KyberSwap cryptocurrency exchange is a decentralized exchange that was originally built on the Ethereum blockchain but has been forked on the Avalanche blockchain as well. The platform provides a simple and easy-to-use trading platform for users of the Avalanche blockchain network.
In general, KyberSwap functions as both a liquidity protocol and a DEX aggregator. The platform's overall objective is to make it as easy and hassle-free as possible for users to trade tokens. Additionally, maximizing the profits for the liquidity providers at all times along the process is another important goal. Through the use of its dynamic trade routing technology, KyberSwap obtains its liquidity from a number of other DEXs.
Gaining access to the platform is easy and straightforward. All you have to do is to connect your new or existing cryptocurrency wallet to the exchange and you are good to go. The platform does not require extensive KYC registration processes either. Furthermore, there are no country restrictions as users are welcome from all over the world.
As of writing, there are only 3 KyberSwap (Avalanche) trading pairs with the markets available being WAVAX, USDC, and DAI. It is expected that more trading pairs will be added as the platform grows. There is no KyberSwap (Avalanche) spot trading option available. Users can only swap tokens as a means of making trades.
In terms of Kyberswap (Avalanche) exchange fees, there is a 0.5% slippage price attached to all swaps made on the platform. Furthermore, there is no Kyberswap (Avalanche) crypto price paid to the platform for withdrawals or deposits. Charges incurred from these transactions are subject to the cryptocurrency network the user is transacting with. Deposits and withdrawals are only allowed in crypto.
The Kyber Network and the KyberSwap platform are both powered by the KNC token. Owners of tokens can vote and stake their tokens to ensure that they receive a share of the trading fees that KyberSwap generates.
Holders of KNC have the option to deposit their tokens in KyberDAO and cast votes on important matters. The Kyber ecosystem's collaboration entitles voters to a percentage of the trading fees earned on KyberSwap as well as other advantages.
The Trending Soon function of the exchange is also a crucial component. In essence, the function aids in making calculations utilizing trading volume, on-chain data, and trendlines that aid in speculating on upcoming token trends.
In addition, staking and farming are available on the KyberSwap (Avalanche) cryptocurrency exchange.
Besides, the Avalanche-based KyberSwap platform combined its Rainmaker liquidity-mining program with the Avalanche Rush program to reward liquidity miners with both KNC and AVAX tokens for liquidity mining in 7 pools provided by the program.
About the Company
2019 saw the Ethereum-based debut of KyberSwap. Besides, note that the KyberSwap cryptocurrency exchange was once known as KyberDMM. By changing its name, the company is demonstrating its dedication to developing a specialized DEX platform. KyberSwap was nevertheless introduced on Avalanche in September 2022. High throughput and almost immediate transaction finality characterize the smart contracts platform known as Avalanche. The growing DeFi community on Avalanche relies on KyberSwap to provide it with an essential liquidity infrastructure.
A $265,000 front-end exploit hit KyberSwap in September 2022. The founders said it was the first attack of this kind in the previous five years (counting from 2022). However, shortly after the attack took place, the malicious code was found and eliminated.
Victor Tran and Loi Luu are the co-founders of KyberNetwork. Luu concentrated on the development of blockchain security while earning his doctorate in computer science from the National University of Singapore. Tran has made a significant contribution to the growth of cryptocurrencies ever since 2016. He is a lead engineer for the open-source cryptocurrency project SmartPool, which was also co-founded by Luu, in addition to his work with KyberSwap.
In February 2023, the KyberSwap (Avalanche) trade volume was roughly $1,500. Look above to view the current KyberSwap (Avalanche) volume.