Kyber expands to Polygon, announces $30M ‘Rainmaker’ liquidity mining program

Decentralized finance (DeFi) liquidity hub Kyber Network (KNC) is ready to develop into the subsequent DeFi protocol to enter the increasing Polygon (MATIC) ecosystem.

In an announcement issued on Wednesday, Kyber introduced the launch of Rainmaker — a liquidity mining program on the platform’s Dynamic Market Maker protocol that may begin on June 30 to mark Kyber’s enlargement to Polygon.

According to the announcement, the Rainmaker program will distribute $30 million in rewards to liquidity suppliers on the Kyber DMM throughout each Polygon and Ethereum.

Of the overall reward pool, 12.6 million KNC tokens (about $25 million) can be distributed to liquidity suppliers on chosen Ethereum-based amplified swimming pools. The remaining 2.52 million KNC ($5 million) can be for LPs on Polygon-based amplified swimming pools.

These rewards be will within the type of KNC and MATIC tokens which can be staked to present liquidity on KNC and MATIC swimming pools to compound reward earnings. Rainmaker reward earners that obtain KNC can even stake some on the KyberDAO to take part in governance actions thereby incomes further voting rewards.

According to the announcement, the Polygon part of the Rainmaker liquidity mining program will run for 2 months whereas that for Ethereum will happen over three months starting from June 30 for each.

Apart from the $5 million value of KNC tokens, Kyber can be contributing $500,000 in MATIC “coins” for the Rainmaker liquidity mining program.

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

Related: DeFi projects launch on Polygon, usage skyrockets

Polygon utilization continues to skyrocket triggering important integration efforts by DeFi primitives. Back in May, 0x — a liquidity bridge for decentralized exchanges — announced an API tool for Ethereum-based DEX like SushiSwap, mStable and Dfyn to work together with the Polygon ecosystem.

Ren — a cross-chain liquidity protocol — has additionally created a bridge to permit porting of Ren-based wrapped tokens to the Polygon community.