Lido Finance partners with KyberSwap Elastic with $120,000 in liquidity mining rewards
Lido Finance, a giant in the Ethereum staking world, will improve liquidity on Polygon with KyberSwap Elastic.
Lido Finance is the largest platform for liquid staking services on Ethereum. Lido Finance supports DeFi and CeFi applications alike with its technology and enables stakers to deploy their deployed assets on their supported networks: Ethereum, Solana, Polygon and Polkadot.
This first phase of this joint initiative is expected to earn liquidity providers over $120,000 in liquidity mining rewards, with more incentives to be added in the near future.
What is KyberSwap Elastic?
KyberSwap’s latest protocol, dubbed Elastic, is a tick-based AMM that offers liquidity providers (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 in a narrow price range or fixing it in a broader price range.
Concentrated liquidity would use pool liquidity more efficiently, mimicking a much higher level of liquidity and generating better slippage, volume and returns for LPs, while a wider spread would ensure liquidity for uncorrelated token pairs like USDC-ETH remain active even when prices are high would fluctuations in high market volatility.
KyberSwap Elastic also features a reinvestment curve that composites 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 fee tiers to select the most appropriate rates for individuals, taking into account factors such as token volatility, individual risk tolerance, etc.
Additionally, KyberSwap Elastic has a Just-in-Time (JIT) attack protection feature that protects LP earnings from snipe attacks that would reduce the earnings of other honest liquidity providers. So LPs can earn safely and have peace of mind at the same time.
Starting August 16, 2022, liquidity providers can choose from 5 sMATIC-eligible pools on KyberSwap Elastic to deepen liquidity and earn $LDO and $KNC 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 has JIT (Just In Time) protection, so LPs have their earnings better protected and enjoy more peace of mind.
Lido Pools on KyberSwap Elastic (Polygon)
Eligible Pools (Fee Level):
- stMATIC-WMATIC (0.01%)
- USDC-stMATIC (0.04%)
- stMATIC USDT (0.04%)
- stMATIC DAI (0.04%)
- stMATIC-MAY (0.04%)
*The full list of eligible pools for yield farming can be viewed here.
KyberSwap: Benefits for the Lido ecosystem
- For traders
- Best swap rates for stMATIC through DEX aggregation while allowing users to identify other tokens even before trending/mooning via on-chain metrics
- For liquidity providers
- Concentrated liquidity for stMATIC pairs and all other tokens, stables and non-stables
- Automatically compounded LP (Liquidity Provider) fees.
- Bonus liquidity incentives through yield farming
- Protection against sniping/just-in-time attacks to protect revenue for Lido LPs
- For developers
Dapps can integrate with KyberSwap’s pools and aggregation API to provide the best rates for their own users, saving time and resources.
KyberSwap is proud to partner with Lido Finance on this initiative to improve liquidity on Polygon for the benefit of all three ecosystems.
KyberSwap will also work with Lido Finance to expand to Layer 2 scaling services.
KyberSwap x Polygon Trade Contest
In addition to Lido Yield Farms, KyberSwap is hosting a trading contest exclusively on Polygon Chain from August 16 ~03:00 UTC to August 30 ~15:59 UTC with a $28,000 USDC reward pool for 500 winners.
Traders must trade at least $50 to qualify and can view their ranking positions on the trade leaderboard. See the KyberSwap Campaigns page for more details.
About Kyber Network
Kyber Network is building a world where any token is usable anywhere. KyberSwap, its flagship Decentralized Exchange (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. Currently deployed on 12 chains including Ethereum, BNB Chain, Polygon, Avalanche, Fantom, Cronos, Arbitrum, Velas, Aurora, Oasis, BitTorrent and Optimism.
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