KyberSwap DEX launches on later two network Arbitrum
Decentralized exchange (DEX) aggregator KyberSwap has launched on the layer-2 Ethereum scaling solution Arbitrum network.
The move puts Kyberswap on its seventh network or scaling solution along with Ethereum (ETH), Polygon (MATIC), Fantom (FTM), BSC (BNB), Avalanche (AVAX), and Cronos (CRONOS).
KyberSwap joins SwaprEth, Balancer Labs, Curve Finance, and SushiSwap as the DEXes available on Arbitrum as of the time of writing.
KyberSwap DEX Aggregator Launches Integration with L2 Scaling Solution @OffchainLabs #Arbitrum NetworkTrade tokens on #KyberSwap at faster speeds and with lower costs, with the best rates! Trade and earn now: https://t.co/Yl4MTlr0diLearn more: https://t.co/ksSu1YjQkt pic.twitter.com/sUI00hnsk5
The KyberSwap team points to Ethereum network congestion and the cost of on-chain transactions as problems that can be solved “through Layer-2 scaling and other efforts.”
The average cost of a transaction on Ethereum (ETH) is currently quite low at 28 gwei ($1.48) according to Ethereum network tracker Etherscan, but fees can spike to over $100 during periods of congestion. By comparison, gas fees on Arbitrum range from $0.50 to $0.69 according to L2 data aggregator L2 Fees.
Decentralized App (dApp) data aggregator DappRadar ranks KyberSwap #76 compared to other DEXes. It has enjoyed a tremendous increase in activity since March 5 as total users have increased 350% to 19,870 and daily transaction volume has jumped 31% to about $610,000.
In addition to daily users and trading volume, the new integration may have helped total value locked (TVL) on Arbitrum end a five-day downturn. The current TVL on Arbitrum is $3 billion according to layer-2 (L2) ecosystem tracker L2Beat. Arbitrum is the leading L2 network by a clear
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