KyberSwap DEX expand to Arbitrum network

 

Kyberswap DEX expand to Arbitrum Network

Cheaper, faster, secure. KyberSwap aims to be the best place to trade all Ethereum tokens with expansion into Arbitrum Network.
As part of their ongoing strategy to widen adoption, the KyberSwap multi-chain DEX aggregator and liquidity protocol have been deployed across 6 networks (Ethereum, Polygon, BSC, Avalanche, Fantom, and Cronos), allowing KyberSwap to give the best token rates and achieving a Total Trade Volume of over US$6B.

To amplify and capitalize on this success, they are excited to share that KyberSwap will now expand to Arbitrum network, a Layer-2 scaling solution that enables near-instant transaction finality and low transaction fees without sacrificing security. This means KyberSwap users now have another convenient option to trade tokens at faster speeds and with lower costs while getting the best rates!

The challenge for retail traders with Ethereum network transactions is how expensive gas fees have become and the network congestion due to its popularity. This congestion leaves many users put off by the issues and exploring other chains, creating a need to solve it through Layer-2 scaling and other efforts.

“With decentralization comes challenges of scaling, and solving for congestion, gas fees and slippage bring us closer to a truly seamless decentralized economy. This partnership between KyberSwap and Arbitrum is a big step forward towards creating the most user-friendly experience for users, as well as robust and highly extensible trading API for partners,” Victor Tran, CEO, and Co-Founder, Kyber Network


What is Arbitrum?
Arbitrum is a suite of Ethereum scaling solutions that enable high-throughput, low-cost smart contracts while remaining trustlessly secure. Arbitrum’s extremely efficient roll-up technology is able to cut fees down to a fraction of what they would have been on Ethereum while its trustless security, rooted in Ethereum, allows anyone party to ensure correct L2 results. Combined with its scalability and high EVM compatibility, Arbitrum has already been deployed on a wide variety of Ethereum DApps.

Arbitrum

How do I switch my network to Arbitrum on KyberSwap?
On KyberSwap, simply click on the Ethereum button at the top to switch your network to Arbitrum or change your network via your Metamask Wallet extension directly.

kyberswap dex

*Do take note that ETH is the gas token for Arbitrum and is required to conduct transitions on the network.

How do I bridge assets between the Ethereum and Arbitrum networks?
To move Ether or ERC20 token assets from Ethereum to Arbitrum, simply use the Arbitrum Bridge.

When you are on the Arbitrum network on KyberSwap, click the ‘Bridge Assets’ button at the top of the page to access the bridge. Note that this button is not displayed if you are on the Ethereum network; change your network to ‘Arbitrum’ on your Metamask first.
The entire process is fast and simple. Please read this tutorial from the Arbitrum team to learn how!

Important Details:
Adaptation of fee: Adapting KyberSwap’s product to Arbitrum requires removing the element of dynamic fee. Instead, KyberSwap will support static fee options: 0.01%, 0.05%, 0.3%, 0.5%, 1% 
For example, a retail user with a transaction worth USD$1,000 would pay a maximum of USD$10. This means much lower fees, yet with Ethereum’s security, high throughput, and low latency.

How to Create a New Pool on Arbitrum Network:
Step 1: Ensure you are on the Arbitrum network.

Step 2: Go to the “Pools” page and click on the “Create New Pool” button on the right.

Step 3: Select the token pair for the pool you wish to create and input details such as the amount of tokens you wish to deposit, the AMP, and the static fee options (0.01%, 0.05%, 0.3%, 0.5%, 1%). Keep in mind that as the first liquidity provider for a new pool, the ratio of tokens you supply will set the initial price.

Step 4: Once ready, click “Create” and confirm the transaction on your wallet. You will be able to view your pool on the “Pools” page and under the “My Pools” tab.

How to Add Liquidity to an existing pool on Arbitrum:
Step 1: Ensure you are on the Arbitrum network.
Step 2: Click on the “Pools” page and select the token pool you wish to add liquidity to.
Step 3: Click on the “+” icon on the right to add liquidity and input the amount you wish to add, either as a token pair or a single token.
Step 4: Once ready, click “Supply” and confirm the transaction on your wallet. You can view your liquidity positions under the ‘My Pools’ tab.

About Kyber Network:
Kyber Network is delivering a sustainable liquidity infrastructure for DeFi. As a liquidity hub, Kyber connects liquidity from various protocols and sources to provide the best token rates to Dapps, aggregators, DeFi platforms, and traders.

Through Kyber, anyone can provide or access liquidity, and developers can build innovative applications, including token swap services, decentralized payments, and financial Dapps — helping to build a world where any token is usable anywhere. Kyber is powering more than 100 integrated projects and has facilitated over US$6 billion worth of transactions for thousands of users since its inception.

KyberSwap, the latest protocol in the liquidity hub, provides the best rates for traders and maximizes returns for liquidity providers.


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