The on-chain liquidity protocol seeks scalability through Polygon
Kyber Network, an Ethereum-based decentralized exchange, is looking to improve scalability by deploying its services on Polygon. The exchange will become available on Polygon on 30 June. According to the official press release, Kyber’s partnership with Polygon aims to enhance DeFi liquidity for users.
Kyber has been in the decentralized exchange game for more than three years now. With a steady, even if not too grand, rise in metrics over the past year, the token swapping platform is set to conquer new heights.
The KNC token has been steadily gaining value with a yearly increase of more than 13%.
The decision to deploy Kyber on Polygon is largely motivated by the desire to offer customers better trading options regarding gas fees and speed. Not only that, the exchange sets out to provide maximum opportunity for DeFi solutions to integrate its services into numerous dapps.
Introducing Rainmaker Rewards
Kyber’s Dynamic Market Maker deploying on Polygon is not the only news. To celebrate the Polygon deployment, Kyber is announcing the Rainmaker Liquidity Mining Program. Beginning June 30, over the course of three months, Kyber will distribute an estimated total of $30M for eligible liquidity providers. The rewards program will run on both Ethereum and Polygon, with the idea being to support liquidity levels in the ecosystems.
The Polygon rewards program will run for two months, covering six different amplified liquidity pools. There are 2.52M KNC tokens and $500,000 worth of MATIC tokens in the rewards pool, which will be distributed among the six liquidity pools.
The Ethereum rewards program will run for three months. It will be distributed among five different amplified liquidity 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)
The Rainmaker Liquidity Mining Program will attract many new users to both the Ethereum and Polygon versions of the exchange.
Kyber Network is not the only one
Recently, numerous other DeFi exchanges have decided to expand to Polygon. Some examples include Aave and SushiSwap. The Polygon sidechain solution is making a name for itself among hard times for Ethereum, predominantly because of costly gas fees.
Big names in the industry like Aave and SushiSwap have also launched successful Polygon copies. Further than that, the Polygon versions perform significantly better than their Ethereum counterparts. For example, in a recent DappRadar analysis, data showed that both Aave and Sushi output better metrics on the Polygon chain last month.
Considering these results, it is no surprise that Kyber is looking to deploy on Polygon as well.
The Polygon blockchain has attracted a lot of attention in recent months, especially in the DeFi sector. This is mainly due to its extremely beneficial cost-effectiveness. DappRadar will continue monitoring activity on the blockchain and its fast development in the DeFi industry.