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ChainSecurity Hacken
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Last updated: Dec 19, 2023
Kyber Network is a multi-chain crypto trading and liquidity hub that allows traders, dApps, and DeFi platforms to trade cryptocurrencies at the best rates through aggregating liquidity from different DEXes on the network. KyberSwap supports multiple blockchains, such as Ethereum, Avalanche, Polygon, Fantom, Binance Smart Chain, Cronos, Oasis, Aurora, BitTorrent, and Arbitrum.
In addition to token swaps, Kyber Network’s users can generate income by providing liquidity, staking, and farming. The platform also enables developers to integrate the KyberSwap service into their own ecosystems to build applications, swap services, decentralized payment solutions, and financial dApps.
The network is open source and governed by the KyberDAO, a decentralized community of Kyber Network Crystal (KNC) token holders.
KyberSwap is Kyber Network’s main liquidity protocol. It is both a multi-chain DEX aggregator and a liquidity source with capital-efficient liquidity pools. KyberSwap is fully permissionless, meaning that any trader, dApp, or aggregator can provide and access liquidity on the platform. Kyberswap’s core feature is its dynamic trade routing algorithm. When a user chooses a pair of tokens to be swapped, the Dynamic Trade Routing algorithm automatically identifies and selects the optimal trade routes and rates across multiple DEXes on different supported blockchains. In addition, this algorithm allows the trading of tokens that are available on other DEXes, not only those which are within KyberSwap’s pools.
KyberSwap users can earn from crypto assets by providing liquidity to existing pools or creating new pools. Users can either deposit just one token or a pair to the pool and receive liquidity provider (LP) tokens in return. Depositing digital assets into KyberSwap allows users to automatically earn fees proportional to the amount of liquidity added to the pool. Fees are accumulated over time and can be received automatically when the user removes the liquidity.
Another feature of KyberSwap is a customizable amplification factor (AMP). When creating new liquidity pools, users can customize the relative weights of each asset in them to reduce the slippage. Higher AMP increases the capital efficiency within a specific price range and is usually recommended for more stable pairs while lower AMP is useful for more volatile pairs.
KyberSwap also runs a liquidity mining and yield farming program called Rainmaker. Program participants can earn rewards by adding liquidity and staking LP tokens to the corresponding Rainmaker farms. The amount of rewards depends on the number of LP tokens staked in the farm, along with the length of the token's lock-up period in a particular farm. The rewards can be harvested at any time; however, the yield earned may have a vesting period after each harvest, with rewards unlocking at every block. KNC rewards received can be staked on KNC pools or KyberDAO for additional KNC rewards.
Kyber Network has recently introduced a new Discover feature in KyberSwap, which allows traders to check what tokens are currently trending and what will be trending soon. To do so, Kyber Network has developed a TrueSight algorithm, which analyzes trading volumes, prices, market cap, and other on-chain data of tens of thousands of DeFi tokens throughout all chains supported by Kyber Network to find the top 50 tokens before they trend. KyberSwap is said to be the first and so far the only DEX to have such a feature.
Before starting using the KyberSwap app, a wallet needs to be connected. KyberSwap wallet support includes Metamask, Matcha, Ledger, Argent, Coinbase wallet, WalletConnect, and many more. As KyberSwap supports multiple blockchains, each of which utilizes its own native token for transaction fees, the user needs to hold whichever token is needed for the payment of their transaction’s fee.
For swapping, the user has to navigate to the ‘Swap’ page, select the token to be swapped from or to, and enter the desired trading size. Users may select between the options of Maximum Return or Lowest Gas, however setting gas fees too low may slow down the transaction. In addition, the slippage tolerance can be also adjusted by clicking the Advanced Settings option. The platform also allows setting the transaction time limit and if the transaction time exceeds this limit, the tokens will be returned to the user's wallet with no loss of funds, but it would still consume gas fees.
To add liquidity, users have to choose the token pair under the ‘Pools’ tab, then select the pool and enter the number of tokens to be added into the pool. The number has to match the ratio required by the pool. Any user can also create new pools on different blockchain networks. A new pool can still be created even if there are other existing pools for a particular token pair. Users need to go to the ‘Pools’ tab and select the token pair for a pool to be created, click on the ‘+ Create New Pool’, enter the number of tokens to be deposited and select the AMP.
To earn rewards from the Rainmaker program, users need to have LP tokens. Since farms only accept their specific LP Tokens, it is first required to provide liquidity to the corresponding liquidity pool to obtain the desired LP Tokens. All yield farms can be viewed under the ‘Farm’ tab. The user needs to Find their preferred yield farm, click ‘Get -token pair- LP’ and add liquidity to the eligible pool that is marked for yield farming. Alternatively, they can navigate to the ‘Pools’ tab and after selecting the token pair, all the eligible pools marked for yield farming can be viewed (marked by a green raindrop icon).
To integrate KyberSwap into another website, the KyberSwap SDK has to be installed.
Kyber Network's audits can be found on the protocol dashboard on this webpage.
KNC tokens have a total supply of 191,740,217 and a maximum supply of 226,000,000.
Of the total of 226 million KNC that was initially minted, 61.06% was allocated to the public via a token sale and distributions programs, 19.47% - to the company, and 19.47% - to founders, advisors, and investors.
Kyber Network Crystal (KNC) is Kyber Network’s utility and governance token.KNC token holders determine the protocol’s parameters. They can adjust the incentive system and decide how many tokens will be burnt.
KNC holders can stake their tokens in KyberDAO and vote on important decisions and earn KNC rewards from fees collected through trading activities in Kyber Network. The more trades are made and new protocols added, the more rewards are generated.
Kyber’s codebase is available on Github for community review and proposals. Kyber network does not use third-party Oracles to avoid exposure to external risks. In addition, KyberSwap is insured by the decentralized insurance company Unslashed Finance. The policy provided under this insurance covers up to $20m to mitigate smart-contract risks and potential asset losses.
Victor Tran is the CEO of Kyber Network, who has been previously working as co-founder and CTO of Kyber Network. Victor is claimed to have a solid engineering background, he studied Computer Science at Vietnam National University and he is also among Forbes 30 under 30 Asia alumni.
Other Leadership team members include Xuan Manh Le, Kyber Network's CTO, and Sasha Mai, Head of Business Development.
KyberSwap has been recently integrated on DEXTools, a trading analytics platform opening access to more than 30 Million Ethereum, BSC, and Polygon users. DEXTools have also created a DEXT-KNC pool.
Kyber Network has also partnered with Sipher, an online multiplayer battle platform and exploration game to run a $50M Liquidity Mining Campaign and integrate SIPHER token farming. Another partnership in the gaming industry is a collaboration with Pegaxy, a racing game on Polygon. Pegaxy has set up a PGX-USDT pool on KyberSwap.
Kyber Network has more than 100 integrations with different DEXes across various blockchains such as Uniswap, Sushiswap, Curve, Balancer, QuickSwap, Pancakeswap, Traderjoe, Pangolin, SpookySwap, SpiritSwap, VVS Finance, and more.
The Kyber team plans to continue deploying on other blockchain networks and integrating liquidity from other popular DEXes as well as collaborating with top projects to diversify the choice of token pairs in liquidity pools and increase TVL. Another key focus is adapting to current DeFi and GameFi trends through investing and partnering with popular projects.
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