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Kyber Network’s multi-chain technology, which was previously supported on Ethereum and Polygon, is now available on Binance Smart Chain.
Kyber Network, a decentralised finance (DeFi) liquidity platform, has launched its KyberDMM protocol on Binance Smart Chain (BSC).
DeFi is a colloquial word for a collection of blockchain protocols designed to deliver financial products and services such as loans, token swaps, and interest-bearing deposits using automated code known as smart contracts.
KyberDMM is now in beta on Ethereum and Polygon, with the platform’s all-time trade volume and total value locked (TVL) topping $1 billion and $500 million, respectively.
Kyber Network hopes to broaden DeFi use across diverse networks with the BSC integration, as well as give more flexibility and capital efficiency for liquidity providers.
“Kyber is trying 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 bring more DeFi users, developers, and other participants into both the Kyber and BSC ecosystems.
Binance Smart Chain is a blockchain platform developed by crypto exchange Binance. Running in parallel with the original Binance Chain, it allows developers to build decentralized apps using 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 currency, will be dispersed over the next two months across BSC’s four liquidity mining pools.
USDT-BUSD, USDT-BNB, ETH-BNB, and KNC-BNB are among the pools in question.
Binance, a cryptocurrency exchange, 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 the ERC-20 token standard used by Ethereum.
According to a Kyber representative, the project intends to expand KyberDMM to other chains in the near future.
Kyber Network announced its Kyber 3.0 upgrade earlier this year, with the goal of “transitioning [the network] from a single protocol into a hub of purpose-driven liquidity protocols targeted to distinct DeFi use cases,” according to marketing materials.
The upgrade included improvements for the many sorts of liquidity providers that interface with the protocol, ranging from passive investors to professional trading desks.