DeFi Yield Protocol has chosen the extremely capital-efficient KyberDMM DEX to spice up DYP token liquidity on Avalanche, with $300,000 in $DYP and $KNC liquidity mining rewards.
KyberDMM (Kyber Dynamic Market Maker) is an modern and capital environment friendly DEX protocol that enhances liquidity with amplified swimming pools, and optimizes returns for liquidity suppliers with dynamic charges.
On prime of the principle ‘Rainmaker’ liquidity mining campaign on the Avalanche community (~$5.8M in rewards), the Kyber group and KyberDAO have been voting on promising initiatives on Avalanche resembling DeFi Yield Protocol to run joint liquidity mining campaigns collectively. The goal is to extend the quantity and liquidity of key token swimming pools on KyberDMM in addition to incentivize liquidity suppliers with enticing yield.
We’re excited to run a joint liquidity mining marketing campaign with DeFi Yield Protocol, a novel multi-chain platform that provides options for yield farming, staking, NFTs, and enabling customers to leverage its superior buying and selling instruments. The protocol employs an anti-manipulation characteristic that goals to take care of stability, truthful entry to liquidity, and supply a safe and simplified DeFi platform for customers of all sizes.
The core characteristic of the DYP is the decentralized device dashboard, offering superior options, resembling Decentralized Rating, Distinctive Group Belief Vote System, DYP Locker, Yield Farm Knowledge, and LaunchPad, permitting buyers to make knowledgeable selections that maximize yields and scale back dangers.
$DYP Token: $DYP is a requirement for coming into the DeFi Yield Protocol ecosystem and serves because the gas for all merchandise resembling however not restricted to transaction charges, staking and yield farming.
KyberDMM DEX permits $DYP liquidity suppliers to maximise using their capital by way of:
- Amplified Liquidity Swimming pools: Extraordinarily excessive capital effectivity; much less tokens required to attain higher liquidity and charges in comparison with AMMs.
- Dynamic Charges: React to market circumstances and optimize returns for LPs.
- Higher Reliability & Safety: Audited by ChainSecurity and insured as much as $20M by Unslashed Finance.
From ~fifth October at 23:00 EDT (11:00 GMT +8), liquidity suppliers can add any quantity of liquidity to the DYP-WAVAX pool on KyberDMM on Avalanche to unlock their share of the ~$300,000 in $DYP and $KNC liquidity mining rewards over the subsequent two months.
*Observe: Solely DYP Token rewards can be found for now. KNC tokens are NOT out there on the Avalanche community right now. We’re working intently with the Avalanche Basis and different bridges to help KNC quickly. Please take note of the upcoming KNC bulletins.
- Go to KyberDMM DEX.
- Ensure you are on the Avalanche community.
- Go to the Swimming pools web page and add liquidity for the eligible DYP-WAVAX pool, which has a raindrop 💧 icon (you’ll obtain LP tokens representing your pool share).
4. Go to the Yield web page and stake your LP tokens on the DYP-WAVAX farm. You’ll begin receiving $DYP rewards, which may be harvested and claimed anytime as there isn’t a vesting interval.
Apart from including liquidity for and farming $DYP, you might be additionally in a position to commerce the token on KyberDMM DEX by navigating to the Swap page. We stay up for working intently with the DeFi Yield Protocol staff on future collaborations!