SINGAPORE - December 2 - Kyber Network announced that the KyberDMM DEX (dmm.exchange) has now completed its beta phase and has been rebranded to KyberSwap (kyberswap.com), while delivering important new features for traders and liquidity providers.
KyberSwap is a multi-chain DEX (decentralized exchange) aggregator and liquidity protocol that has significant advantages over typical AMM/DEX; offers traders the best interest rates and liquidity providers more High capital efficiency and returns.
The beta version of KyberDMM was previously launched on Ethereum, Polygon, BSC, Avalanche and Fantom. Total transaction volume has exceeded $3 billion, and thousands of liquidity providers have received over $35 million in fees and rewards. Dapps like Coin98 Wallet, Kattana Trade, Rome Terminal, and top aggregators like 1inch, Paraswap, 0x API, Matcha, and Slingshot have integrated the protocol for liquidity.
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New features of KyberSwap include:
• Upgraded aggregation algorithm:KyberSwap can now find the optimal path and find the best rates on five different chains through 28 DEXs (over $25 billion in combined liquidity for over 20,000 tokens), including KyberSwap's own liquidity pool .
• Single token deposit:Based on user feedback, the UI/UX has been significantly improved, and users can now provide liquidity through a single token and receive corresponding Liquidity Provider (LP) tokens to earn fees • Multi-chain scaling: Kyber will soon be deployed on NEAR (Aurora) and other networks provide more DeFi users with the best transaction and income experience.
• Improved Swap API for developers:first level title
Traders use the best rates to exchange
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Liquidity providers earn more rewards
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Benefits for Dapp Developers
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Reliable and Secure Infrastructure
KyberSwap is reliable and secure. The codebase has been audited by external auditors such as Chain Security and is open-sourced on Github for community review. KyberSwap does not use third-party oracles, so it is not susceptible to external oracle risk, and is underwritten by Unslashed Finance, a decentralized insurance provider, for up to $20 million.
As a core part of the KyberSwap protocol, the KNC token plays an increasingly important role in incentivizing transactions and liquidity, and facilitating governance. KNC token holders will greatly benefit from the growth of KyberSwap, especially as more transaction volume is generated over time.
Kyber's vision is to be a liquidity hub for the decentralized economy. KyberSwap will add substantial value to the DeFi ecosystem by providing liquidity aggregation (best interest rates) for traders, as well as high capital efficiency and dynamic fees (higher returns) for liquidity providers.
Kyber will continue to cooperate with the DeFi community and optimize and upgrade the KyberSwap protocol to acquire more users and increase transaction volume and TVL.
