Ape In NFT Metaverse to KyberDMM to Enhance Liquidity on Avalanche
APEIN has chosen the KyberDMM DEX for better token liquidity for the APEIN-AVAX pool, with ~ $300,000 in $APEIN and $KNC liquidity mining rewards.
The Avalanche community now has an extremely capital-efficient DEX and liquidity source to choose from — KyberDMM (Kyber Dynamic Market Maker). The innovative DEX optimizes liquidity with amplified liquidity pools, and optimizes returns for liquidity providers and token traders with dynamic fees. To bootstrap liquidity and adoption; Kyber and Avalanche collaborated to launch the ‘Rainmaker’ liquidity mining campaign, with ~$5.8M in rewards to incentivize seven token-pair pools that are foundational to both trading and Dapp usage on Avalanche.
As part of the expansion to the Avalanche ecosystem, the Kyber Network community has been voting on promising projects to increase both the number and the liquidity of key token-pair pools on KyberDMM as well as incentivize them with attractive yield. These joint initiatives on Avalanche start with the launch of a liquidity mining campaign with Apen I, an NFT metaverse full of fun mini-games that offer a consumer-friendly approach to decentralized finance (DeFi). With the incentivized pool, KyberDMM will become a primary location for $APEIN trading on Avalanche.
KyberDMM DEX allows $APEIN LP’s to maximise the use of capital via:
- Amplified Liquidity Pools with extremely high capital efficiency; less tokens required to achieve better liquidity and rates compared to AMMs.
- Dynamic Fees that react to market conditions and optimise returns for LPs.
- Better Reliability & Security: Audited by ChainSecurity and insured up to $20M by Unslashed Finance.
From ~September 21st at 12:00 EDT (September 22nd, midnight GMT+8), liquidity providers can add any amount of liquidity to the AVAX-APEIN pool on KyberDMM on Avalanche to unlock their share of the ~$300,000 in $APEIN and $KNC liquidity mining rewards over the next two months.
APEIN can be used in the upcoming, exclusive expansion sale of Apes on Avalanche. KNC rewards can be staked on KNC pools or KyberDAO for additional KNC rewards.
Important Details
Phase 1: ~September 21st at 12:00 EDT (September 22nd, midnight GMT+8)
- Start block: 4660725 — End block: 6054275
- Campaign Duration: 1 month
- Reward: ~$150,000 in APEIN
- Vesting: ~14 days
- APEIN token address: 0x938fe3788222a74924e062120e7bfac829c719fb
Phase 2: TBD
- Campaign Duration: 1 month
- Reward: ~$100,000 in KNC and $50,000 in APEIN
- Vesting: ~14 days
- *Note: KNC tokens are NOT available on the Avalanche network at this time. We are working closely with the Avalanche Foundation and other bridges to support KNC soon, after which Phase 2 will start in a new farm for the same pool to receive both APEIN and KNC rewards. Please pay attention to the upcoming KNC announcement to know when the Phase 2 farm is launched.
How to Farm $APEIN and $KNC
- Visit KyberDMM
- Switch to the Avalanche network.
- Visit the Pools page and add liquidity for the eligible APEIN-AVAX pool, which has a raindrop 💧 icon (you will receive LP tokens representing your pool share)
- Go to the Yield page and stake your LP tokens on the APEIN-AVAX farm for Phase 1. You will start receiving APEIN rewards, which can be harvested anytime. The Phase 2 farm with KNC rewards will come later.
- Claim all harvested and unlocked APEIN and KNC rewards after 14 days (14-day vesting starts each time you harvest rewards).
About Ape In
Ape In is an NFT-driven experience that features a series of mini-games that are designed to offer a consumer-friendly approach to decentralized finance (DeFi). These games function to introduce crypto-centric concepts such as farming and vaulting to a broader audience while forwarding the industry’s thinking around the utility of NFTs.
About Kyber Network
Kyber Network aims to deliver a sustainable liquidity infrastructure for DeFi. As a liquidity hub, Kyber connects liquidity from various protocols and sources (e.g. KyberDMM) to provide the best token rates to takers such as Dapps, aggregators, DeFi platforms, and traders.
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