Decentralized exchange aggregator KyberSwap has launched on the layer-two Ethereum scaling solution Arbitrum network.
The move puts Kyberswap on its seventh network or scaling solution along with Ethereum, Polygon, Fantom, BSC, Avalanche , and Cronos. KyberSwap joins SwaprEth, Balancer Labs, Curve Finance, and SushiSwap as the DEXes available on Arbitrum as of the time of writing.
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.
Decentralized App 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 about $610,000.
In addition to daily users and trading volume, the new integration may have helped TVL on Arbitrum end a five-day downturn. The current TVL on Arbitrum is $3 billion according to layer-2 (L2) ecosystem tracker L2Beat. Arbitrum is the leading L2 network by a clear margin with dYdX in second place with $965 million in TVL.
