Users of KyberSwap may rejoice, as the company has announced that it will collaborate with Lido Finance in order to bring Elastic Pool to Polygon.
Information about KyberSwap x Lido farms:
● Launch Date: Aug 16
● Chain: Polygon Network
● Farms:
stMATIC-MATIC
stMATIC-USDC
stMATIC-USDT
stMATIC-DAI
stMATIC-MAI
● Rewards: around $122,000 in KNC and LDO rewards
● Duration: 21 days (may be extended):
From August 16th – September 15th
⚡ Get ready to participate and win huge profits!
Table of Contents
I. How to join this farming pool
The Farming Process, in Brief:
➣ Step 1: You wanna purchase the tokens you want to add liquidity for on Polygon (stMATIC, MATIC, USDC, USDT, DAI, MAI).
➣ Step 2: Add liquidity for the eligible Elastic pools and you’ll get a new NFT that indicates your liquidity level.
➣ Step 3: Deposit your liquidity position NFT into the farming contracts.
➣ IMPORTANT Last Step: Stake the NFT liquidity position put in the farm to begin receiving rewards.
On the other hand, wait a minute! Let’s find out what this very hot event is all about before we go into farming on Elastic Pool.
II. Benefits of this farming pool
1. For Traders
The best exchange rates for stMATIC are found through DEX aggregation, and on-chain metrics let users find other tokens even before they trend or moon.
2. For Liquidity Providers
◾ There is a lot of liquidity for stMATIC pairs and any other token, stable or not.
◾ LP (liquidity provider) fees were added up automatically.
◾ Bonuses for profitability through yield farming.
◾ Just-in-time attack protection to protect Lido LPs’ earnings.
3. For Developers
◾ Dapps can use KyberSwap’s pools and aggregation API to offer their users the best rates, saving time and resources.
◾ KyberSwap is working with Lido Finance on this project to make Polygon a better place to trade, which will help all three ecosystems.
◾ KyberSwap will also work with Lido Finance as they add services for scaling at the layer-2 level.
III. But what is KyberSwap Elastic?
Elastic, KyberSwap’s newest protocol, is a tick-based AMM that gives Liquidity Providers (LPs) the benefits of concentrated liquidity and the freedom to get the most out of their capital and manage risks.
With concentrated liquidity, LPs can supply liquidity to an Elastic pool by “concentrating” the liquidity to a narrow price range or setting it to a wider price range. Concentrated liquidity would make better use of the pool’s liquidity, making it look like it has much higher levels of liquidity and giving liquidity providers better slippage, volume, and earnings. A wider range, on the other hand, would make sure that liquidity for uncorrelated token pairs like USDC-ETH would stay active even when prices were moving a lot and the market was very volatile.
KyberSwap Elastic also has a Reinvestment Curve, which adds fees by putting the fees that LPs earn back into the liquidity pool. This saves liquidity providers time and lets them earn higher APYs.
LPs on KyberSwap Elastic can also choose from different fee tiers to find the best rates for themselves, taking into account things like how volatile the tokens are and how much risk each person is willing to take, etc. KyberSwap Elastic also has a feature called Just-in-Time (JIT) Attack Protection, which protects LP earnings from snipe attacks that would lower the earnings of other honest liquidity providers. So that LPs can be sure of their income and have peace of mind.
From August 16, 2022, liquidity providers on KyberSwap Elastic will be able to choose from 5 sMATIC eligible pools to increase liquidity and earn $LDO and $KNC rewards.
With KyberSwap’s Elastic protocol, LPs can get benefits like concentrated liquidity and compounding fees, which allow for better use of capital and better rewards. KyberSwap Elastic also has JIT (Just In Time) protection, which means that LPs will have more peace of mind and their earnings will be better protected.
IV. And Lido Finance?
Lido Finance is a platform that lets users stake to add liquidity to Proof of Stake blockchain projects like Ethereum, Terra, Solana, and others. And now it’s growing to include Polygon! Shard Labs has added Lido to Polygon so that users can stake MATIC tokens in a decentralized and secure way and use them on the secondary market, all with the click of a button on the UI.
V. KyberSwap overview
KyberSwap is a DEX aggregator built on KyberNetwork, which is an On-chain liquidity protocol that aggregates liquidity from 67+ DEXs across 12 chains (including Polygon, BNB Chain, BitTorrent, Aurora, Arbitrum and Optimism) to provide transactions at the best rates on any given platform on any decentralized application (dApp).
As Kyber network’s flagship product, KyberSwap has a suite of capital efficient protocols designed to optimize rewards. KyberSwap Classic’s Dynamic Market Maker protocol (DMM) is DeFi’s first market maker protocol that dynamically adjusts LP fees based on market conditions, while KyberSwap Elastic is a tick-based AMM with concentrated liquidity, customizable fee tiers, reinvestment curve and other advanced features specially designed to give LPs the flexibility and tools to take your earning strategy to the next level without compromising on security.
In addition to expanding networks to access more tokens, KyberSwap also links with these ecosystem partners to run programs to help increase awareness and widespread adoption of DeFi.
Official Link
KyberSwap: https://kyberswap.com/swap
Discord: https://discord.com/invite/NB3vc8J9uv
Twitter: https://twitter.com/kybernetwork
Global Telegram: https://t.me/kybernetwork
Forum: https://gov.kyber.org
Blog: https://blog.kyber.network
Vietnam Telegram: https://t.me/KyberVietnamese
IG: https://www.instagram.com/kyberswap_official
Tiktok: https://www.tiktok.com/@kybernetwork_official
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