Leading yield farming platform DeFi Yield Protocol (DYP) has collaborated with KyberDMM to boost DYP token liquidity on Avalanche blockchain. As part of the partnership, $300,000 worth of DYP and KNC tokens have been made available as liquidity mining rewards.
A major milestone for DYP
The collaboration between DYP and KyberDMM represents a major milestone for the DYP as it continues to make inroads within the DeFi ecosystem. The two protocols have agreed to run joint liquidity mining campaigns to increase the number and liquidity of key token pools and incentivize liquidity providers with attractive yields.
KyberDMM is an innovative and capital-efficient DEX protocol that enhances liquidity with amplified pools and optimizes returns for liquidity providers with dynamic fees. As a result, DYP holders can maximize the use of their capital on KyberDMM DEX and access amplified liquidity pools and dynamic fees within a secure platform.
Liquidity providers can add any amount of liquidity to the DYP-WAVAX pool on KyberDMM on Avalanche to unlock their share of the $300,000 in $DYP and $KNC liquidity mining rewards from October 5th at 23:00 EDT.
The liquidity mining reward program will take 2 months, with the first phase starting from October 5th, while the second phase is yet to be decided.
DYP set to launch new smart contracts to improve blockchain protocol
DYP has also revealed that the highly anticipated launch of its new smart contracts is imminent. According to the yield farming protocol, security audit processes