The KyberSwap Decentralised Exchange (DEX) has developed a layer 2 scaling solution, Arbitrum, to channel out and lower the load on the main blockchain of Ethereum and costly gas fees. This has been the seventh scaling network for KyberSwap. KyberSwap also lured in Curve Finance, SushiSwap, Balancer Labs, SwaprEth, and similar others DEXs have been made available towards Arbitron.
KyberSwap has promised its users that with the help of the newly launched Arbutrum, trade tokens can be managed at a cheaper rate and faster speed. Arbitron would seamlessly bypass the network congestion for Ethereum and also be nullifying the costs of various on-chain transactions, thereby allowing a faster speed and a lower rate.
Currently, the transaction cost for Ethereum amounts to 1.48 dollars, which surges to even 100 dollars while in congestion. Contrary to this, Arbitrum induces a fee of range 0.50 to 0.69 dollars at the time of writing.
KyberSwap Arbitrum To See New Heights
Usually, a layer 2 solution takes a good amount of time before hitting the TVL, which in the case of Arbitrum is completely adverse. At present, the TVL of KyberSwap Arbitrum is calculated to be 3 billion dollars. It has successfully accomplished to be the leader of the L2 solution network wherein dYdX secures the second position.
Significantly, DappRadar has ranked them as number 76 in comparison to other DEXs. However, it deciphered a 350 percent increase in the number of total users, which amounted to 19,870, and a per-day transaction limit was pushed to 31 percent enhancement from last Saturday.
Further, Arbitrum also stands to be the only L2 network that has successfully induced a total growth in new address users in the previous week. Thus, KyberSwap TVL saw a slow downtrend from 180.7 billion dollars to 105.3 billion dollars.
