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KyberSwap DEX: Launch on Layer Two Network Arbitrum



 The decentralized exchange aggregator (DEX) KyberSwap was launched on the Ethereum scaling solution Arbitrum Network.


This makes Kyberswap the seventh network and scaling solution alongside Ethereum ( ETH ), Polygon ( MATIC ), Fantom (FTM), BSC ( BNB ), Avalanche ( AVAX ) and Cronos (CRONOS) .


Besides KyberSwap, there are also the DEXes SwaprEth, Balancer Labs, Curve Finance and SushiSwap on Arbitrum.



The KyberSwap team stated that key issues on the Ethereum network are network congestion and the cost of on-chain transactions. This can be solved "through layer-two scaling and other options".


Currently, a transaction on Ethereum ( ETH ) costs an average of 28 gwei ($1.48 ), according to Ethereum network tracker Etherscan . This makes the fees quite low, but when congested, the fees can spike to over $100. In comparison, gas fees on Arbitrum range from $0.50 to $0.69 , according to L2 data aggregator L2 Fees .


dApp data aggregator DappRadar ranks KyberSwap 76th compared to other DEXes. Since March 5, activity has increased tremendously, with total users up 350 percent to 19,870 and daily transaction volume up 31 percent to approximately $610,000.


Along with the influx of daily users and increased trading volume, this new integration may also have ended a five-day downturn in total locked-in value (TVL) on Arbitrum. The current TVL on Arbitrum is $ 3 billion , according to Layer Two ecosystem tracker L2Beat . Arbitrum is by far the leading L2 network. dYdX is second with a TVL of $965 million.


Arbitrum was the only L2 network to see a net increase in new addresses over the past week . With this, the network has exceeded the growth rates of BNB, Ronin and other established L2 solutions. In the last week of February there were a total of 46,200 addresses on Arbitrum. This corresponds to an increase of 12.7 percent compared to the previous week.


The recent volatility in KyberSwap TVL reflects activity in the DeFi space more generally. Across the DeFi ecosystem, TVL has fallen from $180.7 billion to $105.3 billion since the Nov. 10 peak, according to DappRadar.

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