BENQI and Yeti Finance partner with KyberSwap to improve liquidity for sAVAX and YUSD tokens on Avalanche
Singapore – August 17 – BENQI and Yeti Finance have chosen to partner with the highly capital-efficient KyberSwap in a joint initiative to improve liquidity and offer the best prices for sAVAX and YUSD tokens on Avalanche.
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 setting $AVAX to BENQI here.
This isn’t the first time BENQI has partnered with KyberSwap for capital efficiency benefits. Learn more about BENQI’s first joint initiative with KyberSwap here.
Yeti Finance is a cross-margin lending protocol on Avalanche that allows users to borrow up to 21x against their portfolio of LP tokens, staked assets like sAVAX, and high-yielding stablecoins in a single debt position for 0% 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 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 tiers of fees to select the most appropriate rates for individuals, taking into account factors such as token volatility, individual risk tolerance, etc. In addition, KyberSwap Elastic has Just-in-Time (JIT) functionality. ) 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 17, 2022, liquidity providers can add liquidity to the 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 has JIT (Just In Time) protection, so LPs have their earnings better protected and enjoy better security.
BENQI and Yeti Finance Pools on KyberSwap Elastic (Avalanche)
Eligible Pools (Fee Level):
- sAVAX-AVAX (0.01%)
- sAVAX-YUSD (0.04%)
- USDC-YUSD (0.01%)
*The full list of eligible pools for yield farming on Avalanche can be viewed here.
KyberSwap: Benefits for BENQI and the Yeti ecosystem
- For traders
- Best swap rates for sAVAX and Yeti tokens through DEX aggregation while allowing users to identify other tokens even before trending/monding via on-chain metrics
- For liquidity providers
- Concentrated liquidity for sAVAX and Yeti 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 BENQI and Yeti 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.
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, our 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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