Kyber Network has just announced that its multi-chain decentralized exchange (DEX) aggregator and liquidity protocol KyberDMM is now out of beta.
Along with its launch, the DEX is rebranding to KyberSwap amid the rollout of several new features.
Some of the most important new features include a novel aggregation algorithm, which allows KyberSwap to find the best quotes for assets issued on five different chains, across 28 DEXs as well as KyberSwap’s own liquidity pools.
KyberSwap pools are currently available on five different chains: Ethereum, Polygon, Binance Smart Chain (BSC), Avalanche, and Fantom.
Token swaps are also routed through other DEXs like Uniswap, Sushiswap, and Curve on Ethereum, Pancakeswap on BSC, Quickswap on Polygon, TraderJoe and Pangolin on Avalanche, and SpiritSwap and SpookySwap on Fantom.
The DEX is also launching a feature called Single Token Deposit, letting users provide liquidity with one token and receive the corresponding liquidity provider (LP) tokens to earn fees.
In the previous version of the protocol, to add liquidity to a KyberSwap pool, users were required to deposit a pair of different token types.
“The liquidity provider can just deposit Token A and KyberSwap will calculate the exact amounts required for these two tokens in the pool. Some Token A then gets swapped to Token B using KyberSwap’s liquidity and both tokens get deposited into the pool,” Loi Luu, CEO and co-founder of Kyber Network told Decrypt.
Luu added that the new feature is designed to let liquidity providers receive the corresponding LP tokens representing the liquidity position without any tiny “dust” tokens remaining.
To make it easier to integrate token swaps into decentralized applications (dapps) and enjoy liquidity aggregation for the best rates, KyberSwap is also rolling out an improved API for developers.
Kyber Network eyes more integrations
Kyber Network plans to deploy on the NEAR protocol, a smart contract-capable platform for dapps, with more integrations to come at a later stage.
According to Luu, Kyber Network is working closely with the NEAR team to prepare the deployment and it should be ready around the end of December or early next year. However, there’s no confirmed date yet.
Integrating other networks will follow the usual path, which requires gathering token and other on-chain data, as well as preparing a cross-chain bridge to transfer KNC, Kyber Network’s native token, from the corresponding network.
“Research on which DEXs to integrate to give users the best swap rate is required too,” Luu told Decrypt, adding that any launch also depends on the new chain’s roadmap and readiness of the infrastructure.
When asked what it will take for the Kyber Network to stay competitive in the fast-evolving DeFi space, Luu said that Kyber has been one of the sector’s leading players for the last four years, building an excellent reputation when it comes to protocol security and user experience.
“It is very easy to fork innovative ideas in the open-source web3 space, so having unique advantages on all fronts is key to maintaining our competitive edge,” said Luu. “We have also launched revolutionary initiatives that added tremendous value to the ecosystem (e.g. Wrapped Bitcoin (WBTC), so we have a very strong community and DeFi partner network.”
Kyber Network currently has a little over $75 million in total value locked, the majority of which is on Ethereum, according to DeFi Llama. Whether the launch of KyberSwap will boost this figure remains to be seen.