After Ethereum and Polygon, Kyber Network’s multi-chain decentralized finance (DeFi) protocol, KyberDMM, is now available on Binance Smart Chain (BSC).
Liquidity hub Kyber Network announced the launch of its DeFi protocol KyberDMM on the Binance Smart Chain in a blog post yesterday. The service was previously restricted to Ethereum and Polygon blockchains where its total value locked (TVL) exceeds $1 billion and $500 million respectively.
Like all DeFi platforms, KyberDMM provides financial services and products such as token exchanges, loans, and interests on deposits through smart contracts.
By launching on BSC, KyberDMM is targeting a broader base of liquidity providers and DeFi users across various networks. Loi Luu, CEO, and co-founder of Kyber Network told Decrypt that the project is aiming to become a “multi-chain frontier” that makes trading easier in the DeFi ecosystem. He added:
To extend its reach to more customers and boost the NFT and DeFi space, Kyber is planning to work with the most popular projects on BSC such as Coin98, DeFi Warrior, Faraland, Bunicorn, My DeFi Pet, Wanaka Farm, and others.
In its announcement, Kyber added that it would include BSC in its Rainmaker Liquidity Mining Program, where $4 million worth of its native tokens will be available to claim. These incentives will be distributed to BSC’s four mining pools -- USDT-BUSD, USDT-BNB, ETH-BNB, and KNC-BNB -- over a period of two months.
Cryptocurrency exchange Binance is also supporting the launch of KyberDMM by listing the BEP-20 version of KNC on its platform. The exchange will allow deposits and withdrawals of KNC to the BSC network.
Notably, Kyber underwent a significant upgrade a few months back that transitioned the network from “single protocol into a liquidity hub of purpose-driven protocols that are catered to different DeFi use cases.” In May, the company celebrated reaching $36 million in TVL and laid out its plans for KyberDMM and upcoming phases of the Kyber 3.0 upgrade.