployment on Ethereum.

Kyber DMM’s capital efficiency and flexible liquidity protocols can cater to Polygon’s diverse ecosystem of Dapps and DeFi use cases, and enable liquidity providers to maximize the use of their capital.

Kyber’s Rainmaker Liquidity Mining Program

With the aim to incentivize liquidity providers and developers to use Kyber DMM, Kyber launches its first-ever liquidity mining program, “Rainmaker’’ starting from 30th June which will distribute an estimated total of $30M in rewards to eligible Kyber DMM liquidity providers (LPs). Liquidity providers will receive DMM LP tokens (representing their liquidity pool share) which they can stake in the eligible liquidity mining pools to earn additional KNC or MATIC (Kyber’s & Polygon’s governance tokens) rewards on top of protocol fees during the program period.

The Liquidity Mining program on Polygon will run for 2 months. Kyber and Polygon will be distributing 2.52M KNC tokens (~$5M) and $500,000 worth of MATIC tokens respectively across six eligible amplified pools:

  • USDT-USDC (AMP=200)
  • USDC-ETH (AMP=1.6)
  • USDC-DAI (AMP=200)
  • MATIC-DAI (AMP=1.5)
  • KNC-ETH (AMP=1.9)
  • KNC-MATIC (AMP=1.7)

These rewards can be used to add liquidity to the KNC or MATIC pools to earn even more rewards. In addition, KNC can be staked on KyberDAO to participate in Kyber’s governance and earn voting rewards.

For more details, click here!

Benefits of Liquidity Providers on Kyber DMM

Kyber DMM offers the following benefits to LPs:

  • Amplified pools
  • Dynamic fees
  • Fully permissionless
  • No 3rd-party oracles
  • Committed to security

“Liquidity is a crucial element in any DeFi ecosystem and we’re glad to work with Kyber Network to help enhance liquidity on Polygon through the Kyber DMM protocol!”

- Sandeep Nailwal, Co-founder and COO, Polygon

“Through this partnership, Polygon’s vibrant ecosystem will gain access to the highly capital efficient and flexible Kyber DMM protocol, and we believe this will empower more liquidity providers, traders, and developers to effectively engage in the world of decentralized finance.”

- Loi Luu, Co-Founder, Kyber Network

About Kyber Network

Kyber Network aims to deliver a sustainable liquidity infrastructure for DeFi. As a liquidity hub, Kyber connects liquidity from various protocols and sources to provide the best rates to takers such as Dapps, aggregators, DeFi platforms, and retail users.

About Polygon

Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK; a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium, etc, and Standalone Chains like Polygon POS, designed for flexibility and independence. Polygon’s scaling solutions have seen widespread adoption with 400+ Dapps, ~200M txns, and ~1.3M+ unique users.

More from the Polygon Blog
EY and Polygon to co-develop Ethereum scaling solutions for enterprises and launch Polygon Nightfall - a privacy-focused Rollup

14th September - EY, a global professional services and technology firm, is collaborating with Polygon on building and implementing scaling and enterprise solutions for the Ethereum ecosystem. As part of this collaboration, EY and Polygon will work on Polygon Nightfall, a public, privacy-focused Rollup. In addition to this, EY will offer its other flagship blockchain […]

Read More
Polygon: First Scaling Solution for Coinbase

The Protocol team was recently established at Coinbase to work on scaling Ethereum through integration with L2 and other ETH scaling solutions. The Coinbase team plans to integrate Polygon PoS as their first scaling solution for Coinbase. The Coinbase Protocol team is an experienced group of engineers at Coinbase focused on contributing to scaling blockchains and […]

Read More
Hermez Network is Joining Polygon and Becoming Polygon Hermez via the First Full-Blown Merger of Two Blockchain Networks

We are proud and excited to announce that Hermez, one of the most prominent zero-knowledge (ZK) cryptography-based scaling projects and teams, will be joining Polygon. Starting today, we will initiate the process of merging Hermez into the Polygon ecosystem, where it will be operating under the new name: Polygon Hermez. Polygon Hermez will become a part of […]

Read More
Polygon Bug Bounty Program Is Live On Immunefi!

Polygon’s bug bounty program on Immunefi, DeFi's leading bug bounty platform, is now live with a maximum bounty of $2,000,000. If you are a security researcher looking to venture out into the blockchain space, this is your chance to understand how things function. This bug bounty program is focused on smart contracts with an essential […]

Read More
Meet Polygon Team At Messari Mainnet!

Polygon team members will be speaking at Messari Mainnet in New York City on September 21-22. We also have a booth at the conference, so come meet us and learn about Polygon! Here are some of the talks you can’t miss: On September 21, at 2:20 pm, Dean Thomas, Head of Institutional Capital, will speak […]

Read More
What do you prefer - Maximum Security or Cheaper Transactions?

The Ethereum scaling solutions space has been heating up lately. Which is a good thing, because Ethereum (and its community) needs scaling as soon as possible. As you know, Polygon's mission is to develop various kinds of Ethereum scaling solutions, from sidechains to rollups (and more). But all these solutions come with trade-offs. There's no […]

Read More
crossmenuchevron-down-circle