Kyber expands to Polygon and announces a $30 million “Rainmaker” liquidity mining plan

Kyber Network (KNC), a Decentralized Finance (DeFi) liquidity center, will be the next DeFi protocol to enter the expanding Polygon (MATIC) ecosystem.

In a statement released on Wednesday, Kyber announced the launch of Rainmaker, a liquidity mining program based on the platform’s dynamic market maker agreement, which will begin on June 30 to commemorate Kyber’s expansion into Polygon.

According to the announcement, Rainmaker plans to distribute $30 million in rewards to liquidity providers on Polygon and Ethereum’s Kyber DMM.

In the total reward pool, 12.6 million KNC tokens (approximately US$25 million) will be distributed to liquidity providers through selected Ethereum-based enlarged pools. The remaining 2.52 million KNC ($5 million) will be used for LPs on Polygon-based amplification pools.

These rewards will appear in the form of KNC and MATIC tokens, and they can also be pledged to provide liquidity in the KNC and MATIC pools to compound the rewards. Winners of Rainmaker rewards with KNC can also stake some on KyberDAO to participate in governance activities, thereby obtaining additional voting rewards.

According to the announcement, the Polygon phase of Rainmaker’s liquidity mining plan will run for two months, while the Polygon phase of Ethereum will start on June 30 for more than three months.

In addition to the USD 5 million KNC token, Kyber also contributed USD 500,000 of MATIC “tokens” to the Rainmaker liquidity mining program.

For Kyber, Rainmaker will help further expand Polygon’s growing liquidity. In fact, in the process of promoting multi-chain strategies and greater overall scalability, the DeFi project continues to build a sense of presence on Polygon.

related: The DeFi project was launched on Polygon, and usage soared

The use of polygons continues to soar, triggering a major integration of DeFi primitives. As early as May, 0x — a liquidity bridge for decentralized exchanges — Announced API tool based on Ethereum DEX Interact with the Polygon ecosystem like SushiSwap, mStable and Dfyn.

Ren-a cross-chain liquidity agreement-also Created a bridge Allows porting of Ren-based packaging tokens to the Polygon network.