Kyber recently announced $1 billion worth of trading
Always one of the top-ranked Ethereum dapps in terms of daily active unique wallets and USD value, Kyber is one of the core components of the growing decentralized finance (DeFi) sector.
What you might not know, though, is that the KyberSwap dapp is only one part of the wider Kyber DeFi technology stack.
It’s the best known because it’s the dapp anyone can use to exchange over 70 different Ethereum tokens via a simple web interface.
But it’s just the consumer-facing part of the Kyber Network protocol, which is used by many other decentralized exchanges, wallets, and dapps as a liquidity provider to ensure their users can exchange tokens as quickly and cheaply as possible.
Milestone
Indeed, the Kyber Network recently announced it had completed $1 billion worth of trading across almost 1 million on-chain transactions.
For the purposes of this article, however, we’ll focus on how KyberSwap works.
To use it, you’ll have to connect to the dapp using a wallet that supports Ethereum such as MetaMask, Ledger, or Trezor. Alternatively, you can download the dedicated KyberSwap mobile app, which supports iOS and Android devices.
Then it’s a simple matter of selecting the two tokens you want to swap between using the dropdown menus.
If you want to get more complex when it comes to trading strategy, then it’s worth checking out the Limit Order feature, which is in beta. As with dedicated exchanges, this enables you to set buy or sell trades that will only happen if your predetermined price level is actually reached.
Other features of the dapp provide a user interface for transferring tokens to another Ethereum wallet, and there’s the Portfolio option, which displays the Ethereum tokens held in your wallet, their USD value and all the transactions you’ve made.
Finally, you can buy ETH or stablecoins such as USDC directly into your wallet with your debit or credit card using either fiat onramps Moonpay or Wyre.
Of course, remember all DeFi dapps are experimental and come with risk. Never lock up more value than you’re prepared to lose if something should go wrong.
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