KyberSwap DEX announced layer-2 network Arbitrum: escape Ethereum network congestion

KyberSwap launched on Ethereum’s layer-2 Arbitrum network.

Moved to Arbitrum to help customers escape Ethereum network congestion and expensive gas prices.

KyberSwap, a decentralized exchange (DEX) aggregator, has launched on Ethereum’s Arbitrum network, which uses Ethereum’s layer-2 scaling solution. The decentralized exchange has moved to Arbitrum to help customers escape Ethereum network congestion and expensive gas prices.

As the ninth network or scaling option, Kyberswap joins Ether (ETH), Polygon (MATIC), Fantom (FTM), BSC (BNB), Avalanche (AVAX), and Cronos (CRONOS).

Why did Kyberswap move to layer-2 scaling?

Ethereum network congestion and the cost of on-chain transactions, according to the KyberSwap team, are concerns that may be remedied “via Layer-2 scaling and other measures.”

According to Ethereum network tracker Etherscan, the average cost of a transaction on Ethereum is now fairly low at 28 gwei ($1.48). During moments of high congestion, however, costs might reach above $100. Gas rates on Arbitrum range from $0.50 to $0.69, according to L2 data aggregator L2 Rates.

DappRadar, a data collector for decentralized apps (DApps), ranks KyberSwap #76 among DEXs. It has seen a remarkable spike in activity since Saturday, with total users up 350 percent to 19,870 and daily transaction volume up 31 percent to around $610,000.

The new connection may have helped Total Value Locked (TVL) on Arbitrum stop a five-day decline, in addition to daily users and trading volume.

Gas rates on Arbitrum range from $0.50 to $0.69, according to L2 data aggregator L2 Rates. Arbitron is by far the most popular L2 network, with $965 million in TVL coming in second.

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Increase in the number of users

Last week, Arbitrum was the only layer-2 solution to witness a net increase in users by new addresses, surpassing BNB Smart Chain, Ronin, and other well-known layer-2 solutions. There were 46,200 total unique addresses on Arbitrum in the last week of February, increasing 12.7 percent from the previous week.

KyberSwap’s recent volatility matches the broader activity in the Defi industry. Since peaking at $180.7 billion on Nov. 10, TVL has been on a gradual decline across the whole Defi ecosystem.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing