Singapore, Aug. 17 — BENQI and Yeti Finance have chosen to partner with the highly capital efficient KyberSwap in a joint initiative to enhance liquidity and provide the best rates for sAVAX and YUSD tokens on Avalanche (AVAX).
This first phase of this joint initiative is set to bring liquidity providers over $200,000 in liquidity mining rewards, with more incentives to come in the near future.
BENQI is a decentralized non-custodial liquidity market and liquid staking protocol built on Avalanche. Benqi Liquid Staked AVAX (sAVAX) is the token that users receive when staking their AVAX on the Benqi Liquid Staking (BLS) protocol. AVAX holders can get sAVAX by staking AVAX on BENQI.
This is not the first time BENQI has partnered with KyberSwap for its capital efficiency benefits. Learn about BENQI’s first joint initiative with KyberSwap.
Yeti Finance is a cross-margin lending protocol on Avalanche that allows users to borrow up to 21-fold against their portfolio of liquidity provider (LPs) tokens, staked assets such as sAVAX and yield-bearing stablecoins in a single debt position for zero interest. Borrowers receive YUSD, an overcollateralized stablecoin that can be swapped for additional assets and subsequently re-deposited into Yeti Finance to build a leverage position.
What is KyberSwap Elastic?
KyberSwap’s newest protocol, dubbed Elastic, is a tick-based automated market maker that gives LPs the advantages of concentrated liquidity and the flexibility to achieve capital efficiency and manage risks.
With concentrated liquidity, LPs have the flexibility to supply liquidity to an Elastic pool, either by concentrating the liquidity to a narrower price range or setting it to a wider price range. Concentrated liquidity would use the pool’s liquidity more efficiently, mimicking much higher levels of liquidity and achieving better slippage, volume and earnings for LPs while a wider range would ensure liquidity for uncorrelated token pairs such as USD Coin (USDC) and Ether (ETH) to remain active even with big price swings during high market volatility.
KyberSwap Elastic also has a reinvestment curve, which compounds fees by automatically reinvesting the fee earnings of LPs back into the liquidity pool so LPs earn higher APY while saving time.
LPs on KyberSwap Elastic can also choose from multiple fee tiers to select the best-suited rates for individuals, taking into consideration factors such as token volatility, individual risk appetites and more. In addition, KyberSwap Elastic comes with a Just-In-Time (JIT) Attack Protection feature, which protects LP earnings from snipe attacks that would reduce the earnings of other honest LPs. So, LPs can earn securely while enjoying peace of mind.
Starting from Aug. 17, 2022, liquidity providers can add liquidity to the eligible sAVAX and YUSD pools on KyberSwap Elastic on Avalanche and earn KNC, QI and YETI rewards.
With KyberSwap’s Elastic protocol, LPs can enjoy benefits such as concentrated liquidity and compounding fees, providing higher capital efficiency and optimized rewards. KyberSwap Elastic also has JIT protection, so LPs will have their earnings better protected and enjoy better peace of mind.
BENQI and Yeti finance pools on KyberSwap Elastic: Avalanche
Eligible pools and fee tiers:
- sAVAX and AVAX: 0.01%
- sAVAX and YUSD: 0.04%
- USD Coin (USDC) and YUSD: 0.01%
A full list of eligible pools for yield farming on Avalanche can be viewed on kyberswap.com.
KyberSwap: Benefits for the BENQI and Yeti ecosystem
For traders:
- Best swap rates for sAVAX and YUSD through decentralized exchange (DEX) aggregation while letting users identify other tokens even before they trend or moon via on-chain metrics.
For LPs:
- Concentrated liquidity for sAVAX and YUSD pairs and any other tokens, stables and non-stables
- Auto-compounded LP fees
- Bonus liquidity incentives through yield farming
- Sniping and JIT attack protection to protect earnings for BENQI and Yeti LPs.
For developers
DApps can integrate with KyberSwap’s pools and aggregation API to provide the best rates for their own users, saving time and resources.
With these benefits in mind, KyberSwap is proud to partner with BENQI and Yeti Finance in this initiative to enhance liquidity on Avalanche for the benefit of all four ecosystems.
About Kyber Network
Kyber Network is building a world where any token is usable anywhere. KyberSwap.com, its flagship DEX aggregator and liquidity platform, provides the best rates for traders in DeFi and maximizes returns for liquidity providers.
KyberSwap powers 100-plus integrated projects and has facilitated over $9.9 billion worth of transactions for thousands of users since its inception. It is currently deployed across 12 chains, including Ethereum, BNB Chain, Polygon, Avalanche, Fantom, Cronos, Arbitrum, Velas, Aurora, Oasis, BitTorrent and Optimism.
