Kyber Network DeFi Protocol Launches on Binance Smart Chain

Kyber Network, a liquidity platform for decentralized finance (DeFi), launched its KyberDMM protocol activated Binance Smart Chain (BSC).

DeFi is a common term for a set of blockchain protocols created to provide financial products and services such as loans, token exchanges, and interest-bearing deposits using automated code known as smart contracts.

KyberDMM is now available in beta on Ethereum Y Polígono, with the all-time trading volume and total fixed value (TVL) on the platform exceeding $ 1 billion and $ 500 million, respectively.

With the integration of BSC, Kyber Network now seeks to expand DeFi adoption across different networks and provide greater flexibility and capital efficiency for liquidity providers.

“Kyber seeks to be a new multi-chain frontier that facilitates efficient commerce in the DeFi ecosystem,” said Loi Luu, CEO and co-founder of Kyber Network. decipher.

According to him, by launching BSC, “Kyber, as a liquidity hub, unleashes its full potential by embracing its role as an Ethereum-based cross-chain Defi project.” This will also bring more DeFi users, developers and other participants to the Kyber and BSC ecosystems.

Binance Smart Chain is a blockchain platform developed by the Binance cryptocurrency exchange. Running in parallel with the original Binance Chain, it allows developers to create decentralized applications using smart contracts, including those that are compatible with Ethereum.

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To support the launch of KyberDMM on BSC, Kyber is introducing a liquidity mining campaign that will see 2 million KNC, or approximately $ 4 million in the network’s native token, spread across BSC’s four liquidity mining pools during the next two months.

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groups in question include USDT-BUSD, USDT-BNB, ETH-BNB, and KNC-BNB.

Cryptocurrency exchange Binance, in turn, has included KNC’s BEP-20 version on its trading platform and will allow KNC deposits and withdrawals on the BSC network. BEP-20 is similar to Ethereum’s ERC-20 token standard.

According to a Kyber spokesperson, the project foresees further expansion of KyberDMM to other chains in the near future.

Earlier this year, Kyber Network released its Kyber 3.0 update that was supposed to “transition” [the network] from a single protocol to a hub of specific liquidity protocols that cater for different DeFi use cases. ”Read the launch marketing materials.

update introduced optimizations for the different types of liquidity providers that interact with the protocol, from passive investors to professional trading desks.

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