Kyber Expands to Polygon and Announces Rainmaker 30 Million Liquidity Mining Program

The Kyber Network (KNC) Decentralized Financial Liquidity Center (DeFi) is set to become the next DeFi protocol to join the expanding Polygon (MATIC) ecosystem.

In a statement released on Wednesday, Kyber announced the launch of Rainmaker – a liquidity mining program on the platform’s Dynamic Market Maker protocol, which will begin on June 30 to mark the platform’s opening.

According to the announcement, the Rainmaker program will distribute $ 30 million in bonuses to liquidity providers on Kyber DMM on both Polygon and Ethereum.

Of the total rewards, 12.6 million KNC tokens (approx. 25 million US dollars) will be distributed to liquidity providers in selected Ethereum-based amplification pools. The remaining 2.52 million KNC ($ 5 million) will go to LP on polygon-based amplification pools.

These rewards will be in the form of KNC and MATIC tokens, which can also be used to provide liquidity for KNC and MATIC pools to generate double reward income. Rainmaker Reward Recipients who receive KNC can also wager some shares in KyberDAO to participate in governance activities and receive additional voting rewards.

According to the announcement, the polygon phase of the Rainmaker liquidity mining program will last two months, while that for Ethereum will run for three months from June 30th for both.

In addition to the $ 5 million KNC tokens, Kyber is also contributing $ 500,000 MATIC money to Rainmaker’s liquidity mining program.

For Kyber, Rainmaker will help build Polygon’s growing liquidity. Indeed, DeFi projects continue to build a presence on Polygon amid a broader pursuit of omnidirectional strategies and greater overall scalability.

Related: DeFi projects start on polygons, usage increases

The use of polygons continues to skyrocket, triggering significant integration efforts by DeFi primitives. In May, 0x – a liquidity bridge for decentralized exchanges – announced an API tool for Ethereum-based DEXs like SushiSwap, mStable and Dfyn to interact with the Polygon ecosystem.

Ren – a cross-chain liquidity protocol – also created a bridge to enable the transfer of Ren-based packaged tokens into the polygon network.