The decentralized exchange also called DEX, aggregator KyberSwap has launched on the layer-2 Ethereum scaling outcome Arbitrum system. Arbitrum is the dominating L2 network by an obvious margin along with dYdX in 2nd place with $965 million in TVL. The step settles Kyberswap on its 7th network or scaling outcome along with ETH, Polygon (MATIC), Avalanche (AVAX), Fantom (FTM), BSC (BNB)and Cronos (CRONOS). KyberSwap unites with SwaprEth, Balancer Labs, Curve Finance and SushiSwap as the DEXs accessible on Arbitrum.
The KyberSwap squad suggests Ethereum network congestion and the cost of on-chain transactions as troubles that can be deciphered through Layer-2 scaling and other actions. The cost of a transaction on Ethereum is quite low at 28 gwei ($1.48), as per the Ethereum network tracker Etherscan. Still, prices can change to over $100 during the time of congestion. If compared, gas fees on Arbitrum are from $0.50 to $0.69 as per L2 data aggregator L2 Surcharges. Decentralized App, DApp data aggregator DappRadar places KyberSwap #76 described in relation to others.
It has suffered a great boost in action, as entire users have boosted 350 percent to 19870 and daily transaction volume has leapt 31 percent to about $610000. To daily users and trading volume, the recent integration may have enabled total value locked on Arbitrum to end a 5-day decline. The recent TVL on Arbitrum is $3 billion. Current volatility on KyberSwap’s TVL is contemplative of the action in the DeFi space. Over the whole DeFi ecosystem, TVL has been on a lazy decline since the elevation on 10th November of $180.7 billion to $105.3 billion.