The DeFi project Kyber Network will resume yield farming via the Elastic product, which implements the concepts of concentrated liquidity and auto-compounding.
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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, the first pools to launch will be based on Arbitrum, where rewards will be boosted by 100%.
Representatives of Kyber Network emphasized that the greatest benefits will go to early liquidity providers.
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 the smart contracts have been updated, audited and imply “enhanced security measures”.
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Boosted rewards from the 17.8M $KNC 2023 ecosystem growth fund allocated by @KyberDAO, along 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 this phase of yield farming, 274,000 KNC and 152,000 ARB have been allocated to user rewards.
In April, the Kyber Network team recommended that liquidity providers withdraw funds from the Elastic product after a potential vulnerability was detected.