Decentralized Exchanges (DEXs) are undoubtedly on the agenda in 2023. Especially after what happened with FTX. In 2022, KyberSwap, the largest decentralized exchange you probably didn’t know, processed billions of dollars in transactions for most platforms you know. Crypto expert Stu L delves into the altcoin project in detail.
KyberSwap’s 2022 review
As a DEX aggregator, KyberSwap’s role is to provide liquidity and great prices for exchanges. It does this across many different applications, protocols, and Blockchains. And you can’t have the deepest liquidity and best prices like Kyber does without working to continually improve your offerings. Here are some of what Kyber has accomplished in 2022.
1) Elastic Launch
In the summer, KyberSwap launched Elastic. Elastic’s goal is to give liquidity providers maximum flexibility in how and when to use their money to maximize their earnings. The way they do this is by allowing LPs to set customized ranges for each token pair. This also means better pricing and less slippage for us traders.
2) Integration with Multi-chain
This is a big thing in the name of interoperability as Kyber 14 runs on-chain. With this October integration, you can bridge any two Blockchains. Moreover, it is possible to do this seamlessly and as part of the same swap transaction. It’s hard to think of anything that makes DeFi easier and more accessible to people than that. Kyberswap allows anyone to move any cryptocurrency on any of 14 different Blockchains.
3) Transak partnership
If there is one thing that makes DeFi easier for humans than seamless bridging, then this could be an easier ramp to transition to crypto. Announcing the partnership with Transak in July allows people to participate directly in DeFi with:
- Debit or credit card
- bank transfer
Getting started in DeFi has never been easier. And with all the trading and farming options in KyberSwap, beginners don’t need to jump to 6 different protocols either.
4) Top tier 2 DEXs
cryptocoin.comAs you follow from , KyberSwap has been the top DEX for the major Ethereum Layer 2 networks Arbitrum & Optimism throughout 2022. Its growing relationship with liquid staking leader Lido Finance is one reason. Easy bridging between these Layer 2s and Ethereum itself is another reason. This is DEX number 3 on Polygon and it’s growing fast there too.
More people on Blockchain are discovering how easy it is to use KyberSwap. They keep coming back to use it again and again. You may have noticed the trend around these big 4 items. It’s all about making Kyberswap products and services:
- More accessible to more people
- More efficient for all users
- Easier to start
- It’s easier to make money
What’s the 2023 plan for altcoin?
The first great thing KyberSwap did in the new year was relocating to a beautiful new headquarters in Hanoi, Vietnam. And they’re making good use of this new space with a lot of things on their 2023 roadmap. As you can see from their 2022 achievements, they generally do what Kyber Network plans to do. Here are the touches for 2023:
1) Improving the UI/user experience in KyberSwap
The altcoin has seen how CeFi has had a negative impact on the entire industry last year. As we all do. So Goal #1 is to get more people to switch from CeFi to DeFi. This is already consistent with goals from previous years, such as expanding DeFi access to more people. Having a smooth, easy user experience is an important way to get more people to adopt DeFi. Both the user interface and the experience, the way users like us use KyberSwap will evolve over the next year.
A few tools to help in this area are adding limit orders and perpetual contracts for trading. Perpetual contracts, futures contracts with no future expiration date. They provide tons of volume boosts on GMX and dydx. So this is a smart move for KyberSwap. The team is also exploring other functions that traders and owners may want as potential additional features in the new year. Limit orders are already here:
Some other functions being researched currently include:
- Portfolio Management tools.
- Investing with DCA (dollar cost averaging) in a pre-programmed way so you can set it and forget it.
- Improvements to aggregator smart contracts so they can access better prices on more chains than they currently have.
2) More liquidity mining campaigns
Liquidity is a big theme for this altcoin project. This is because KyberSwap is one of the few places in crypto that currently has good liquidity. And it is looking for more, better and cheaper liquidity to offer in its DEX. The deal with Lido to work with both Lido Staked Ether and a packaged version was a big step forward to do more with liquid staking. But that’s not all Kyber has done. And they don’t stop with Lido either. This partnership will grow in 2023. The partnership with DEX and MAI stablecoin issuer QiDAO will also grow.
Starting with zkBOB and Umami Finance, the new Trading Grant program is attracting larger DeFi ecosystem players. The program is a group of trading competitions that includes using KyberSwap to trade or trade and earn Kyber’s native KNC token as a reward.
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