KyberSwap, a decentralised exchange (DEX) aggregator, has switched to the Arbitrum network, a layer-2 Ethereum scaling solution. Kyberswap joins Ether (ETH), Polygon (MATIC), Fantom (FTM), BSC (BNB), Avalanche (AVAX), and Cronos as the eighth network or scaling solution (CRONOS). KyberSwap joins other DEXs such as SwaprEth, Balancer Labs, Curve Finance, and SushiSwap which are already available on Arbitrum.The KyberSwap team cited Ethereum network congestion and the cost of on-chain transactions as issues that may be addressed “through Layer-2 scaling and other measures.”
🚀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
According to Ethereum network tracker Etherscan, the average cost of a transaction on Ethereum is now fairly low at 28 gwei ($1.48). During periods of high demand, however, costs can skyrocket to more than $100. According to L2 data aggregator L2 Rates, gas fees on Arbitrum range from $0.50 to $0.69. DappRadar, a data collector for decentralised apps (DApps), ranks KyberSwap #76 among other DEXs.
The new integration helped Arbitrum’s total value locked (TVL) cease a five-day decline. According to layer-2 ecosystem tracker L2Beat, the current TVL on Arbitrum is $3 billion. Arbitrum is the clear leader in L2 networks, with dYdX coming in second with $965 million in TVL. Arbitrum was the only L2 solution to exhibit a net increase in users by new addresses last week, surpassing BNB Smart Chain, Ronin, and other well-established layer-2 solutions.
