Within the final name, we introduced a number of huge initiatives, together with KIP-8, which added KyberDMM (Dynamic Market Maker) to Kyber’s liquidity hub and established a Kyber Ecosystem Progress Fund with 42 million KNC to be distributed over 12 months for Kyber’s development initiatives.
On this name, we’re excited to share some superb milestones in Kyber’s ecosystem development! This contains the profitable deployment of KyberDMM on Polygon in addition to the record-breaking launch of KyberDMM’s ‘Rainmaker’ Liquidity Mining program!
As well as, Kyber’s Discord has grown by 2x to 9000+ members! As part of the rising Kyber Community Neighborhood; we welcome your concepts, insights, opinions and suggestions on our Discord and Forum.
You may take heed to KyberDAO Neighborhood Name #5 right here:
The KNC migration continues to be carried out with the world’s greatest exchanges having already executed the migration:
We’re additionally working with main exchanges Coinbase and Gemini to help the brand new KNC token.
Most mainstream apps solely help Bitcoin, Ethereum, Litecoin, and Bitcoin Money; KNC is one in every of a choose few cryptocurrencies supported by fintech superapp Revolut not too long ago in sure international locations: see extra particulars here.
KIP-8 added KyberDMM to Kyber’s liquidity protocol hub and established a Kyber Ecosystem Progress Fund with 42 million KNC.
KIP-9 accepted the deployment of KyberDMM on Polygon, with a portion of buying and selling charges generated on Polygon going to KyberDAO. 6% of the KNC Ecosystem Progress Fund, amounting to 2.52M KNC to Polygon, has additionally been allotted as incentives to bootstrap liquidity and adoption on the Polygon-deployed KyberDMM. This enhances the opposite 12.6M KNC used for KyberDMM liquidity mining on Ethereum.
KyberDMM was deployed on the Polygon community on thirtieth June together with the launch of ‘Rainmaker’ — Kyber’s very first liquidity mining program on Polygon and Ethereum with an estimated complete of $25M in rewards (primarily based on KIP-9).
New KyberDAO Price Liquidation System
We’ve a discussion board dialogue subject on KyberDAO’s Price Liquidation System. KyberDAO underwent a migration as a part of the Kyber 3.0 improve, and we now want to find out a brand new price liquidation and reward distribution system for voters. Every protocol will subsequently ship a portion of its collected charges from buying and selling actions to the KyberDAO’s Treasury sensible contract, in accordance with what was accepted by KyberDAO. For instance, the latest voting campaign assigned 10% of KyberDMM protocol charges to KyberDAO to be distributed as rewards for KNC holders who stake and vote.
Since protocol charges might be collected by KyberDAO in many alternative tokens, these charges must be liquidated/transformed to 1 commonplace token earlier than being distributed as rewards to voters.
KNC is presently being proposed because the reward token. By receiving rewards in KNC, voters can simply stake them on KyberDAO once more for extra voting energy and rewards, with out the trouble of constructing one other swap. In case you have any opinions on this, please share them on the forum discussion.
Notice: Voting rewards for the earlier epochs are being gathered and might be distributed to voters solely after the brand new price system has been decided within the upcoming KIP-11. Audits are nonetheless ongoing for KIP-11 (anticipated to be accomplished quickly) however you may view the proposal particulars here.
KyberDMM has been dwell since April, adopted by a sequence of selling actions and profitable integrations. Its benefits embody amplified swimming pools with extraordinarily excessive capital effectivity when in comparison with typical AMMs, decrease commerce slippage resulting from excessive capital effectivity, dynamic charges to optimize returns for liquidity suppliers and scale back the impression of impermanent loss, no third-party or centralized oracle dangers, and totally open and permissionless liquidity contribution.
June 28 marked KyberDMM’s first main milestone, reaching $100 million in buying and selling quantity! This milestone was achieved even earlier than the June 30 launch of the extremely anticipated KyberDMM ‘Rainmaker’ Liquidity Mining Program.
We not too long ago crossed $500M in trading volume, $400M in TVL and $35B in amplified liquidity!
A number of advertising initiatives for KyberDMM additionally happened over the course of the final couple months, earlier than and after the launch of ‘Rainmaker.’
Shane Hong, Head of Advertising and marketing, and Bo-yeon Beon, Advertising and marketing Supervisor, participated in a number of AMA’s with Binance, OKEx, Defi Pulse, and GAINS, discussing the advantages of KyberDMM.
Kyber Community Co-Founder and CEO Loi Luu participated in Avalanche’s “What’s Subsequent for Automated Market Makers?” Panel and a DeFi interview with OKEx CEO Jay Hao.
KyberDMM was additionally featured in articles by Unchained, Bankless, The Defiant, Cointelegraph, Coindesk, CryptoBriefing, Delphi Digital, AltcoinBuzz, dapp.com, defipulse, DeFi Dad tutorials, Yahoo Finance, and lots of extra!
KyberDMM at ETHGlobal HackMoney
Kyber Community participated in ETHGlobal HackMoney, a 3-week on-line DeFi hackathon which happened from June 18 to July 9, the place over a thousand builders discovered methods to construct DeFi apps with the extremely capital-efficient KyberDMM protocol. See the workshop on Constructing with Kyber here.
- KyberDMM on Polygon: Together with the the ‘Rainmaker’ Liquidity Mining program, Kyber Community has partnered with the favored Ethereum scaling answer Polygon community to boost DeFi liquidity and provides liquidity suppliers entry to the numerous advantages of Polygon’s ecosystem, together with diminished gasoline charges and transaction time. The initiative has already been a hit, and KyberDMM was ranked because the top project by TVL growth on Polygon in its first week and has continued its sturdy growth within the following weeks.
- Coin98 integration: Quick-growing cross-chain pockets Coin98 has built-in KyberDMM and added it to their Dapp browser in order that its customers can even get pleasure from the advantages of the KyberDMM on each Ethereum and Polygon. See extra information here.
- Firebird integration: Firebird has integrated KyberDMM as a part of its yield aggregator. Their vaults might be utilized as a channel to supply liquidity to the Rainmaker program on Polygon for Firebird customers.
Rainmaker remains to be ongoing! Liquidity suppliers can stake their LP tokens into choose swimming pools to start out incomes rewards on KyberDMM on each Ethereum and Polygon. Roughly $25 million price of KNC and MATIC rewards is being distributed over 3 months!
Some KyberDMM ‘Rainmaker’ milestones
- In lower than 24h for the reason that launch, the KyberDMM TVL skyrocketed 15x to $200M, with $21B in amplified liquidity!
- After 2 days, the KyberDMM TVL rose 22x to over $300M!
- As of in the present day, July 14, the KyberDMM TVL has reached over $400M, with over $35B in amplified liquidity, which is the equal TVL when in comparison with typical AMM’s.
Assist us unfold the phrase about KyberDMM and Rainmaker!
In case you haven’t achieved so, be a part of us on Discord! You should use the next channels to maintain discussions centered on particular matters:
- #kyberdao: for normal dialogue and suggestions across the KyberDAO
- #kip: for discussions concerning the newest KIP proposals
- #kyberdao-updates: for essential governance-related updates
- Voice Chat: for listening and talking throughout our neighborhood calls
As all the time, all updates and calls might be introduced on Twitter, Discord, and our new Kyber Governance Forum. These discussions are a part of Kyber’s dedication to transparency and neighborhood engagement on the trail of progressive decentralization.
See you on the subsequent KyberDAO Neighborhood Name!
Onward, Kyber Community!