Kyber Collaborates with Firebird Finance for ‘Rainmaker’ Liquidity Mining Launch on Polygon
Kyber Network is a blockchain-based liquidity hub that connects liquidity from a wide range of sources to power instant and secure crypto exchange for any application.
Kyber has just deployed its latest protocol called Kyber Dynamic Market Maker (DMM) on the Polygon network and launched the Rainmaker liquidity mining program.
Kyber DMM maximises the use of capital for liquidity providers through amplified pools that enable high capital efficiency and a dynamic fee model that optimises returns. With Rainmaker, Kyber aims to boost liquidity on the Kyber DMM protocol, provide high capital efficiency for liquidity providers, and grow the DeFi ecosystem.
Rainmaker will launch with approximately $25 million US dollars in rewards for liquidity providers spread between Polygon and Ethereum’s mainnet. All liquidity providers receive DMM LP tokens (according to their pool shares); these in turn can be staked in eligible liquidity mining pools to earn extra MATIC or KNC. This is on top of protocol fees earned during the duration of the program.
Kyber DMM on Polygon
Mining on Polygon will run for 2 months starting on June 30th.
Kyber and Polygon will distribute 2.52M KNC tokens and 454,545 MATIC tokens across eligible pools based on the following allocation:
The rewards can in turn be staked on KNC or MATIC related pools to accrue even more yield.
Kyber and Firebird Finance
Firebird Finance, as one of the most dynamic projects on Polygon, will be collaborating closely with Kyber Network. Our platform will utilize our Vaults (recently audited) as a direct channel to easily provide liquidity into the Kyber Network Rainmaker program.
Kyber’s liquidity pools will benefit from Firebird Finance Vaults as they offer the lowest fees on Polygon, no deposit nor withdrawal fees, and automatic auto-compounding to ensure the best returns.
Lastly, Firebird is among the top yield aggregators on Polygon, this will boost Kyber’s trading volume benefiting both protocols.
Finance will also act as the main yield aggregator to the Rainmaker initiative. The start of the liquidity mining is on June 30th, and it will only last two months, so do not wait on the sidelines.
The time is now to come aboard and start earning from Kyber’s Rainmaker rewards on Polygon!