KyberSwap, a decentralized exchange aggregator, has launched on Arbitrum network which is a layer-two Ethereum scaling solution. With this, KyberSwap has joined the likes of Curve Finance, SushiSwap, and SwaprEth as DEXes available on Arbitrum. Trading tokens on KyberSwap will now be faster and customers can take advantage of the lower costs and best rates.
The KyberSwap team highlighted that Ethereum network congestion and the cost of on-chain transactions can be solved through the Layer-2 scaling and other efforts. It should be noted that the average cost of transactions on Ethereum blockchain is currently low at 28 gwei – $1.48, as per Etherscan. During periods of congestions, fees can go over $100. Gas fees on Arbitrum, by comparison, range from $0.50 – $0.69.
DappRadar, a dApp data aggregator, positions KyberSwap at 76. Since March 5, the DEX aggregator has recorded a tremendous spike in activity as the total number of users has increased 350% to 19,870. Moreover, its daily transaction volume has increased by 31% to about $610,000. Analysts say the new integration may have helped total value locked (TVL) on Arbitrum end a five-day downturn. L2Beat, a layer-2 ecosystem tracker, stated that the current TVL on Arbitrum is $3 billion. It described Arbitrum as the leading L2 network by a clear margin. dYdX is in second place with $965 million in TVL.
Experts highlight that Arbitrum is the only L2 last week to have had a net growth in users by new addresses. It surpassed the growth rate of BNB, Ronin, and other well-established L2 solutions. In the last week of February 2022, there were 46,200 total unique addresses on Arbitrum – a 12.7% jump from the previous week.