Kyber Ecosystem Report #28 (2021 Recap)
By: Kyber Network
Tags: Defi, Blockchain, English, Featured, Cryptocurrency

Happy Holidays and Happy New Year! We are delighted to bring together the most exciting developments at Kyber Network in this year-end ecosystem report for 2021. It’s been a really eventful year for the Kyber community!

Among many updates, we successfully completed our Kyber 3.0 upgrade and the DMM has been rebranded as KyberSwap after requests from the community. Yes, KyberSwap is back, better than ever 😎

KyberSwap is on 6 chains now: Ethereum, Polygon, Binance Smart Chain, Avalanche, Fantom, and Cronos, with more on the way. On these networks, you can instantly swap tokens with the best rates via DEX aggregation, earn by adding liquidity, and participate in liquidity mining for bonus rewards.

Total Trade Volume: Over $4B

Over $20M in fees collected for 20,000+ liquidity providers

All-time-high TVL of ~$500M and $50B in Amplified Liquidity

Another highlight of the year: Backed by our strong community and various ecosystem activities and media coverage, Kyber recently crossed 200,000 Twitter followers! Huge thanks to our Kyber Network $KNC community for your strong support through these years!

Below we give a recap of what transpired this year and share our key focus for 2022.

KyberSwap

After months in beta, DMM was relaunched as KyberSwap with a seamless user interface to provide the best trading and earning experience in DeFi.

✅Trade at the best rates via DEX aggregation

✅Liquidity Providers earn more with dynamic fees and high capital efficiency

✅Audited by ChainSecurity, Insured by Unslashed Finance for $20M

KyberSwap was recently deployed on Fantom and Cronos (first DEX aggregator to launch on the Cronos network), and now brings the best token rates to 6 supported blockchains: Ethereum, Polygon, BSC, Avalanche, Fantom, and Cronos (more networks like Aurora/NEAR coming soon!)

We look forward to providing the best token prices and enhanced liquidity for traders, liquidity providers, and Dapp developers on any network we are expanding to.

⭐️ You can easily use KyberSwap to swap tokens at the best rates on supported networks and farm bonus rewards! KyberSwap will improve the overall trading and liquidity provision experience for ecosystem users, Dapps and NFT games.

Dynamic Trade Routing (Aggregation) for the Best Rates

KyberSwap users can get the best rates due to DEX (decentralized exchange) aggregation via our novel dynamic trade routing algorithm. This saves users time and effort when swapping any token!

KyberSwap sources liquidity across these different DEXs to help achieve the best prices for any token swap, on any supported network. The optimal route is identified and trades split through 30 DEXs (over $26 Billion in combined liquidity catering to 20,000+ tokens), including KyberSwap’s own liquidity pools, to find the best rate on different chains — Ethereum, Polygon, BSC, Avalanche, Fantom, and Cronos.

Popular decentralized exchanges such as Uniswap, Sushiswap, Curve, Balancer, QuickSwap, Pancakeswap, Traderjoe, Pangolin, SpookySwap, SpiritSwap, VVS Finance, and more have already been integrated.

Swap any token at the best rates on KyberSwap! Some of the popular tokens available at the best rates:

Single Token Deposit

Adding liquidity into a pool is a core function for thousands of liquidity providers. With our new Single Token Deposit feature, you can use just one token in the pair (e.g. ETH in an ETH-KNC pool) to deposit and add liquidity to the pool, and receive the corresponding liquidity provider (LP) tokens, all in one seamless transaction.

Single Token Deposit makes liquidity provision even easier, saving you time and effort!

Easily add liquidity into pools using either token in the pair, all in one seamless transaction.

When removing liquidity, you can also automatically convert it to your desired token (either token from the token pair) in a single transaction.

ZKyber: New L2 DEX Trading Experience based on ZK-Rollups

Building upon our past research into Rollup scaling solutions, we unveiled our ZKyber testnet on KyberSwap! ZKyber is an L2 scaling solution that provides a faster, cheaper, and fairer DeFi trading experience on Ethereum, with anti-frontrunning capabilities. This can potentially address issues of network congestion, high gas fees, and frontrunning on Ethereum. Test ZKyber for FREE and earn a share of $50,000! Learn more.

Partnerships, Collaborations, and Joint Liquidity Mining

Sipher Partnership and $50 Million Campaign on Ethereum

Sipher is a MOBA and Exploration Game with an end-game goal of creating an Open World Social Game.

