Two of the crypto industry’s most respected projects in Kyber Network (KNC) – an on-chain liquidity protocol – and Decentraland (MANA) – a virtual reality platform powered by the Ethereum blockchain network – have today announced an integration that will undoubtedly make participating in the Decentraland ecosystem a lot more feasible to the average user.
Specifically, Kyber has integrated its decentralized liquidity protocol with Decentraland. This means that, instead of firstly being required to obtain MANA tokens, people can now also participate in Decentraland’s LAND auctions by paying with any one of eight different ERC20-compliant tokens.
According to Monday’s announcement, these eight Ethereum-based tokens are as follows: Binance Coin (BNB), Zilliqa (ZIL), Status Network Token (SNT), Ripio Credit Network (RCN), Kyber Network Crystal (KNC), ælf (ELF), and the two tokens native to MakerDAO’s dual-token model (i.e., MKR and DAI).
Worth noting is the fact that Kyber’s smart contracts convert the LAND buyer’s ERC20 token to MANA before the Decentraland contracts validate the amount of MANA received/traded.
Benefits of the Kyber-Decentraland integration will be realized almost immediately, with the Decentraland team declaring the commencement of its LAND auction earlier on Monday.
Decentraland’s LAND Auction has started! As of right now, through December 23rd, the remaining unowned LAND in Genesis City is up for grabs. Get started at https://t.co/9Qcc0jbgmx, or learn more on our blog: https://t.co/FLoFq5s1d2 pic.twitter.com/0r3GQz7nEH
— Decentraland (@decentraland) December 10, 2018
The auction – which will run until December 23rd – marks the second-ever LAND auction held on the Decentraland Marketplace, with the first having taken place in December of 2017. Purchasable are the 9,300 LAND parcels – (virtually) located in Decentraland’s Genesis City – that failed to sell in last year’s inaugural auction (which itself saw 34,356 parcels sold).
Now integrated with Kyber Network’s liquidity protocol – not to mention fresh off having its MANA token listed on Coinbase Pro – it will be interesting to observe how much value the public places on the remaining LAND in Decentraland’s Genesis City. Certainly, anyone looking to make a purchase in this LAND auction will find doing so far simpler than in the past – all thanks to Kyber Network’s integration.