KyberSwap Launches on L2 Scaling Solution Arbitrum Network

KyberSwap, a next-gen DEX aggregator and liquidity protocol, announced its launch on Arbitrum in response to an increasing need for faster and cheaper trades to KyberSwap.

Arbitrum, a Layer-2 scaling solution, aims to reduce transaction fees and congestion by moving as much computation and data storage off of Ethereum’s main blockchain (layer-1) as it can while retaining the security from Ethereum.

This partnership will give KyberSwap users near-instant transaction finality and low transaction fees without sacrificing security.

KyberSwap, currently deployed on Ethereum, Polygon, BSC, Avalanche, Fantom, and Cronos networks, has added Arbitrum as its seventh deployment site to improve traders’ fees and fairer trading experience.

“With decentralization comes challenges. Our current DeFi ecosystem with network congestion, high gas fees, and slippage creates barriers against a seamless decentralized economy.”

“This partnership between KyberSwap and Arbitrum for Ethereum chain transactions is a big step forward towards creating the fastest, cheapest, and most seamless experience and will be a win for all our users.” – Victor Tran, CEO, and Co-Founder, Kyber Network.

In addition, KyberSwap has already integrated four DEXs protocols on Arbitrum, including Swapr, Curve, Balancer, and Sushiswap.

KyberSwap has a strong reputation as one of the long-standing blue-chip DeFi projects. The KyberSwap codebase has been audited by external auditors such as Chain Security while remaining open source on Github for community developers to review.

KyberSwap also covers up to $20 million by decentralized insurance provider Unslashed Finance.

About Arbitrum

Arbitrum, a type of technology known as an optimistic rollup, is a layer 2 solution designed to improve the capabilities of Ethereum smart contracts — boosting their speed and scalability while adding in additional privacy features.

It allows Ethereum smart contracts to scale by passing messages between smart contracts on the Ethereum main chain and those on the Arbitrum second layer chain.

Much of the transaction processing is completed on the second layer, and the results are recorded on the main chain — drastically improving speed and efficiency.

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 create a world where any token is usable anywhere.

Kyber is powering more than 100 integrated projects and has facilitated over US$7 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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Source: https://beincrypto.com/kyberswap-launches-on-l2-scaling-solution-arbitrum-network/