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0.39%Kyber DEX Launches on Avalanche With $5.8M Liquidity Mining Program
“We’re going after the users,” said Kyber Network co-founder Loi Luu.
By Helene Braun
Updated May 11, 2023, 3:58 p.m. Published Sep 17, 2021, 2:00 a.m.
Kyber Network is launching its automated market maker (AMM) on Avalanche as part of the base layer’s $180 million incentive program.
Kyber aims to enable dynamic fees and higher capital efficiency for decentralized finance (DeFi) users on Avalanche. It’s putting up $5.8 million in liquidity mining incentives, a common tool for DeFi projects looking to attract users with juiced token returns.
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Kyber has already launched its so-called “Dynamic Market Maker” protocol on the Ethereum, Polygon and Binance Smart Chain (BSC) blockchains.
“We’re going after the users, so at the end of the day, whichever ecosystem has the growing community, we’re going to be there,” Kyber Network co-founder and CEO Loi Luu told CoinDesk in a video call,
The move comes as Avalanche attracts capital from major crypto investors. Thursday saw the announcement of a $230 million investment led by Polychain and Three Arrows Capital to provide liquidity on Avalanche-based DeFi platforms.
KyberDMM’s “Rainmaker” liquidity-mining campaign, which currently runs on Ethereum and BSC, will be combined with incentives from the $180 million “Avalanche Rush” initiative. As such, KNC and AVAX token rewards will be distributed in two stages across seven eligible pools, including USDT-USDC, ETH-AVAX, WBTC-ETH and KNC-AVAX.
“Enhancing liquidity opportunities is a key factor in growing the DeFi ecosystem and welcoming new participants into the community,” Avalanche’s Emin Gün Sirer said in a press statement.
Read more: Can Avalanche Keep It Up? DeFi Users Rush In as Incentives Roll Out
Helene Braun
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
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