KyberSwap (Polygon) is a cryptocurrency exchange that belongs to the Kyber Network. The exchange allows swapping more than 23,000 different tokens on different networks at the best prices. Users can make multi-chain swaps on Ethereum, Polygon, BNB Chain, Avalanche, Cronos, Fantom, Arbitrum, BTTC, and other networks, without having to verify the rates on numerous platforms. This allows them to save time and generate money by offering liquidity in order to earn fees in a secure and efficient manner.
In general, KyberSwap is a decentralized exchange (DEX) aggregator as well as a liquidity protocol. The goal of the platform as a whole is to make the process of trading tokens as simple and hassle-free as possible for users. In addition to that, another primary objective is to maximize the profits for the liquidity providers at all times throughout the process. KyberSwap gets its liquidity from a number of other DEXs by using its dynamic trade routing system.
KyberSwap (Polygon) crypto exchange has no KYC requirements. Also, it is available only on desktops. Besides, note that, initially, KyberSwap was launched on Ethereum. However, it was later also launched on other chains, including Polygon. You'll find more information about this below.
The exchange offers various KyberSwap (Polygon) spot trading markets. However, there are no options for margin or leverage trading. The exchange provides access to 26 different KyberSwap trading pairs as of writing this. The daily KyberSwap trade volume is the highest for JEUR/USDC trading pair which makes it the most active trading pair. Moreover, it is a crypto-crypto-only exchange.
The KNC token is a utility token that is used to power both the Kyber Network and the KyberSwap platform. Token holders have the ability to vote and stake their tokens in order to guarantee that they earn a portion of the trading fees that are generated by KyberSwap. The KNC token sale that took place in September 2017 brought a total of $52 million to the exchange.
There are 5 different tiers available for KyberSwap exchange fees, which range from 0.008% to 1% However, the exchange also has dynamic fees, which are adjusted dynamically based on market conditions. They maximize returns and reduce the impact of impermanent loss for liquidity providers.
KNC holders have the ability to invest their tokens in KyberDAO and vote on crucial issues. Voters are entitled to a portion of the trading fees made on KyberSwap as well as other benefits resulting from ecosystem cooperation on Kyber. KNC makes it possible for KyberDAO to mold the behavior of tokens and upgrade them, which makes KNC significantly more versatile and improves its ability to promote innovation and growth.
Moreover, another important feature of the exchange is the Trending Soon feature. In essence, the feature helps to make calculations using the on-chain data, trading volume, and trendlines that help to speculate the token trends that are about to happen in the near future.
In addition to this, the KyberSwap (Polygon) cryptocurrency exchange offers staking and farming as well.
About the Company
KyberSwap was launched in 2019 on Ethereum. Previously, the KyberSwap crypto exchange went under the name KyberDMM. The rebranding serves to signal the company's commitment to creating a specialized DEX platform. However, on September 22, 2022, KyberSwap was also launched on Polygon. The benefits brought by Polygon include lower fees, increased liquidity, and dApp integration.
In September 2022, KyberSwap suffered a $265,000 front-end exploit. The founders stated that it's the first attack of such type in the past five years (counting from 2022). However, after the attack happened, the malicious code was spotted and removed within a few hours.
The co-founders of KyberNetwork are Loi Luu and Victor Tran. Luu received his doctorate in computer science from the National University of Singapore, where he focused on the development of blockchain security. Since the beginning of 2016, Tran has been actively contributing to the development of cryptocurrencies. Apart from working with KyberSwap, he also holds the position of lead engineer on the open-source cryptocurrency project SmartPool, which was also co-founded by Luu.