KyberSwap Expands its Horizons
In a bold move, the decentralized exchange (DEX) aggregator KyberSwap has officially launched on the Arbitrum network—a notable layer-2 scaling solution for Ethereum. This marks the seventh network for KyberSwap, a testament to its growth alongside Ethereum (ETH), Polygon (MATIC), Fantom (FTM), Binance Smart Chain (BSC), Avalanche (AVAX), and Cronos (CRONOS).
Joining the Arbitrum Party
KyberSwap now stands shoulder to shoulder with other heavyweights like SwaprEth, Balancer Labs, Curve Finance, and SushiSwap, all available on Arbitrum. This expansion means traders can now enjoy faster transactions and lower costs—two things every crypto enthusiast dreams about, especially when dodging those pesky gas fees.
The Cost of Transactions
Speaking of gas fees, the KyberSwap team is keen to highlight the conundrum many face on the Ethereum network—high congestion and transaction costs. Currently, on Ethereum, average transaction costs hover around 28 gwei, equating to about $1.48. However, don’t get too comfy; those fees can spike above $100 if a crypto bandwagon happens to roll through. Compare that with Arbitrum, where gas fees remain friendly at about $0.50 to $0.69, making it a delightful alternative.
Activity Surges on KyberSwap
Since launching on Arbitrum, KyberSwap has witnessed an explosive increase in activity. User numbers skyrocketed by 350%, reaching 19,870, while daily trading volume has also surged by 31%, totaling approximately $610,000! Talk about a crypto party!
Overall Impact on Arbitrum
The new integration seems to have breathed life back into the total value locked (TVL) on Arbitrum, reversing a five-day downturn. Currently, the TVL stands at a healthy $3 billion, making Arbitrum the king of Layer-2 solutions. Notably, dYdX sits far behind at $965 million in TVL.
A Growing Ecosystem
Arbitrum has emerged as the only layer-2 network that saw a net increase in user addresses last week, reveling in a 12.7% growth with 46,200 unique addresses. While the DeFi ecosystem at large is experiencing a downturn in TVL, down from its November 10 peak of $180.7 billion to $105.3 billion as per DappRadar, the future looks bright with KyberSwap in the mix!
