KyberSwap DEX Launched On Arbitrum’s Layer-2 Network

KyberSwap DEX launched on arbitrum’s layer-2 network to help users get around the Ethereum network congestion with high gas fees so let’s read more today in our today’s latest cryptocurrency news.

KyberSwap DEX launched on Arbitrum’s layer-2 network and the move puts it as the seventh network or scaling solution along with ETH, Polygon, Fantom, Avalanche, Cronos, and BSC. KyberSwap joins SwaprETH, Curve Finance, Balancer LAbs, SushiSwap as the DEXs available on Arbitrum at the time of writing. The KyberSwap team pointed to Ethereum’s network congestion and the cost of on-chain transactions as problems that can be solved via layer-2 scaling and other efforts. The cost of transactions on Ethereum is quite low at 28 gwei according to Etherscan. However, fees can spike to over $100 during periods of congestion and by comparison, gas fees on Arbitrum range from $0.50 to $0.69 as per the L2 data aggregator L2 fees.

🚀KyberSwap DEX Aggregator Launches Integration with L2 Scaling Solution @OffchainLabs #Arbitrum Network
Trade tokens on #KyberSwap at faster speeds and with lower costs, with the best rates!

🔄 Trade and earn now: https://t.co/Yl4MTlr0di

📖Learn more: https://t.co/ksSu1YjQkt pic.twitter.com/sUI00hnsk5

— Kyber Network (@KyberNetwork) March 7, 2022

Decentralized app data aggregator DappRadar ranked KyberSwap at 76^th place comapred to other DEXs. Since the weekend, it has experienced a huge increase in activity with total users increased 350% to 19,870 with daily transactions volume jumping to 31% to about $610,000. in addition to the daily users and the tradign volume, the new integration could have helped the total value locked on Arbitrum and the dive-day downturn with the current TVL on Arbitrm is $3 billion as per the layer-2 ecosystem tracker L2Beat but Arbitrum is the leading L2 network by a clear margin with dYdX in another place with $965 million in TVL.

Arbitrum was the only L2 to see the net growth in users by addresses last week and outpaced the growth rate of BNB Smart Chain as well as another well-established layer 2 solution. There were 46,200 total unique addresses on Arbitrum at the end of February and a 12.7% spike from the previous week. The recent volatility on Kyberswap’s TVL is reflective of the activity in the DEFI space and across the entire DEFI ecosystem, the TVL has been on a slow downtrend from the peak of $180.7 billion to $105.3 billion according to DappRadar.

Arbitrum is the largest Ethereum layer 2 blockcahin that has $3 billion in total value locked and offers lower fees of up to 10 times than Ethereum’s. also, the exchange FTX and Binance support ETH deposits and withdrawals on Arbitrum. Initially available on Ethereum, the protocol expanded to Fantom which is a scalable ETH alternative for dapps and DEFI. A few months later, Arbitrum became the third blockchain network that the company provided support for. Yearn will launch on Arbitrum with one vault, Curve’s triCrypto that will hold wrapped BTC, Tether, and Ethereum.