Their first protocol, Synthereum, allows the issuance and exchange without price impact of synthetic fiat currencies (aka jFIAT) like jEUR, jCHF or jGBP. Thanks to this design, traders can perform arbitrage between this primary market and secondary markets such as AMMs, in order to maintain a strong peg.
The following KyberDMM pools will be incentivized with $AUR tokens:
🔸AUR Token: AUR tokens are representing other tokens locked in a smart contract, called the “reserve”. The AUR contract is basically a synthetic asset that tracks the price of the quantity of JRT + UMA + KNC tokens in the reward contract.
KyberDMM LPs receive AUR tokens and have the choice to sell them immediately, or wait until the end of the 8 week-program to unlock the JRT, UMA and KNC held in the reserve contract, by burning AUR.
Short-term farmers can sell AUR so it won’t have a selling pressure on either tokens; long term farmers can keep AUR and will claim JRT, UMA and KNC at the end of the farming program.
AUR-USDC will be a market so users can buy, sell, and do arbitrages. Arbitrageurs will make bets: what will be the price of JRT + UMA + KNC in 2 month? If they think it will go up, buying AUR now could be a good idea. The closer we get to the end of the 8 weeks, the closer the price of AUR will be to the price of JRT + UMA + KNC.
🔸JRT Token: JRT is a multi-utility token which needs to be staked on the Jarvis Network platform to utilise its various features.
🔸UMA Token: UMA is used as a governance token and to fulfill price requests for the UMA protocol.
🔸KNC Token: KNC is a governance and utility token. Holders stake and vote to receive trading fees from protocols in the network. As more trades are executed and new protocols added, more rewards are generated. KNC is dynamic and can be utilized by KyberDAO to better support liquidity and growth. Holding KNC means having a stake in all the important innovation and liquidity protocols created for DeFi.
KyberDMM DEX enables jFIATs liquidity providers to maximize the use of their capital via:
- Amplified Liquidity Pools: Extremely high capital efficiency; less tokens required to achieve better liquidity and rates compared to AMMs.
- Dynamic Fees: React to market conditions and optimize returns for LPs.
- Better Reliability & Security: Audited by Chain Security and insured up to $20M by Unslashed Finance.
From 6th October at ~11am EDT (11pm GMT+8), liquidity providers can add any amount of liquidity to the following jEUR-USDC, jGBP-USDC, jCHF-USDC and AUR-USDC pools on KyberDMM on Polygon to unlock their share of the ~$440,000 in $AUR liquidity mining rewards (comprising JRT + UMA + KNC) over the next 8 weeks.
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 DEX) to provide the best token rates to takers such as Dapps, aggregators, DeFi platforms, and traders.
Through Kyber, anyone can contribute or access liquidity, and developers can build innovative applications, including token swap services, decentralized payments, and financial Dapps — helping to build a world where any token is usable anywhere.
About Jarvis Network
Jarvis Network has launched its first protocol, Synthereum, a collection of smartcontracts to issue and exchange synthetic fiat currencies (aka #jFIAT), enabling a fully on-chain Forex market.