Kyber Network token (KNC) was added to Coinbase assets last week and it is gaining traction lately.
KyberSwap is built on the Kyber Network, and KyberSwap is the "fastest and easiest" way to trade tokens in a decentralized manner.
No signup. No KYC (know-your-customer).
How to swap tokens
I use Coinbase Wallet so click "Others" but you can connect with the wallets that are listed here.
This will send a request to your wallet app so accept the request on your wallet.
Your wallet will show up once it's connected and it is ready to swap.
I am going to swap 0.1 ETH for DAI.
So type in 0.1 in "From" ETH and Change "To" to DAI and click "Swap now".
Confirmation will show up and "Confirm"
Transaction will be broadcasted to the network and it gets done in few seconds.
That is it.
Check your wallet to make sure tokens are swapped.
0.1 ETH -> 22.22 DAI
Uniswap can trade tokens. What is the difference?
If I do the same token swap (ETH -> DAI) right now, it shows me this 👇
Uniswap: 0.1 ETH -> 22.1459 DAI
KyberSwap: 0.1 ETH -> 22.22 DAI
KyberSwap's exchange rate is slightly better than Uniswap, and that is the difference. (that might not be the case all the time though...)
What is going on here?
Kyber is an on-chain liquidity protocol that aggregates liquidity from a wide range of reserves,
powering instant and secure token exchange in any decentralized application.
What this means is that Kyber network aggregates multiple liquidity sources so that KyberSwap can offer the best possible exchange rate at the time you swap. On the other hand, Uniswap uses predefined algorithm that is in the code to offer token prices.
For example, when you trade using KyberSwap and if it finds that Uniswap pool has the best rate then that price gets picked because Kyber aggregates liquidity pools vs Uniswap is always doing it's own thing.
That is the high-level overview of differences between KyberSwap and Uniswap.
When I traded with different tokens, sometimes Uniswap picks up a better price so...
Please DYOR (do your own research) before swapping tokens!