Kyber Network was one of the first decentralized ways to exchange cryptocurrency without using a centralized exchange or buying direct peer-to-peer or from websites. It even predates Uniswap.
In that sense, it has a hallowed pedigree. After being one of the largest decentralized exchanges (DEX) for a while, they have experienced challenges with new competitors coming into the ecosystem. Still, Kyber continued progressing and became a liquidity hub that remains an efficient, decentralized way to deploy the cryptocurrency you have to earn fees and swap different assets at great rates – entirely on-chain.
What Is Kyber Network?
Kyber Network is a blockchain-based liquidity hub that connects crypto liquidity from a host of sources and protocols to offer any currency pair the user desires.
Its flagship protocol, KyberSwap, is a DEX aggregator and liquidity protocol that achieves the best rates for crypto traders through liquidity aggregation while providing capital-efficient and higher returns for liquidity providers.
KyberSwap is currently deployed on Ethereum, Polygon, BSC, Avalanche, Fantom, and Cronos networks, with plans to expand to more networks in the near future (e.g. NEAR/Aurora).
The combined total value locked (TVL) from integrated DEXs has exceeded $26B, with over 20,000 tokens supported. KyberSwap alone has successfully transacted over $4B in trading volume and provided over $20M in fees for liquidity providers.
How Does KyberSwap Work?
As a DEX aggregator, KyberSwap sources crypto liquidity from over 30 different DEXs such as Uniswap, Sushi, Curve, QuickSwap, PancakeSwap, TraderJoe, Pangolin, SpookySwap, SpiritSwap, VVS Finance, and many others (including KyberSwap pools) to achieve the best swap rates for traders. This is done on supported blockchain networks such as Ethereum, Polygon, BSC, Avalanche, Fantom, and Cronos.
Effectively, and in theory, you can swap at better rates compared to using individual DEXs, and get anything you want with anything you have and use it anywhere. You can be a trader, and buy/sell any of the assets with liquidity.
For example, if you have BAT and want to trade for USDC, KyberSwap finds the best trade route through different DEXs and gives you the best rate. After the swap occurs, the USDC is then sent to your wallet in the same transaction. All this occurs on-chain, with all the security and transparency that implies.
In addition, you can act as a market maker/liquidity provider, pooling assets into KyberSwap pools to earn APR fees from others trading your assets (note that there is still a risk of impermanent loss). KyberSwap pools are capital efficient, so liquidity providers achieve better slippage with less capital compared to other DEXs. Pools also have special dynamic fees that capture more fees for you over time. Yield farming campaigns on KyberSwap allow you to earn bonus rewards on top of fees.
Any dApp, Wallets, Dexs, Aggregators, or User can plug into Kyber’s liquidity pools or enjoy its aggregation function by using their top-notch development and integration tools.
How Good is KyberSwap?
Kyber’s KyberSwap DEX aggregator protocol is an excellent example of “here’s what I have, here’s what I need” that’s very intuitive to use and why it has a strong future – especially if it broadens its reach to other blockchains and expands the Makers/liquidity pools on its network. KyberSwap makes trading more efficient and saves time and money for thousands of users using its seamless user interface.
It is one of the world’s most used DeFi liquidity protocols, as the integration for dApps is seamless thanks to the excellent quality of their developer kits. The only potential downside is what’s known as the “liquidity wars” within decentralized exchanges – all fighting for user liquidity to get more trade volume sent through their protocol.
KyberSwap is already integrated by over 100 Dapps such as Coin98 Wallet, DEXTools, Kattana Trade, Rome Terminal, as well as other aggregators such as 1inch, Paraswap, 0x API, Matcha, and Slingshot.
Top data analytics sites such as CoinGecko, Coinmarketcap, DeFi Pulse, DeBank, DeFi Llama, vfat.tools, APY.vision, Token Terminal, The Graph, and DEXTools are also tracking KyberSwap statistics.
KyberSwap is committed to security. It has been audited by Chain Security and is open source on Github for community review. In addition, KyberSwap doesn’t use 3rd-party oracles so it is not vulnerable to external oracle risks and it is covered up to $20 Million by the decentralized insurance provider, Unslashed Finance.
KyberDAO and KNC
Kyber Network is run by a DAO, whose membership is made up of holders of their Kyber Network Crystals ($KNC). $KNC holders vote on setting fees, adding new protocols, and other important growth proposals that are put forward. KNC by default is an ERC-20 token, but the team has rolled out support for $KNC to other chains such as Polygon, BSC, Avalanche, and Fantom. One of the innovations around KyberDAO is that users who stake their KNC are able to earn more KNC than the network generates from trading fees.
The only downside to this is that Ethereum network fees can be a burden for some of the smaller holders when attempting to claim. The team will be introducing a new DAO design to address this issue.
The KNC token will continue to play an increasingly important role, incentivizing trading and liquidity, as well as enabling governance. KNC token holders will benefit from the growth of KyberSwap and other protocols on the Kyber Network.
Kyber Network has a great use-case and simple offering, with fantastic integration software – it just needs to keep growing!
How can I get KNC?
Getting KNC is easy on Numio. You can use your credit or debit card to purchase ETH or USDC, which can then be exchanged for KNC*, you can swap or trade it for other ERC-20 tokens (up to 100x cheaper than other wallets), and you can send or receive it as payment. Whatever way you choose you can be sure that you are always in full control of your KNC.
*L2 trades for other tokens coming soon”
Download Numio to get Kyber Network Crystal
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