Kyber Network has announced its partnership with Lido Finance that will bring best wstETH liquidity to the Ethereum mainnet. Kyber Swap has already shown stellar results with their wstETH and stMATIC campaigns on three other blockchains, Polygon, Arbirtrium and Opitmism.
Infact, all of these three blockchains have more than $15M in daily volume, which is amazing for a decentralized cryptocurrency exchange. With their partnership with Lido Finance, liquidity for the Ethereum pair will get even better.
So how is this being achieved on Kyber Swap? Well, Lido Finance has launched two farms and their pools bring the new wstETH/ETH pool where folks at Kyber Network have already invested more than $10M. The two pools are wstETH-USDC and wstETH-LDO.
People who add liquidity to these pools will get rewards, with 100,000 LDO + 180,000 KNC allocated for wstETH-USDC and 8000 KNC for wstETH-LDO pool.
What is wstETH? For those who do not know stETH is a rebasing and there was a need for non-rebasing token, hence the birth of wstETH. Also, wstETH is pegged to the ETH value on Ethereum 2.0 as stETH is a derivative of ETH staked on the beacon chain, which is Ethereum 2.0.
I am from Brisbane, Queensland and I hold post of Associate Editor at Cryptocoindaddy.