Tag: Knc

Kyber Network’s DeFi Protocol Launches on Binance Smart Chain

by Decrypt

Kyber Network, a liquidity platform for decentralized finance (DeFi), has rolled out its KyberDMM protocol on Binance Smart Chain (BSC).

DeFi is a common term for a suite of blockchain protocols built to provide financial products and services like loans, token swaps, and interest-bearing deposits using automated code known as smart contracts.

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

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

“Kyber is trying to be a new multi-chain frontier that facilitates efficient trading in the DeFi ecosystem,” Loi Luu, CEO and co-founder of Kyber Network told Decrypt.

According to him, by launching on 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 into both the Kyber and BSC ecosystems.

Binance Smart Chain is a blockchain platform developed by crypto exchange Binance. Running in parallel with the original Binance Chain, it allows developers to build decentralized apps using smart contracts, including those compatible with Ethereum.

Kyber launches yield farming

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

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

Crypto exchange Binance, in turn, has listed the BEP-20 version of KNC on its trading platform and will enable deposits and withdrawals of KNC to the BSC network. BEP-20 is akin to Ethereum’s ERC-20 token standard.

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

Earlier this year, Kyber Network launched its Kyber 3.0 upgrade that was meant to “transition [the network] from a single protocol into a hub of purpose-driven liquidity protocols that are catered to different DeFi use cases,” reads marketing materials on the launch.

The upgrade 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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A RUNE with a view: How smart crypto traders caught a 48% price pump

by Cointelegraph

Disparities in information access and data analytics tech are what give institutional players an edge over regular retail investors in the digital asset space.

The core idea behind Markets Pro, Cointelegraph’s crypto intelligence platform powered by data analytics firm The TIE, is to equalize the information asymmetries that permeate cryptocurrency markets.

Markets Pro bridges the gap with two world-class functionalities: the quant-style VORTECS™ score, and breaking NewsQuake™ alerts.

The former is an algorithmic comparison of several key market metrics around each coin to years of historical data, which assesses whether at any moment the outlook for this asset is bullish, bearish, or neutral given the historical record of price action.

NewsQuakes™ are automated notifications driven by an AI routine that monitors thousands of information sources to deliver potentially market-moving news to members, often within seconds.

Neither of these is a predictive tool. What both the VORTECS™ score and NewsQuakes™ are designed to do is to notify traders that something has just happened that, in the past, reliably moved asset prices. That’s why a good Markets Pro chart is the one that shows events happening in the right order and in the right time: First comes the indicator, and then price action follows.

In the last couple of days, we have observed a number of exemplary scenarios illustrating classic Markets Pro reads on the market.

RUNE: VORTECS™ shoots up, price follows shortly

June 13 did not start off as a particularly great day for those who were invested in THORChain (RUNE) and looking to make some gains. The coin has been on its way down, falling from above $9.00 a couple of days ago to just above $7.00.

However, the coin’s VORTECS™ score has been steady in the green (bullish) zone, sometimes even venturing into dark green (confidently bullish).

While most traders only saw what was on the surface — a coin’s weak performance — Markets Pro members have had access to a wider view. Even if the price trend did not look promising at all, the market conditions remained historically favorable for RUNE, suggesting a dip potentially worth buying.

Shortly before noon, RUNE’s VORTECS™ line tipped over 80, foreshadowing a rally that began to unfold six hours later. When the price went up, it went up sharply: from $7.00 to the peak of $10.34 twenty-six hours later.

It might also seem from the chart that fuel for the rally came from a NewsQuake™ detected a couple of hours before the pump. While the announcement of a RUNE giveaway by an investment company Qi Capital has definitely added to the momentum, it is unlikely that it had actually triggered the massive pump: As a sequence of strong VORTECS™ scores pointed out, RUNE’s breakout was propped up by an overall healthy outlook in the first place.

KNC: Polygon partnership news shakes up the market

Big announcements that promise more liquidity for the DeFi sector are usually a boon for the coins involved. When Kyber protocol’s team announced the deployment of their first liquidity mining program on Polygon and Ethereum, worth $30M in rewards, the market rewarded the KNC token with a pump from $1.78 to $2.06 (a 16% increase) within 8 hours.

However, the effect of the news began to recede almost as quickly as it kicked in, so only those quick to react were allowed to feast at the profit table. A safe way to secure a spot was through receiving a NewsQuake™ (red circle in the graph) notifying users of the collaboration. Alerts were sent to Markets Pro several minutes after the deal was publicly unveiled, but before the price of KNC had begun ascending.

These classic patterns are replicated day in, day out on Cointelegraph Markets Pro, where the top-performing strategy the team has been monitoring since Jan 3 2021 (Buy at 80, Sell after 24 hours) has now delivered a staggering 3,694% return in live-testing. Full details of the methodology used are available here.

Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions. Full terms and conditions.

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Kyber expands to Polygon, announces $30M ‘Rainmaker’ liquidity mining program

by Cointelegraph

Decentralized finance (DeFi) liquidity hub Kyber Network (KNC) is set to become the next DeFi protocol to enter the expanding Polygon (MATIC) ecosystem.

In a statement issued on Wednesday, Kyber announced the launch of Rainmaker — a liquidity mining program on the platform’s Dynamic Market Maker protocol that will commence on June 30 to mark Kyber’s expansion to Polygon.

According to the announcement, the Rainmaker program will distribute $30 million in rewards to liquidity providers on the Kyber DMM across both Polygon and Ethereum.

Of the total reward pool, 12.6 million KNC tokens (about $25 million) will be distributed to liquidity providers on selected Ethereum-based amplified pools. The remaining 2.52 million KNC ($5 million) will be for LPs on Polygon-based amplified pools.

These rewards be will in the form of KNC and MATIC tokens which can also be staked to provide liquidity on KNC and MATIC pools to compound reward earnings. Rainmaker reward earners that receive KNC can also stake some on the KyberDAO to participate in governance activities thereby earning additional voting rewards.

According to the announcement, the Polygon phase of the Rainmaker liquidity mining program will run for two months while that for Ethereum will take place over three months beginning from June 30 for both.

Apart from the $5 million worth of KNC tokens, Kyber is also contributing $500,000 in MATIC “coins” for the Rainmaker liquidity mining program.

For Kyber, Rainmaker will help to further expand Polygon’s growing liquidity. Indeed, DeFi projects continue to establish a presence on Polygon amid a broader push for multichain strategies and greater overall scalability.

Related: DeFi projects launch on Polygon, usage skyrockets

Polygon usage continues to skyrocket triggering significant integration efforts by DeFi primitives. Back in May, 0x — a liquidity bridge for decentralized exchanges — announced an API tool for Ethereum-based DEX like SushiSwap, mStable and Dfyn to interact with the Polygon ecosystem.

Ren — a cross-chain liquidity protocol — has also created a bridge to allow porting of Ren-based wrapped tokens to the Polygon network.