Singapore, August 16, 2022 – 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 decentralized finance applications (DeFi) and centralized finance applications alike with its technology and enables stakers to use their staked assets on its supported networks: Ethereum, Solana, Polygon and Polkadot.
The first phase of this joint initiative is expected 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 latest protocol, dubbed Elastic, is a tick-based automated market maker 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 on a narrower price range or locking it on a broader price range. Concentrated liquidity would use pool 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) as well active in case of large price fluctuations 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 16, 2022, liquidity providers can choose from five stMATIC-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 features JIT protection, so LPs have their earnings better protected and enjoy more peace of mind.
Lido pools on KyberSwap Elastic: Polygon
Eligible Pools and Fee Levels:
- StMATIC and WMATIC — 0.01%
- USDC and stMATIC – 0.04%
- StMATIC and Tether (USDT) – 0.04%
- StMATIC and Dai — 0.04%
- STMATIC MAY — 0.04%
A full list of eligible yield farming pools can be viewed here.
KyberSwap: Benefits for the Lido ecosystem
For dealers:
- Best swap rates for stMATIC through decentralized exchange (DEX) aggregation while allowing users to identify other tokens even before spotting a trend or moon via on-chain metrics.
For LPs:
- Concentrated liquidity for stMATIC 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 Lido LPs.
For developers:
Decentralized applications can integrate with KyberSwap’s pools and aggregation API to provide the best rates to 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 on its expansion to Layer 2 scaling services.
KyberSwap Polygon Trade Contest
In addition to Lido Yield Farms, KyberSwap is hosting a trading contest exclusively on Polygon Chain from August 16, 2022 3:00 AM UTC to August 30, 2022 3:59 PM UTC with a reward pool of $28,000 USDC for 500 winners. Traders must trade at least $50 to qualify and can view their leaderboard 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.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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