As per the latest reports, Kyber Network is aiming to expand its services in the decentralized finance (DeFi) protocol. Kyber Network is popularly known as a hub for decentralized finance liquidity. The firm has announced it is planning to expand its services.
The firm has revealed that is aiming to become part of Polygon. Polygon is one of the most promising decentralized finance (DeFi) protocols in the industry and its observing tremendous growth in its ecosystem.
Apart from the expansion, Kyber Network has made another announcement in regards to its new program. Kyber Network has reportedly launched a new liquidity mining program called Rainmaker. The development teams at Kyber Network have revealed that the Rainmaker program would operate on its Dynamic Market Maker (DMM) protocol.
Kyber Network has also confirmed that the new DMM protocol would commence its operations from June 30, and would mark as the first step towards Polygon expansion from Kyber Network.
Kyber Network has also made an exciting announcement for the liquidity providers of the DDM protocol. The network has announced that the liquidity providers would also have $30 million worth of rewards distributed among them for their support. The rewarding system offered by Rainmaker would spread from Kyber DMM all the way across Ethereum and Polygon.
The program has also come up with the distribution process for the allotted amount for rewards. The announcement has revealed that out of the total reward pool, 2.52 million Kyber Network Crystal (KNC) would be allotted for Polygon. The 2.52 million KNC figure translates to $5 million and these will be rewarded o the liquidity providers at the amplified pools that are Polygon-based.
The majority of the Kyber Network Crystal (KNC) would be distributed among the liquidity providers for the amplified pools based on the Ethereum network. As per Kyber Network, 12.6 million Kyber Network Crystal (KNC) would be dedicated for this that translates to $25 million.
The announcement also confirms that the rewards distributed among the liquidity providers would be in the form of two different tokens. The first one would be the Kyber Network Crystal (KNC) and the other one would be the MATIC tokens that are issued by Polygon.
The investors would also have the ability to use the MATIC and KNC tokens for the purpose of staking on the respective pools. This way, the users would be able to generate more rewards for themselves and make the best out of the platform.
The rewarding system does not just stop at the KNC and MATIC staking, it also expands even further. The users with Kyber Network Crystal (KNC) would also be able to stake some of their tokens on the KyberDAO pools.
This way, the users can also become part of the governance and carry out governance activities. This way, the users can earn more rewards every time they participate in voting or other governance activities.