Share this article
Kyber Network Announces Polygon Integration and Liquidity Mining Program
The Rainmaker program aims to bring more liquidity to Ethereum and Polygon-based decentralized finance (DeFi) ecosystems.
Updated Sep 14, 2021, 1:11 p.m. Published Jun 16, 2021, 1:00 p.m.
Make us preferred on Google
Ethereum-based decentralized exchange Kyber Network is partnering with the Ethereum layer 2 scaling solution Polygon network to enhance the decentralized finance (DeFi) liquidity.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- In an announcement on Wednesday, Kyber Network said it will expand to the Polygon network on June 30 and launch "Rainmaker" – the two-month-old Kyber dynamic market maker (DMM) protocol's first liquidity mining program on Polygon and Ethereum.
- "Through this partnership, Polygon's vibrant ecosystem will gain access to the highly capital efficient and flexible Kyber DMM protocol," Loi Luu, co-founder of Kyber Network, said in a press release shared with CoinDesk. "We believe this will empower more liquidity providers, traders, and developers to effectively engage in the world of decentralized finance."
- The Rainmaker program aims to bring more liquidity to Ethereum and Polygon-based decentralized finance (DeFi) ecosystems by incentivizing Kyber DMM liquidity providers with $30 million in rewards over three months.
- Polygon liquidity providers will receive $5 million with the rest to be paid to Ethereum liquidity providers, Kyber network's spokesperson told CoinDesk in a Telegram chat.
- During the two-month Polygon phase of the liquidity mining program, six eligible liquidity pools will receive 2.52 million Kyber network tokens (KNC) and Polygon's MATIC tokens worth $500,000.
- Recipients can employ KNC and MATIC tokens for more liquidity mining. Additionally, KNC tokens can be staked in KyberDAO to participate in Kyber's governance and earn voting rewards.
- The Ethereum phase will run for three months and distribute 12.6 million KNC tokens to liquidity pools.
- Kyber's dynamic market maker (DMM), aimed at bringing greater flexibility and high capital efficiency by offering liquidity providers amplified pools and dynamic fees, went live in early April.
- Polygon's adoption has exploded in recent months with major DeFi protocols switching to the layer 2 scaling solution in a bid to bypass relatively higher fees and congestion on Ethereum.
Also read: Hunt for Yield: Wrapped BTC Now Holds More Than 1% of Bitcoin's Circulating Supply
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Ripple-linked XRP drops 5%, opening downside risk toward $1.70
Traders are watching $1.80 as near-term support, with $1.87–$1.90 now the key resistance zone.
What to know:
- XRP dropped about 5 percent from $1.91 to near $1.80 as bitcoin’s pullback sparked broad risk-off selling across high-beta tokens.
- The slide accelerated once XRP broke below key support around $1.87 on heavy volume, erasing last week’s gains before buyers stepped in near the $1.78–$1.80 zone.
- Traders now view $1.80 as a crucial support level, with a sustained move back above roughly $1.87–$1.90 needed to signal a corrective pullback rather than the start of a deeper decline.
Top Stories
