Kyber Network announced the launch of DEX KyberDMM on Fantom Network. It is the first multi-chain dynamic market maker in the DeFi field. It is now available to traders on the Fantom chain to help them exchange tokens at the best price and allow Liquidity providers get higher returns.
The KyberDMM beta version has been successfully launched on Ethereum, Polygon, Binance Smart Chain and Avalanche networks before, with a current transaction volume of more than 2 billion US dollars and a fee income of more than 4 million US dollars for liquidity providers , the total locked-up volume (TVL) reached 500 million USD at its peak.
Now, KyberDMM has officially landed on the Fantom blockchain, aiming to provide liquidity providers with better capital efficiency and provide traders on different blockchain chains with the best token prices.
Fantom is a high-speed, secure and highly scalable asynchronous distributed ledger that allows users to develop smart contract applications with extremely low transaction fees. At this stage, the Fantom ecosystem is developing rapidly, with the total locked position on the chain reaching 5.5 billion US dollars, and hundreds of Dapps have been deployed. In addition, Ethereum assets can be easily migrated through Fantom Bridge, and KNC (Kyber Network Crystal) tokens will be supported soon.
KyberDMM DEX has some key advantages over "traditional" automated market makers and token exchange services, such as KyberDMM's ability to achieve higher capital efficiency with extremely low slippage, while reacting quickly to market conditions to optimize Liquidity provider fees to maximize capital utilization. In addition, KyberDMM DEX also provides a new dynamic transaction routing function, allowing traders to aggregate liquidity from various DEXs on the Fantom blockchain to discover the best token prices.
The main functions of Kyber DMM DEX include:
1. Dynamic transaction routing:This is a brand new trading algorithm developed by the Kyber team, which enables KyberDMM to find the best trading path and can split the transaction through multiple DEXs to find the best price for any token exchange.
2. Enlarge the liquidity pool:Liquidity providers can flexibly create or choose liquidity pools with amplification factors, which will help achieve higher capital efficiency, and also mean that liquidity providers only need to provide less funds to obtain the minimum Slippage and better token rates.
3. Dynamic transaction fees:KyberDMM will adjust fees according to market conditions (such as: trading volume and price fluctuations), aiming to reduce the impact of impermanent loss and maximize the return of liquidity providers.
After launching on the Fantom chain, KyberDMM's dynamic transaction routing function will support six DEXs, namely: Spritswap, Spookyswap, Curve, Sushiswap, Jetswap, and Paintswap. More than 5,000.
Through KyberDMM, traders can exchange tokens at the best price. Any DApp or DEX aggregator can use KyberDMM's application program interface (API) to obtain the best interest rate data. KyberDMM API supports various DeFi DApps , such as decentralized transactions, liquidity provision, income farming, liquidity mining, etc.
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About Fantom Network
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About Kyber Network
Kyber Network aims to provide a sustainable liquidity infrastructure for the DeFi market. As a liquidity center, Kyber supports the connection of liquidity from different DeFi protocols and sources (such as KyberDMM), providing Dapps, aggregators, DeFi platforms and retail users Best deal price.
Anyone can contribute liquidity to Kyber Network, and Dapps can integrate different protocols according to their own liquidity needs. Using Kyber, developers can build innovative applications, including real-time token exchange services, decentralized payment flows, and financial DApps. Kyber Network hopes to build a world where encrypted tokens can be used without restrictions anytime, anywhere.
Since its inception, Kyber has supported more than 100 integrated projects and facilitated transactions worth over $7 billion.
