KyberSwap, a DEX (decentralized exchange) aggregator, has integrated a cross-chain liquidity aggregation solution from Symbiosis Finance, a multichain liquidity protocol. Symbiosis disclosed the strategic partnership via its social media account. This integration will enable KyberSwap to facilitate seamless asset swaps across major EVM networks, providing better prices for its users.
Functioning as a multi-chain DEX aggregator, KyberSwap allows people to efficiently execute transactions on over 14 EVM chains, including BNB Chain, Avalanche, Ethereum, Optimism, Polygon, and many more. By using its native Dynamic Trade Routing technology that aggregates liquidity from more than 70 DEXs, KyberSwap enables traders to access the best prices at the lowest slippage.
KyberSwap Enabling Universal Web3 Interoperability
The above partnership shows KyberSwap’s move to expand its multi-chain swapping capabilities. The integration enables KyberSwap customers to seamlessly conduct multi-chain swaps using Symbiosis’s cross-chain technology that pools together liquidity from various EVM and non-EVM blockchains, including Layer-1 and Layer-2 chains.
According to data from market analyst Derar-Hadri, DEX aggregators experienced strong trading activity over the past 30 days, with Jupiter leading the sector with a trading volume of $20.6 billion despite a 10.4% decline. The greatest surprise originated from KyberSwap, which witnessed its trading volume surge by 98.8% to climb to $19.3 billion. OKX DEX, CoWSwap, and 1inch followed as they pumped 41.9%, 31.2%, and 22.2% growth, putting their trading volumes to currently stand at $14.4 billion, $14.2 billion, and $13.8 billion, respectively.
With the integration of Symbiosis’s cutting-edge cross-chain swap solution, KyberSwap expects a significant increase in trading volume and customer adoption. Using Symbiosis’ AMM model and on-chain liquidity pool system, KyberSwap users can now automatically swap liquidity into their target assets, enabling them to efficiently convert assets between preferred chains in a single transaction.
Symbiosis’s cross-chain solution is quite different from traditional DEX platforms. Its infrastructure supports multi-chain swaps between any blockchain that enables ECDSA and EdDSA’s hash-based key generation. This means that users can now take (for instance) an ERC-20 token and exchange it for Polygon or BNB Chain, or tokens built on Solana and many other networks.
Unlocking Crypto Adoption and Trading Opportunities
Resolving the two-sided challenge of interoperability and customer experience is crucial to attract the new wave of widespread crypto adoption. The customer experience in the cryptocurrency field is complicated, even for digital-savvy individuals; a big barrier for new customers from the mainstream audience.
By supporting advanced multi-chain swaps, Symbiosis offers a more efficient customer experience than existing DEXs, explaining why KyberSwap integrated the technology. Its multichain liquidity infrastructure facilitates cross-chain swaps across non-EVM and EVM networks. The use of its relayers and liquidity routers ensures efficient asset bridging without the need for manual bridging or wrapped assets.
This, in turn, enables customers not to miss trading opportunities. Using existing DEXs and centralized exchanges to execute token swaps between different networks involves a multi-step process that can take more than five minutes for settlement. The above integration highlights the move by DEXs embracing rapid cross-chain swap solutions that enable users to tap into opportunities and yields.
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