The top smart contract blockchain platform, Avalanche, celebrates one year of partnership with KyberSwap along with the commencement of phase 3 of Avalanche Rush.
To commemorate these important milestones, Avalanche has also put forward $2 million as reward incentives to its users. The partnership began a year ago with the launch of a $5.8 million liquidity mining strategy. Interestingly, over one year, the partnership acquired over $61 million in TVL. KyberSwap also experienced over a $10 billion increase in its Total Trading Volume (TTV).
What is the Avalanche Rush Phase 3?
The Avalanche Rush phase 3 commenced on September 26th, 2022. The phase currently boasts of 17 farms structured to provide users with up to $2 million in incentives. The beginning of Avalanche Rush Phase 3 further indicates that KyberSwap will continue to incentivize Avalanche bulls and Liquidity Providers (LPs) will improve yields.
Also, Avalanche Rush phase 3 is divided into stages with the first stage designed to provide LPs with more than $250,000 in both $AVAX and $KNC as liquidity mining rewards. Interestingly, more incentives will be distributed in the coming stages.
The director at Avalanche, Emin Gün Sirer disclose that for now, they were interested in facilitating growth in the DeFi space. Adding that a major way to achieve this is by enhancing liquidity opportunities and “[…] welcoming new participants into the community”. Gün Sirer further added that the entire Avalanche ecosystem is in support of “[…] Kyber’s vision to deliver a sustainable liquidity infrastructure and welcome their protocol to establish a more valuable ecosystem on Avalanche.”
— Kyber Network (@KyberNetwork) September 26, 2022
Some of the top pools available for yield farming during the KyberSwap Avalanche Rush Phase 3 include:
- USDC-USDT (0.01%) *KNC rewards only
- AVAX – USDC (0.04%)
- AVAX-USDC (1%)
- AVAX-USDC.e (0.04%)
- AVAX-USDC.e (1%)
- AVAX-MIM (0.3%)
- KNC-WETH.e (0.3%), etc.
So, here is the complete list of eligible pools.
On the other hand, traders during Avalanche Rush Phase 3 will enjoy the best swap rates for tokens like USDC, USDT, KNC, etc using DEX aggregation. Liquidity Providers (LPs). Also, it will enjoy auto-compounded LP fees, liquidity incentives, etc.
Lastly, Dapp developers will be able to incorporate the KyberSwap pool in their decentralized applications (dapps). This will further provide dapps users with the best possible rates while also saving time and ensuring cost-effectiveness.
⚡️#KyberSwap CEO Predicts DeFi will overtake TradFi in 10 years🌐
— Kyber Network (@KyberNetwork) September 29, 2022
Important Details of KyberSwap Elastic
KyberSwap Elastic is one of the world’s first-ever farming mechanisms designed to equate LPs earnings with the risk they are willing to take. Also, with the amount of risk present in the crypto and DeFi space, KyberSwap Elastic provides important features like auto-compoundability and Just-In-Time (JIT) protection. This, in turn, provides its LPs with a safe, fair, and rewarding environment.
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