Kyber Network’s multi-chain technology, which was previously introduced on Ethereum and Polygon, is now available on Binance Smart Chain.
Kyber Network, a liquidity platform for decentralized finance (DeFi), has launched its KyberDMM protocol on Binance Smart Chain (BSC).
DeFi is a common moniker for a set of blockchain protocols designed to deliver financial products and services such as loans, token swaps, and interest-bearing deposits via automated code known as smart contracts.
KyberDMM is now in beta on Ethereum and Polygon, with an all-time trade volume and total value locked (TVL) on the platform topping $1 billion and $500 million, respectively.
Kyber Network hopes that by integrating the BSC, it would be able to broaden DeFi usage across diverse networks while also providing more flexibility and capital efficiency to liquidity providers.
“Kyber is attempting to be a new multi-chain frontier that facilitates efficient trading in the DeFi ecosystem,” Loi Luu, CEO and co-founder of Kyber Network, told Decrypt.
According to him, by launching on BSC, “Kyber, as a liquidity hub, unleashes its full potential by embracing its role as an Ethereum-based cross-chain Defi project.” This will also attract more DeFi consumers, developers, and other participants into the Kyber and BSC ecosystems.
Binance Smart Chain is a blockchain platform created by the cryptocurrency exchange Binance. It runs in tandem with the original Binance Chain and lets developers to create decentralized apps utilizing smart contracts, including those compatible with Ethereum.
Kyber launches yield farming
To celebrate the launch of KyberDMM on BSC, Kyber is launching a liquidity mining campaign in which 2 million KNC, or nearly $4 million in the network’s native token, will be dispersed among BSC’s four liquidity mining pools over the next two months.
The pools in question include USDT-BUSD, USDT-BNB, ETH-BNB, and KNC-BNB.
Binance, in turn, has listed the BEP-20 version of KNC on its trading platform and will allow deposits and withdrawals of KNC to the BSC network. BEP-20 is similar to Ethereum’s ERC-20 token standard.
According to a Kyber spokeswoman, the project intends to expand KyberDMM to other chains in the near future.
Kyber Network released Kyber 3.0 earlier this year, with the goal of “transitioning [the network] from a single protocol into a hub of purpose-driven liquidity protocols catered to different DeFi use cases,” according to marketing materials.
The version included enhancements for the many sorts of liquidity providers that engage with the protocol, ranging from passive investors to professional trading desks.