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KyberSwap shifts to Arbitrum network to avoid Ethereum network congestion and high gas rate

The decentralised exchange has shifted to Arbitrum in order to enable customers to avoid Ethereum network congestion and high gas prices.

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.”

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. 

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Vaishali Goel
Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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