DeFi project Kyber Network will resume the possibility of farming income using the Elastic product, which implements the concept of concentrated liquidity and autocompounding.
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The time has come.
Marking the return of Elastic, KyberSwap has resumed liquidity mining with concentrated liquidity & full fee auto-compounding 💯Yield farms starting on @arbitrum in ~3hrs with 100% boosted rewards for a limited time! Don’t let this opportunity slip away. pic.twitter.com/eHvxGH3Brd
— Kyber Network (@KyberNetwork) May 25, 2023
According to the developers, Arbitrum-based pools will be the first to start working, where rewards will be “100% increased”.
Representatives of Kyber Network stressed that early-stage liquidity providers will benefit the most.
2/7 Early liquidity providers stand to get the biggest share of rewards so get ready to add liquidity and start farming! ➡️ https://t.co/hokZsabKoM pic.twitter.com/zQ7civNB5e
— Kyber Network (@KyberNetwork) May 25, 2023
They also assured that smart contracts have been updated, verified and include “strengthened security measures”.
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Boosted rewards from the 17.8M $KNC 2023 ecosystem growth fund allocated by @KyberDAOalong with ~1.16m $ARB from @arbitrum has been dedicated to our yield farms.This phase has total of 274,000 $KNC+152,000 $ARB rewards so farm to earn your share!https://t.co/Ooqbq8nd9v
— Kyber Network (@KyberNetwork) May 25, 2023
For the current phase of farming, 274,000 KNC and 152,000 ARB have been allocated to reward users.
Recall that in April, the Kyber Network team recommended that liquidity providers withdraw funds from the Elastic product after discovering a potential vulnerability.
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