DYP Leverages KyberDMM to Boost Its Token Liquidity on Avalanche
DeFi Yield Protocol (DYP), a yield farming protocol, has announced a new partnership with KyberDMM. The Avalanche-based decentralized exchange (DEX) should help DYP improve its native token’s liquidity.
The announcement came this week and marked a significant update for the DYP ecosystem and its community. Soon, DYP members will be able to get over $300,000 in KNC and DYP rewards.
Kyber Dynamic Market Maker (KyberDMM) is a capital innovative DEX protocol. The service finds liquidity pools and adds money to them. This way, it allows liquidity providers to earn even more money. Lastly, token holders will be able to vote on promising DeFi protocols thanks to token staking opportunities.
To enhance its business, Kyber operates a liquidity mining campaign on the Avalanche network. The KyberDAO also voted on a DeFi Yield Protocol that runs on the Avalanche blockchain. The primary aim for Kyber is to run joint liquidity mining campaigns. At the same time, it looks to increase liquidity numbers for key token pools on KyberDMM.
Rainmaker DeFi Yield Liquidity Mining Protocol
Earlier, we reported that the Rainmaker liquidity protocol was also looking to run a liquidity campaign. However, with DYP’s ability to offer yield farming and staking, the platform is in a unique position. Furthermore, DYP offers support for NFTs and gives users access to advanced trading tools.
The DYP protocol is robust and has anti-manipulation features that ensure stability maintenance for users. This is highly important since security and maintenance are critical deal breakers for DeFi participants.
DYP offers a decentralized tool dashboard with advanced features. It encompasses a Launchpad, yield farming data, and a unique community trust vote system. Also, the available data enables investors to make informed decisions on risks and maximizing returns.
Users require the DYP token to access the DeFi Yield Protocol ecosystem. Additionally, the token fuels purchasing products, staking, transaction fees, and yield farming. Furthermore, KyberDMM enables its liquidity providers to make profits through dynamic fees. Lastly, they benefit from amplified liquidity pools and better reliability and security.
Improved Trade on KyberDMM
Starting with October 5th, liquidity providers will be able to add any liquidity they choose. According to this tweet, the DYP-WAVAX pool on KyberDMM and Avalanche users can now unlock up to $300,000 in $DYP. Also, the liquidity mining rewards over the next two months will come in two phases.
It’s worth noting that the incentivization period will commence with DYP rewards in the 1st phase. Secondly, KNC rewards will follow at a later date. In total, the joint campaign duration will last for two months. Also, the teams have provided a DYP token on Avalanche and CoinGecko.
The first phase started on October 5th at block 5229000. Then, it ended at block 8018000. For now, the rewards come in $DYP since KNC tokens aren’t yet available on Avalanche. Lastly, the team reported that they are working with the Avalanche Foundation to add KNC tokens soon.
At the moment, we don’t know much about the second phase. Hence, investors should pay attention to imminent KNC announcements. Also, the platform provides investors with steps on how to farm $DYP and incorporate $KNC at a later date.
Since its development, KyberDMM has aimed to provide sustainable liquidity to the DeFi ecosystem. Performing as a liquidity hub, it connects multiple protocols, dApps, DeFi platforms, and traders, among others. Its range of influence cuts across many decentralized finance sectors, and its latest partnership will help it expand even more.