KyberSwap, the decentralized exchange backed by the Kyber Network, is angling to make its feature-rich DEX that much richer.
On July 12th, Kyber’s builders announced the arrival of non-custodial limit orders on KyberSwap. The capability allows traders to set up trades to buy or sell a given cryptocurrency when a specific price is hit, all without needing to deposit crypto first — funds are automatically moved when a trade executes.
Through the liquidity-focused DEX’s mobile app or website, users can prepare these limit orders easily and quickly. An added advantage will be the ability to avoid the fees associated with deposit transactions.
The move comes as a bid to make traders happy and to set KyberSwap apart from the centralized and decentralized competition, explained Kyber network co-founder and chief executive officer Loi Luu on the news:
“We have developed Limit Orders for KyberSwap to fulfill one of the most desired features for any decentralized digital asset exchange platform. Traders can now trade easily on the go without having to jump through any custody hoops. Adding limit orders allows traders to maximize their strategies while giving them the freedom to work and focus on other important matters without having to be glued to the screen.”
Execution fees for limit order trades will bottom out at 0.1 percent on the DEX. Additionally, traders will also enjoy fee discounts if the wallets they trade from contain Kyber Network Crystal (KNC), the native token of the Kyber ecosystem.
A Decentralized Foil for Centralized Platforms
As decentralized cryptocurrency exchanges march toward being able to do most everything their centralized counterparts can do, their popularity is only set to grow.
Limit orders are a mainstay on centralized cryptocurrency exchanges, so KyberSwap isn’t reinventing the wheel with their new feature. What the DEX is doing, though, is offering a service in trustless and non-custodial fashion, something that isn’t possible on today’s centralized platforms.
As Kyber pointed out in their Friday announcement, centralized trading venues are also prone to hacks, high fees, and Know Your Customer (KYC) requirements, none of which apply to DEX platforms.
So a play like KyberSwap wants to provide the best of both worlds: features that any trader would want with the security guarantees and practicality that comes with non-custodial trading. As CEO Luu put it:
“We are always looking to provide the best value and user experience for our users and ecosystem. The speed, convenience, and security of a Limit Order feature on KyberSwap is a big step in that direction.”
Kyber Network Nears 1 Million ETH Transaction Volume
KyberSwap is Kyber Network’s in-house DEX.
But the Kyber Network itself is a liquidity aggregator that provides on-chain liquidity for other decentralized exchanges, too. In that capacity, the network has now processed almost one million ether worth of transactions to date.
In early July, Kyber’s leadership revealed their network had facilitated over 827,000 ETH in total transaction volume at the time. The team also noted that one million KNC had been burned by that point, as Kyber’s tokens are deflationary — a small sum of KNC is destroyed every time the Kyber Network makes a transaction.
In declaring the milestone, CEO Luu said demand for the Kyber Network was growing, and the project’s ecosystem wasn’t going any where any time soon:
“We’re finding strong burgeoning growth for decentralized financial products and the implications of this on finance, banking, and trade are tremendously understated. With monolithic companies like Facebook investing into the industry, the Kyber team remains committed to providing a decentralized framework for all blockchain stakeholders to break up the monopoly of data, wealth and authority that lies ahead.”
eToro Risk Warning: 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.