OpenLeverage Launches Mainnet on the KuCoin Community Chain
We are happy to announce that OpenLeverage has been deployed to the KuCoin Community (KCC) Chain! All associated contract addresses can be found here.
Since its launch in June 2021, KCC has shown enormous growth and potential as a new chain. Developed and supported by the KuCoin community, KCC is a high-performance, decentralized project that is scalable and is fully compatible with EVM and ERC-20 smart contracts. The KCC Chain utilizes Proof of Stake Authority (PoSA), which provides an efficient, secure, and robust ecosystem for users and projects.
OpenLeverage and KCC community members will now have access to more decentralized exchanges on KCC, such as MojitoSwap and KuSwap, and create any pair that has depth as well as long or short it. No permission is necessary to create a margin trading market for any specific pair with isolated and market-adjusted risk controls.
We have deployed onto the KCC Chain and have become early adopters of the ecosystem because we believe that KCC has a lot of potential to grow and develop, and can integrate and incubate more projects due to its excellent mechanism and product design.
Since our successful launch on Ethereum mainnet in December 2021 and on BNB Chain in February 2022, we have been improving our protocol and interface in the best interest of our community. We currently have grown to more than $150M trading volume, $10M in TVL, with thousands of active users.
KCC Lending Rewards
To incentivize market liquidity on KCC, we will distribute $OLE rewards to lenders based on participation. Any active KCC address can earn these rewards.
Lending rewards are currently limited to two transaction pairs:
Please note that trading pairs on Ethereum and the BNB Chain are not valid for these rewards.
- Connect your wallet to the OpenLeverage dApp and select “KCC Mainnet.” You can find more information on how to add KCC to your Metamask here.
- Lend in the two pairs above to participate in the campaign.
The total reward for the lending campaign is 300,000 $OLE. The campaign will last from April 12, 2022, at 12 PM UTC to April 18, 2022, at 12 PM UTC.
The following formula will be used to calculate the reward for each user:
In celebration of our launch, we are expanding our Referral Program onto the KCC Chain, where existing and new members can earn rewards for every new user they invite to use our protocol.
More details can be found here.
In the next 3–6 months, we plan to increase our multi-chain deployments, connecting top AMM DEXs across other EVM compatible chains. Avalanche and Polygon deployments are scheduled for Q2 2022 and will connect our community to top DEXs and enable hundreds, if not thousands, of token pairs for lending and margin trading.
Our native $OLE tokens and OpenLeverage DAO will launch soon to boost protocol usage with decentralized governance. From 2022 onwards, there will be extensions and enhancements to the protocol, with priorities including social trading, tranche lending with smart vaults, and limit order for margin trading.
Retroactive rewards will be airdropped to our community based on protocol usage (e.g., margin trading, lending, market creation, and liquidation facilitation). Rewards will be in our native token, $OLE.
About KuCoin Community Chain
KCC is a public chain project initiated and built by the developer community of KCS and KuCoin, aiming to solve the network latency and high gas fee of Ethereum. KCC is an EVM compatible blockchain and is striving to provide community users and developers with a higher-speed, more convenient, and lower-cost blockchain experience.
OpenLeverage, a permissionless lending and margin trading protocol, is deployed on Ethereum and the BNB Chain, with future multi-chain deployments planned. The permissionless design of the protocol allows users to launch a leverage trading market for arbitrary trading pairs, integrating with the liquidity provided on decentralized exchanges. OpenLeverage provides a permissionless, decentralized, scalable, and secure leveraged trading facility that serves the long tail and fast-growing DeFi market.