How to farm on KyberDMM: Step-by-step Instruction
We’re thrilled to announce that Creator liquidity mining on KyberDMM is taking place, starting September 22, 2021.
Liquidity providers can add any amount of liquidity to the CTR-BNB pool on KyberDMM on BSC to unlock their share of the $120,000 in CTR and KNC tokens liquidity mining rewards over the next two months.
Please refer to our detailed instruction below to prepare yourself carefully for a successful farming.
Important Details
Start: September 22 2021 at 09:00 PM GMT+8 (09:00 EDT)
End: November 22 2021 at 09:00 PM GMT+8 (09:00 EDT)
Reward: $120,000 in KNC and CTR
Campaign Duration: 2 months
Vesting: 14 days
Step to Step Instruction on how to farm on KyberDMM
Step #1: Head over to https://dmm.exchange
Step #2: Switch Network from Ethereum to BSC
Step #3: Add Liquidity for the eligible CTR-BNB pool
First, enter the ‘Pools’ page.
Connect your wallet e.g. Metamask on the BSC network and add liquidity by depositing CTR into the eligible CTR-BNB pool (Eligible Liquidity Pools: Eligible Rainmaker pools are labelled with the 💧 raindrop icon next to them on the left. These pools are eligible for yield farming.). You will receive DMM LP pool tokens in your wallet representing your pool share and start earning standard protocol fees for that pool.
View Liquidity Positions: On the ‘My Dashboard’ page, you can view all your liquidity positions and remove or add liquidity there. If you cannot see your liquidity position, click ‘Don’t see a pool you joined? Import it’ to add it manually.
Step #4: Stake your LP tokens on the CTR-BNB farm and start receiving incentives
Click on the Yield tab.
You can view the corresponding yield farms for the eligible pools here and add liquidity for the pool if you haven’t done so. Stake your LP tokens on the CTR-BNB farm. You need to approve the tokens if this is your first time here. After staking, you can view the amount you staked under the ‘My Deposit’ column.
After staking, you will start receiving farming rewards in both CTR and KNC plus protocol fees. APY refers to the annualized percentage yield based on pool fees + rewards.
No Lock-up for Liquidity: You can unstake your DMM LP tokens and withdraw liquidity at any time without a penalty to existing rewards received. If you unstake your LP tokens, your rewards are automatically harvested.
***Important: Please use the official KyberDMM user interface to stake LP tokens. Direct transfers to the liquidity mining pool address will result in the loss of your deposited tokens to KyberDMM.
Step #5: Harvest and Claim Rewards
After being allocated KNC rewards, you will have to harvest your rewards (also on the ‘Yield’ page). When you harvest rewards, it activates a new ~14-day vesting period. Harvested rewards are locked at the start and vested linearly over ~14 days, with some rewards being unlocked every block.
Depending on how many times you harvest rewards, there could be multiple vesting periods running concurrently. Gas is required for every harvest and reward claim.
Navigating to the ‘Vesting’ tab, you can view how much of your KNC rewards have been claimed, locked, and unlocked since the beginning. You can also view your current and past vesting periods.
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About Kyber Network
Kyber Network is a blockchain-based liquidity hub that connects liquidity from a wide range of sources to power instant and secure crypto exchanges in any decentralized application. As a liquidity hub, Kyber connects liquidity from diverse sources to provide the best rates for takers such as DApps, Wallets, DEXs, Aggregators, and users. Transactions on Kyber are fully on-chain and thus fully transparent and verifiable.
With Kyber Network, anyone can easily provide token liquidity in different ways that suit their unique needs and allow liquidity to be accessible by any taker (e.g. Dapps, Aggregators, Wallets, End users).
Kyber DMM is the next-generation AMM protocol. Through its enlarged capital pool, it maximizes the capital use of liquidity providers, provides high capital efficiency, dynamic fees and optimizes returns.
With the Rainmaker liquidity mining program, KyberDMM will bring greater flexibility and high capital efficiency by offering liquidity providers amplified pools as well as bring more DeFi participants and value into the KNC. By implementing novel features in ít protocol, KyberDMM can be up to more capital efficient than typical AMMs.
Follow Kyber’s official website and social channels:
Website | Twitter | Forum | Blog | Reddit | Developer Portal | Github | KyberDMM
About Creator
Creator is a Block chain as a Service (BaaS) that provides No Code Smart Contract, Low Code DApp and other services to empower the DeFi and NFT World. Creator’s Blockchain features shall broaden the gate for every game studio and developers to enter the gamified NFT and Blockchain industry.
Creator has an incredibly friendly UI and multiple enhanced background services. Hence, with or without IT/ Blockchain skills, by filling out some initial information and a few clicks, anyone can simply go live a Smart Contract or DApp.
Creator’s chain is based on the Polkadot/Substrate for true interoperability, user-driven network governance and customizations that focus on Defi, NFT and other services.
Follow our official website and social channels:
Website | Telegram |Telegram ANN| Twitter | Medium | LinkedIn | Git
