Singapore, Aug 17 – BENQI and Yeti Finance have chosen to partner with highly capital-efficient KyberSwap in a joint initiative to improve liquidity and offer the best prices for sAVAX and YUSD tokens on Avalanche (AVAX).
This first phase of this joint initiative is expected to earn liquidity providers over $200,000 in liquidity mining rewards, with more incentives to be added in the near future.
BENQI is a decentralized non-custodial liquidity market and liquid staking protocol built on top of Avalanche. Benqi Liquid Staked AVAX (sAVAX) is the token that users receive when they stake their AVAX on the Benqi Liquid Staking (BLS) protocol. AVAX holders can get sAVAX by using AVAX on BENQI.
This isn’t the first time BENQI has partnered with KyberSwap for the capital efficiency benefits. Learn more about BENQI’s first joint initiative with KyberSwap.
Yeti Finance is a cross-margin lending protocol on Avalanche that allows users to borrow up to 21x their portfolio of liquidity provider tokens (LPs), staked assets like sAVAX, and high-yield stablecoins in a single debt position with zero interest. Borrowers receive YUSD, an overcollateralized stablecoin that can be exchanged for additional assets and then deposited back into Yeti Finance to build leverage.
What is KyberSwap Elastic?
KyberSwap’s latest protocol, dubbed Elastic, is a tick-based automated market maker that offers LPs the benefits of concentrated liquidity and the flexibility to achieve capital efficiency and manage risk.
With concentrated liquidity, LPs have the flexibility to provide liquidity to an elastic pool by either concentrating liquidity on a narrower price range or locking it on a broader price range. Concentrated liquidity would use the pool’s liquidity more efficiently, mimicking a much higher level of liquidity and providing better slippage, volume and earnings for LPs, while greater bandwidth would ensure liquidity for uncorrelated token pairs such as USD Coin (USDC) and Ether (ETH). would Remain active even in large price swings during high market volatility.
KyberSwap Elastic also has a reinvestment curve that increases fees by automatically reinvesting LPs’ fee income back into the liquidity pool, allowing LPs to earn higher APYs while saving time.
LPs on KyberSwap Elastic can also choose from multiple tiers of fees to select the most appropriate rates for individuals, taking into account factors such as token volatility, individual risk tolerance, and more. Additionally, KyberSwap Elastic has a Just-In-Time (JIT) attack protection feature that protects LP earnings from snipe attacks that would eat into the earnings of other honest LPs. So LPs can earn safely and have peace of mind at the same time.
Starting August 17, 2022, liquidity providers can add liquidity to eligible sAVAX and YUSD pools on KyberSwap Elastic on Avalanche and earn KNC, QI, and YETI rewards.
With KyberSwap’s Elastic protocol, LPs can enjoy benefits such as concentrated liquidity and compounding fees that offer greater capital efficiency and optimized rewards. KyberSwap Elastic also features JIT protection, so LPs have their earnings better protected and enjoy more peace of mind.
BENQI and Yeti fund pools on KyberSwap Elastic: Avalanche
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Eligible Pools and Fee Levels:
- sAVAX and AVAX: 0.01%
- sAVAX and YUSD: 0.04%
- USD Coin (USDC) and YUSD: 0.01%
A full list of eligible yield farming pools on Avalanche can be viewed at kyberswap.com.
KyberSwap: Benefits for the BENQI and Yeti ecosystem
For dealers:
- Best swap rates for sAVAX and YUSD by aggregating decentralized exchanges (DEX) while allowing users to identify other tokens even before trending or mooning via on-chain metrics.
For LPs:
- Concentrated liquidity for sAVAX and YUSD pairs and all other tokens, stables and non-stables
- Automatically compounded LP fees
- Bonus liquidity incentives through yield farming
- Sniping and JIT attack protection to protect revenue for BENQI and Yeti LPs.
For developers
DApps can be integrated with KyberSwap’s pools and aggregation API to provide the best rates to their own users, saving time and resources.
Given these benefits, KyberSwap is proud to partner with BENQI and Yeti Finance on this initiative to improve liquidity on Avalanche for the benefit of all four ecosystems.
About Kyber Network
Kyber Network is building a world where any token is usable anywhere. KyberSwap.com, its flagship DEX aggregator and liquidity platform, offers the best rates for traders in DeFi and maximizes returns for liquidity providers.
KyberSwap supports more than 100 integrated projects and has facilitated over $9.9 billion worth of transactions for thousands of users since its inception. It is currently deployed on 12 chains including Ethereum, BNB Chain, Polygon, Avalanche, Fantom, Cronos, Arbitrum, Velas, Aurora, Oasis, BitTorrent and Optimism.
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