KyberSwap DEX launches on Ethereum layer-two scaling solution Arbitrum

The decentralized exchange has moved into Arbitrum to help users to get around Ethereum network congestion and expensive gas fees.

KyberSwap DEX launches on Ethereum layer-two scaling solution Arbitrum

Decentralized exchange (DEX) aggregator  KyberSwap has launched on the layer-two Ethereum scaling solution Arbitrum network. 

The move puts cyberwar on its seventh network or scaling solution along with Ethereum (ETH), Polygon (MATIC), Fantom(FTM), Avalanche(AVAX), and Cronos(CRONOS). 

KyberSwap joins SwaprEth, Balancer Labs, Curve Finance, and SushiSwap as the DECex available on Arbitrum.

The Kyberswap team points to Ethereum network congestion and the cost of on-chain transactions as problems that can be solved "through Layer-2 scaling and other efforts."

The average cost of transactions on Ethereum (ETH) is now quite low at 28 ($1.48) according to Ethereum network tracker Etherscan, but fees can spike to over $100 during periods of congestion. By comparison, gas fees, on Arbitrum range from $0.50 to $0.69 according to L2 data aggregator L2 Fees. 

Decentralized App (dApp) data aggregator DappRadar ranks kyberSwap #76 compared to other DExes. it has enjoyed a tremendous increase in activity since March 5 as total users have increased 350% to 19,870 and daily transaction volume has jumped 31% to $610,000.

Also daily users and trading volume, the new integration may have helped total value locked (TVL) on Arbitrum end a five-day downturn. The current TVL on Arbitrum is $3 billion according to layer 2 (L2) ecosystem tracker L2Beat. Arbitron is the leading L2 network by a clear margin with did in second place with $965 million TVL

Arbitrum was the only L2 to see het growth in users by new addresses last week, outpacing the growth rate of BNB, Ronin, and other well-established L2 solutions. There were 46,200 total uniques addresses on Arbitrum in the last week of February a 12.7 spike from the previous week, 

According to DappRadar, Recent volatility on KyberSwap's TVL is reflective of the activity in the Defi space in general. Across the entire Defi ecosystem, TVL has been on a slow downtrend since the peak on Nov. 19 of $180.7 billion to $105.3 billion.

Read: TVL on Ethereum layer two surged to all-time high