Kyber DEX Launches on Avalanche With $5.8M Liquidity Mining Program
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.
Kyber has already launched its so-called “Dynamic Market Maker” protocol on Ethereum, Polygon and Binance Smart Chain (BSC).
“We’re going after the users,” Kyber Network co-founder and CEO Loi Luu told CoinDesk in a video call, “so at the end of the day, whichever ecosystem has the growing community, we’re going to be there.”
The move comes as Avalanche attracts investment 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 Avalanche Rush incentives. As such, KNC and AVAX token rewards will be distributed in two stages across seven eligible pools, including USDT-USDC, ETH-AVAX and USDT-DAI.
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