🚀We have partnered with Sipher to run a $50M Liquidity Mining Campaign (ongoing) to provide the best liquidity and rates for the SIPHER token! Sipher has chosen the capital-efficient KyberSwap protocol and DEX Aggregator for enhanced token liquidity for SIPHER-ETH on Ethereum. Watch how to farm SIPHER here.

$1M Liquidity Mining with Unbound on Ethereum

Unbound Finance is a decentralized, cross-chain liquidity protocol that is building the next money lego by unlocking liquidity from AMMs.

🚀 There are UND-USDC and UND-KNC pools on KyberSwap on Ethereum, and liquidity providers can earn a share of ~$1M in UNB and KNC liquidity mining rewards (ongoing)! Liquidity providers can add any amount of liquidity to the eligible UND-KNC and UND-USDC pools on the KyberSwap on Ethereum to farm and unlock their share of the rewards.

$1M+ Liquidity Mining Campaign with Pegaxy on Polygon

Pegaxy is a racing game with a futuristic mythological styling. In this game, players will participate in PvP format races with randomized elemental variables to win rewards.

🚀Pegaxy has set up a PGX-USDT pool on KyberSwap (Polygon). The PGX-USDT farm has been extended for one more month! Add liquidity and stake your LPs to earn your share of $1M+ in rewards (ongoing)!

$1M Liquidity Mining Campaign with Elpis Battle on BSC

Elpis Battle is an open-world RPG that features the play-to-earn model. Gamers can enjoy epic battles and earn sizable rewards at the same time.

🚀Elpis Battle has set up a EBA-BUSD pool on KyberSwap (BSC). EBA Yield Farming on KyberSwap (BSC) will distribute $1M+ in rewards to liquidity providers (ongoing)! Learn more.

Other Rainmaker Liquidity Mining Campaigns

Ethereum

BSC

Polygon

Avalanche

Visit KyberSwap’s Farm page to see all the active eligible pools and yield farms!

Krystal + Kyber Network Partnership

Kyber has partnered with Krystal DeFi to collaborate on their token sale launchpad KrystalGO as well as other DeFi initiatives!

KNC holders can enjoy better allocation for KrystalGO token sales if they stake KNC. Krystal will also have a KNC staking service to allow holders to earn rewards from KyberDAO.

Aside from those above, in 2021 Kyber also collaborated with Velo Labs, Mercurial Finance, Asia DeFi Network, DeFi Alliance, Ren Alliance, and Zcash Developer Alliance.

Integrations

Any Dapp or aggregator developer can integrate KyberSwap since the protocol is completely permissionless.

DEXTools

KyberSwap is integrated with leading trading analytics platform DEXTools! More than 30 Million users can now view and access KyberSwap’s token pairs and the best rates on Ethereum, BSC, and Polygon. DEXTools have also created a DEXT-KNC pool in which you can add liquidity to earn fees on pool trades! Learn more here. In addition, DEXTools has added liquidity to the DEXT-KNC pool on KyberSwap (BSC).

Rome Terminal

KyberSwap has been integrated by multi-blockchain network, multi-DEX, and multi-dApp trading interface Rome Terminal. DeFi users on Rome Terminal will enjoy very high capital efficiency as well as better token liquidity and rates. This also means a lot more volume will be generated through KyberSwap and in turn more fees for LPs and KNC voters.

Kattana Terminal

KyberSwap now provides amplified liquidity to Kattana’s Trading Terminal! This integration means the best token rates and high capital efficiency for thousands of Kattana users.

Coin98 Wallet

Coin98 Wallet integrated KyberSwap to provide highly capital efficient liquidity provision to hundreds of thousands of users around the world! Users can easily participate in the ongoing Rainmaker liquidity mining campaigns using Coin98.

DEX Aggregators

Since KyberSwap has very capital efficient pools, other top DEX aggregators such as 1inch, Paraswap, 0x API, Matcha and Slingshot have also integrated KyberSwap to provide competitive rates for their users.

KyberSwap Data Analytics

Top Dapps and data analytics sites such as CoinGecko, Coinmarketcap, DeFi Pulse, DeBank, DeFi Llama, vfat.tools, APY.vision, Token Terminal, The Graph, Zapper, and DEXTools are now tracking KyberSwap statistics.

KyberDAO and KIPs

KyberDAO is a decentralized community platform that allows KNC token holders to participate in governance. KNC holders can stake KNC to vote on important proposals.

