Rainmaker Liquidity Mining: Jarvis Network
Kyber Network is excited to run a joint liquidity mining campaign with Jarvis Network which aims to make DeFi more accessible to everyone by bringing more fiat currencies into the Blockchain and by enabling a liquid on-chain Forex market.
Their first protocol, Synthereum, allows the issuance and exchange without price impact of synthetic fiat currencies (aka jFIAT) like jEUR, jCHF or jGBP. With 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:
- jEUR-USDC
- jGBP-USDC
- jCHF-USDC
- AUR-USDC
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.
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.
ABOUT Jarvis Network
Jarvis is a non-USD stablecoins hold the keys to drive user adoption and financial inclusion, but most of them struggle to attain the required network effect to make them usable, the biggest bottleneck being liquidity and peg preservation.
Synthereum allows for the issuance of stable and liquid non-USD stablecoins, solving the challenges met by other stablecoins thanks to fairly simple way: a capital-efficient on-chain Forex market.
RESOURCES
blog.kyber.network
