With 6 other networks already available, the KyberSwap DEX will now have the Arbitrum Network for faster transactions and lower fees.
As part of the new initiative, the decentralized exchange KyberSwap will enable users to trade their tokens on Arbitrum. It already supports other networks including Ethereum, Polygon, BSC, Avalanche, Fantom, and Cronos.
According to the official post, the partnership between Kyber Network and Arbitrum has been in discussion since ETH Denver 2022. The collaborative efforts will attempt to eliminate high fees on the Ethereum network via L2 scaling.
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Since its launch in 2021, the Arbitrum Network has been a top L2 scaling choice for its secure transactions and significantly lower gas fees. With it, KyberSwap will be eliminating dynamic fees, and enable static ones ranging from 0.01% to 1%, meaning that "a retail user with a transaction worth USD$1,000 would pay a maximum of USD$10."
The KyberSwap market maker, launched back in 2019, boasts itself for having one of the best trading rates and staking with high-yield returns. It supports over 20K different tokens, and, with the new network under its wing, it will be the fifth DEX to support Arbitrum.
The CEO of Kyber Network Victorn Tran spoke on the collaboration with Arbitrum, stating:
"With decentralization comes challenges of scaling, and solving for congestion, gas fees and slippage bring us closer to a truly seamless decentralized economy. This partnership between KyberSwap and Arbitrum is a big step forward towards creating the most user-friendly experience for users, as well as robust and highly extensible trading API for partners."
At the moment of writing this article, the Kyber Newtork native token (KNC) has been on the rise for the past month. However, it is currently down by 5.28%, averaging $2.32 over the past 24 hours.