Over $10M worth of rewards have been distributed to KyberDAO voters!

The Kyber community can propose and vote on Kyber Improvement Proposals (KIPs) through KyberDAO. Some of the recent KIP topics we covered:

KIP-18: Advance KNC Allocation for Small-Scale Liquidity Mining Activities

KIP-17: Joint LM with Unbound Finance, EvryNet and DeFi Yield Protocol

KIP-16: New joint liquidity mining campaigns with Jarvis Network, DeFi Warrior and Ape In on Polygon, BSC and Avalanche

KIP-15: Additional LM on ETH & Polygon

KIP-14: Allocate an additional 5M KNC from the ecosystem fund & transfer ~1.78M KNC for Avalanche LM

⭐️ Please visit the Kyber community forum to discuss how we can improve Kyber Network together! For example, we aim to improve our DAO design and lower gas costs for voters. Latest Kyber developments are discussed in our Community Calls on Discord. Follow KyberDAO twitter.

KNC (Kyber Network Crystal)

The KNC token will continue to exist and will play an increasingly important role on KyberSwap, incentivizing trading and liquidity, as well as enabling governance. KNC token holders will greatly benefit from the growth of KyberSwap. Apart from KyberSwap, the number of use cases and the support for KNC in the DeFi ecosystem continue to grow:

After the token migration earlier this year, new KNC is available on top centralized exchanges (we are working with Coinbase to support the migration as well). We aim to improve the utility and increase the use cases for KNC over time.

New KNC supported on Multichain (formerly AnySwap)

With the Multichain (formerly AnySwap) cross-chain router, KNC can now be easily routed across 5 different chains; Ethereum, BSC, Polygon, Fantom, and Avalanche!

Sharing about KyberSwap with the DeFi world

Given the offline restrictions caused by the pandemic, Kyber team members participated in multiple online events instead to complement our various marketing initiatives to spread awareness and educate users. Here are some highlights:

Kyber in the Media

The rebranding of DMM to KyberSwap and its new innovative features were covered by various media and news sites such as Coindesk, Cointelegraph, The Block, DefiantNews, Bankless, Decrypt, Defipulse, Defiprime, AltcoinBuzz, Dapp.com, and Crypto Briefing. News can be found in the Media sub-channel that we have created for you on our Discord.

Take a look at the Decrypt article on KyberSwap and the article on Forbes that mentioned Kyber Network’s rise.

KyberSwap’s growth in different networks was also highlighted by crypto media such as CryptoRank, Lunar Crush, and DeFi News and our yield farming opportunities covered by popular research reports such as those by Delphi Digital.

Defiprime also has an excellent article explaining what is KyberSwap and how it provides the best rates for users and higher earnings for liquidity providers.

To continue staying up to date, join our Discord here and follow Kyber on Twitter.

Looking ahead: 2022 and beyond

With its multiple benefits over other DEX platforms, KyberSwap is well positioned for growth. In the immediate future, we plan to raise greater awareness of the benefits of KyberSwap and aggressively drive user adoption.

More DEXs and networks: We will continue improving our DEX aggregation algorithm; deploying on many other networks beyond Ethereum, BSC, Polygon, Avalanche, Fantom, NEAR/Aurora, and Cronos, and integrating liquidity sources from all popular DEXs on each network in order to achieve the best swap rates.

More liquidity and token variety: Another key focus is working with top projects to increase the variety of token pairs and enhancing liquidity (and increasing TVL) in the liquidity pools. Given our high capital efficiency, projects like Pegaxy, Elpis Battle, ZukiMoba, Unbound, Evrynet, DeFi Warrior, Wanaka Farm, Creator, StepHero, Sipher, The Parallel, and many others have chosen KyberSwap to be their liquidity platform of choice right after their token sales.

In addition, we aim to quickly adapt to upcoming DeFi and GameFi trends by investing in and partnering with popular projects in the space, while continuing our research into Ethereum L2 scaling solutions such as ZKyber. We will share more details in 2022, stay tuned!

We continue to be committed to our vision to become the liquidity hub for the decentralized economy, where any user or application can easily access the required tokens for their liquidity needs at the best rates.

Kyber is a community-driven project and we always welcome more suggestions for improvement, be it in terms of the UI/UX, liquidity, integrations, or other areas. You can reach us through our social media channels and this contact us form.

We wish everyone happy holidays and a great year ahead. See you in 2022 as we carve new milestones together! 🤶🎄🎉

Onward, Kyber Network!