Lido Finance, a giant in the Ethereum staking world, will be enhancing liquidity on Polygon with KyberSwap Elastic.
Lido Finance is the largest platform for liquid staking services on Ethereum. Powering DeFi and CeFi applications alike with their technology, Lido Finance empowers stakers to put their staked assets to use on their supported networks: Ethereum, Solana, Polygon, and Polkadot.
This first phase of this joint initiative is set to bring liquidity providers over $120,000 in liquidity mining rewards, with more incentives to come in the near future.
What is KyberSwap Elastic?
KyberSwap’s newest protocol, dubbed Elastic, is a tick-based AMM that gives Liquidity Providers (LPs) the advantages of concentrated liquidity and the flexibility to achieve capital efficiency and manage risks.
With concentrated liquidity, LPs have the flexibility to supply liquidity to an Elastic pool either by “concentrating” the liquidity to a narrow price range or set to a wider price range.
Concentrated liquidity would use the pool’s liquidity more efficiently, mimicking much higher levels of liquidity and achieving better slippage, volume, and earnings for LPs while a wider range would ensure liquidity for uncorrelated token pairs such as USDC-ETH would remain active even with big price swings during high market volatility.
KyberSwap Elastic also has a Reinvestment Curve, which compounds fees by automatically reinvesting the fee earnings of LPs back into the liquidity pool so LPs earn higher APYs while saving time.
LPs on KyberSwap Elastic can also choose from multiple fee tiers to select the best-suited rates for individuals taking into consideration factors such as token volatility, individual risk appetites, etc.
In addition, KyberSwap Elastic comes with a Just-in-Time (JIT) Attack Protection feature, which protects LP earnings from snipe attacks that would reduce the earnings of other honest liquidity providers. So LPs can earn securely while enjoying peace of mind.
From August 16, 2022, liquidity providers can choose from 5 sMATIC eligible pools on KyberSwap Elastic to deepen liquidity and earn $LDO & $KNC rewards.
With KyberSwap’s Elastic protocol, LPs can enjoy benefits such as concentrated liquidity and compounding fees, providing higher capital efficiency and optimized rewards.
KyberSwap Elastic also has JIT (Just In Time) protection, so LPs will have their earnings better protected and enjoy better peace of mind.
Lido pools on KyberSwap Elastic (Polygon)
Eligible Pools (Fee Tier):
- stMATIC-WMATIC (0.01%)
- USDC-stMATIC (0.04%)
- stMATIC-USDT (0.04%)
- stMATIC-DAI (0.04%)
- stMATIC-MAI (0.04%)
*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 letting users identify other tokens even before they trend/moon via on-chain metrics
- For Liquidity Providers
- Concentrated liquidity for stMATIC pairs and any other token, stables, and non-stables
- Auto-compounded LP (liquidity provider) fees
- Bonus liquidity incentives through yield farming
- Sniping/Just-in-time attack protection to protect the earnings 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 in this initiative to enhance liquidity on Polygon for the benefit of all three ecosystems.
KyberSwap will also be working with Lido Finance in their expansion to layer-2 scaling services.
KyberSwap x Polygon trading contest
In addition to Lido Yield Farms, KyberSwap is also running a Trading Contest exclusively on Polygon Chain with a $28,000 USDC rewards pool for 500 winners from August 16 ~03:00 UTC to August 30 ~15:59 UTC.
Traders need to trade a minimum of $50 to qualify and can view their ranked positions on the Trading Leaderboard. Further details can be found on the KyberSwap Campaigns page.
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, provides the best rates for traders in DeFi and maximizes returns for liquidity providers.
KyberSwap powers 100+ integrated projects and has facilitated over US$9.9 billion worth of transactions for thousands of users since its inception. Currently deployed across 12 chains including Ethereum, BNB Chain, Polygon, Avalanche, Fantom, Cronos, Arbitrum, Velas, Aurora, Oasis, BitTorrent, and Optimism.
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