Kyber Network (KNC) is a Decentralized Finance (DeFi) liquidity hub. KNC set to become the next DeFi protocol entering the expanding Polygon ecosystem. Kyber issued a statement on Wednesday.
Kyber also announced the launch of Rainmaker. Rainmaker is a liquidity mining program on the platform’s dynamic market marker protocol. The program will commence on June 30 to mark Kyber’s expansion to Polygon.
Rainmaker program will distribute $30 million in rewards to liquidity providers on the Kyber DMM. The distribution is done across both Polygon and Ethereum. 12.6 million KNC tokens will be distributed to the liquidity provider from the total reward pool.
Selected Ethereum Based Amplified Pools
However, the distribution is for the providers on selected Ethereum based amplified pools. The remaining 2.52 million KNC will be for LPS on Polygon-based amplified pools. The rewards will be in the form of KNC and MATIC tokens.
Reward earners can stake these to provide liquidity on the pools to compound reward earnings. Reward earners who received KNC can also stake some on the KyberDAO to participate in governance activities.
Additional Voting Rewards
They can earn additional voting rewards here. The Polygon phase of the rainmaker liquidity mining program will run for two months. However, the Ethereum phase will take place over three months, beginning from June 30 for both.
Kyber is also contributing $50,0000 in MATIC coins apart from the $5 million worth of KNC tokens.