KyberSwap just lately introduced integrating Chainlink Worth Feeds on BNB Chain, Arbitrum, Avalanche, Optimism, Polygon, and Ethereum. The combination will enable the community to transform collected charges to KNC tokens at honest market charges.
This manner, KyberSwap can distribute rewards to DAO contributors extra reliably and transparently. As well as, the oracle additionally offers help for KNC tokens as collateral on completely different DeFi lending platforms.
Chainlink will ship exact on-chain value information concerning KNC tokens all through the multi-chain circuit. At present, two buying and selling pairs for KNC, KNC-USD, and KNC-ETH are dwell on BNB Chain, Arbitrum, Avalanche, Optimism, Polygon, and Ethereum.
With the mixing, lending protocols resembling Aave, Benqi, and QiDAO can calculate KNC’s correct value each time customers lend KNC tokens or borrow funds utilizing the token as collateral. It may be extremely useful throughout KNC collateral liquidation, including extra reliability and safety to KNC on lending platforms.
Appearing because the governance token on KyberDAO, KNC tokens enable customers to vote on completely different proposals. Voting unlocks new rewards for voters through charges collected on KyberSwap via buying and selling. The charge 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 functions are already offering and utilizing our liquidity. Just lately, Lido Finance partnered With the KyberSwap protocol to carry extra liquidity to Polygon.
KyberSwap additionally makes use of value feeds to get exact market information 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 working a Chainlink node to supply pricing information 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 accordance with Tran, Chainlink underpins the DeFi ecosystem with extremely dependable, decentralized, and safe market information. It additionally works on KyberDAO, the place Kyber customers get rewards for voting.
The whole Kyber crew is delighted to work with Chainlink, serving to merchants, liquidity suppliers, and builders throughout the multi-chain DeFi business added Tran. Chainlink has been tried and examined numerous instances, proving its reliability below excessive circumstances. Therefore, its addition to the Kyber ecosystem provides large worth to the community and its customers.