The team at Kyber stated that users were left frustrated by high gas prices and network congestion on Ethereum. They needed to find Layer-2 scaling solutions like Arbitrum to fix it.
The multi-chain, decentralized exchange (DEX), and aggregation platform KyberSwap’s announcement of its launch on the scaling solution – Arbitrum network – was to allow users to trade faster and more cheaply.
According to the blog post, Arbitrum was the seventh scaling solution that has deployed KyberSwap. The DEX aggregator was previously live on the following networks: Ethereum (ETH), Polygon(MATIC), Binance Smart Chains (BSC), Avalanche [AVAX], Fantom (FTM) and Cronos (CRONOS).
Although Ethereum is still the DeFi leader and a strong contender, it has seen its adoption skyrocket to the limit. Recent years have seen a dramatic rise in transactions fees, which has triggered uncontrolled congestion.
Victor Tran, CEO and Co-Founder of Kyber Network, spoke out about the difficulties in scaling and solving congestion, gas fees and slippage in decentralized infrastructures. He then went on to say,
“This partnership between KyberSwap & Arbitrum is a major step forward in creating the best user experience for users and a robust and extensible trading API to partners.”
Increased Activity on KyberSwap & Arbitrum
DappRadar’s latest statistics showed that KyberSwap users have reached an average transaction volume of 20k as of March 6. The platform saw transaction volumes rise to over $800k and transactions reached a new peak of 21k during the weekend.
Despite prominent Layer-2s’ on-chain activity being slow over the past few month, Arbitrum has seen a steady increase in TVL and even a rise to nearly $3 billion since the integration. According to L2beat data, Arbitrum continues to lead Layer 2 networks with 54% market share.
Arbitrum has enjoyed significant adoption since its inception in August 2021. Arbitrum was created to fix some of the problems with Ethereum-based smart contract. It integrated four decentralized exchange protocol protocols, KyberSwap and other Ethereum-based smart contracts.
This latest integration is less than a month following Yearn Finance’s announcement of launching the Ethereum Layer-2 solution. 1inch Network, a prominent DEX aggregator, recently announced its plans to expand to Abritrum in order to lower transaction fees.
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