KyberSwap just lately introduced integrating Chainlink Price Feeds on BNB Chain, Arbitrum, Avalanche, Optimism, Polygon, and Ethereum. The combination will permit the community to transform collected charges to KNC tokens at truthful market charges.
This manner, KyberSwap can distribute rewards to DAO contributors extra reliably and transparently. As well as, the oracle additionally gives assist for KNC tokens as collateral on completely different DeFi lending platforms.
Chainlink will ship exact on-chain worth knowledge relating to KNC tokens all through the multi-chain circuit. Presently, two buying and selling pairs for KNC, KNC-USD, and KNC-ETH are stay on BNB Chain, Arbitrum, Avalanche, Optimism, Polygon, and Ethereum.
With the combination, lending protocols comparable to Aave, Benqi, and QiDAO can calculate KNC’s correct worth at any time when customers lend KNC tokens or borrow funds utilizing the token as collateral. It may be extremely helpful throughout KNC collateral liquidation, including extra reliability and safety to KNC on lending platforms.
Appearing because the governance token on KyberDAO, KNC tokens permit customers to vote on completely different proposals. Voting unlocks new rewards for voters by way of charges collected on KyberSwap by way of buying and selling. The payment is transformed to KNC earlier than being distributed amongst customers.
KyberSwap is DeFi’s first Dynamic Market Maker, a decentralized trade protocol that gives frictionless crypto liquidity. Hundreds of customers and a number of decentralized purposes are already offering and utilizing our liquidity. Not too long ago, Lido Finance partnered With the KyberSwap protocol to convey extra liquidity to Polygon.
KyberSwap additionally makes use of worth feeds to get exact market knowledge on WBTC and ETH whereas changing the charges to KNC tokens. It ensures that each voter is receiving a good portion of rewards.
Apart from this, Kyber can also be operating a Chainlink node to supply pricing knowledge for KNC and extra tokens. It secures the Chainlink oracle community whereas informing extra customers in regards to the platform.
Victor Tran, Kyber Community’s Co-Founder and CEO, talked in regards to the latest improvement. In keeping with Tran, Chainlink underpins the DeFi ecosystem with extremely dependable, decentralized, and safe market knowledge. It additionally works on KyberDAO, the place Kyber customers get rewards for voting.
The whole Kyber group is delighted to work with Chainlink, serving to merchants, liquidity suppliers, and builders throughout the multi-chain DeFi trade added Tran. Chainlink has been tried and examined numerous occasions, proving its reliability underneath excessive circumstances. Therefore, its addition to the Kyber ecosystem provides huge worth to the community and its customers.