Oct. 31 — KyberSwap has integrated Multichain to bring even more ease and accessibility to KyberSwap users. So, you can now bridge your token assets from chain A to chain B in a single transaction.
Formerly known as Anyswap, Multichain is the leader in the cross-chain field, with a rapidly expanding family of 69 chains and 2,000+ bridges to service the needs of different and diverse blockchains.
Each blockchain has its own unique services, its own community and its own development ecosystem. For Web3 to reach the next level for consumers, users need a fast, secure, inexpensive and reliable way to exchange value, data and exercise control between the chains. Multichain aims to meet this need.
*Learn more about Multichain here
“This integration takes us a step closer to a reality of making decentralized finance easy and accessible for all with KyberSwap as the only DEX you need to use. Already, users have the best swap rates through KyberSwap. Now, we have eliminated the need for external DApps for bridging and cross-chain swapping,”
– Victor Tran, CEO of KyberSwap.
Why bridge assets to another blockchain?
There is a wide, wide world of Web3. Built on blockchain technology, a blockchain can host tokens, decentralized applications (DApps) and data that are immutable and have no central structure of ownership.
But not all blockchains are the same.
For example, some networks have cheaper gas fees, and some DApps are native to one or a select few networks.
How do blockchain bridges work?
A blockchain bridge allows you to transfer your token assets from one blockchain to another.
Typically, the asset that you intend to bridge will be locked up in the bridge, and a wrapped asset will be minted on your destination blockchain.
For example, everyone knows Bitcoin
$20,505 was the first decentralized currency. As the first of its kind, Bitcoin was only available on its own blockchain. Thanks to bridging, BTC now has wrapped versions and can be used on many other chains, such as Ethereum, Polygon, Solana, Cardano, etc.
*Did you know the KyberSwap team is one of the launch partners to create and bring Wrapped Bitcoin (wBTC) to Ethereum? Learn more about it here.
“The future will be multichain, and bridges will be necessary to enable chains to be connected. We are happy to support KyberSwap as a Web3 infrastructure, giving their users the chance to have cross-chain experiences that are more affordable, swifter, and more secure,”
– Multichain co-founder Zhaojun.
KyberSwap is proud to join the Multichain ecosystem and contribute to building a more cohesive, seamless decentralized finance (DeFi).
About Kyber Network
Kyber Network is building a world where any token is usable anywhere. KyberSwap, our flagship decentralized exchange (DEX) aggregator and liquidity platform, provides the best rates for traders in DeFi and maximizes returns for liquidity providers.
KyberSwap powers 100+ integrated projects and has facilitated over $11 billion worth of transactions for thousands of users since its inception. Currently deployed across 13 chains: Ethereum, BNB Smart Chain, Polygon, Avalanche, Fantom, Cronos, Arbitrum, Velas, Aurora, Oasis, BitTorrent, Optimism and ETHPoW.
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