Previously released on Ethereum and Polygon, Kyber Network’s multi-chain protocol is now available in Binance Smart Chain.
Kyber network’s DeFi protocol is launched on Binance Smart Chain (BSC). DeFi is a common term for a set of blockchain protocols designed to provide financial products and services such as loans, token swaps, and interest-bearing deposits using automated code known as smart contracts.
KyberDMM is now available in beta on Ethereum and Polygon, with the all-time trade volume and total locked value (TVL) on the platform exceeding $1 billion and $500 million, respectively.
With the integration of BSC, Kyber Network is now looking to broaden the adoption of DeFi across different networks and provide more flexibility and capital efficiency for liquidity providers.
“Kyber is trying to be a new multi-chain frontier that facilitates efficient commerce in the DeFi ecosystem,” Loi Luu, Kyber Network CEO and co-founder told Decrypt.
According to him, upon launching himself on the BSC, “Kyber, as a liquidity hub, unlocks its full potential by embracing its role as an Ethereum-based Cross-chain Defi project”. This will also bring more DeFi users, developers and other participants to the Kyber and BSC ecosystems.
Binance Smart Chain is a blockchain platform developed by Binance exchange. Running in parallel with the original Binance Chain, it allows developers to build decentralized applications using smart contracts, including those that support Ethereum.
Kyber launches farming productive
To support the launch of KyberDMM at BSC, Kyber is introducing a liquidity mining campaign that will see 2 million KNC, which is about $4 million in the network’s native token, spread across the four liquidity mining pools of the BSC in the next two months.
The pools in question include USDT-BUSD, USDT-BNB, ETH-BNB and KNC-BNB.
The Binance exchange, in turn, has listed the BEP-20 version of the KNC on its trading platform and will allow deposits and withdrawals from KNC to the BSC network. BEP-20 is similar to Ethereum’s ERC-20 token standard.
According to a Kyber spokesperson, the project is planning to further expand KyberDMM to other networks in the near future.
Earlier this year, Kyber Network released its Kyber 3.0 update with the goal of “transition [da rede] from a single protocol to a hub of purpose-oriented liquidity protocols that are provided for different DeFi use cases“, read the marketing materials at launch .
The update introduced optimizations for the different types of liquidity providers that interact with the protocol, from passive investors to professional trading desks.