best decentralized exchanges 2023

Decentralized Exchanges (DEXs) are undoubtedly in spotlight in 2023. Especially after what happened with FTX. In 2022 KyberSwap, the biggest decentralized exchange you probably don’t know, executed billions of dollars in transactions for lots of platforms you DO know.

Billions as in more than $8 billion across 14 different chains. Let’s see what Kyberswap has been up to and why YOU should be using them to get great prices on your swaps in 2023.

KyberSwap’s 2022 Review

As a DEX aggregator, KyberSwap’s role is to provide liquidity and great prices for swaps. They do so across many different apps, protocols, and chains. And you can’t have the deepest liquidity and best prices as Kyber does without working to continuously improve your offerings. Here’s some of what Kyber accomplished in 2022.

1) Elastic Launch

In the summer, KyberSwap launched Elastic. The goal of Elastic is to give liquidity providers maximum flexibility on how and when to deploy their money to maximize earnings. The way they do this is by allowing LPs to set customized ranges for each token pair. This also means better pricing for us swappers and less slippage too.

2) Integration with Multichain

This is a big one for interoperability and since Kyber works on 14 chains. With this October integration, you can bridge tokens between any 2 chains Kyber supports. And do it seamlessly and as part of the same swap transaction.

It’s hard to think of anything that makes DeFi easier and more accessible for people than this. Kyberswap is letting anyone move any coins across any of 14 different chains.

3) Transak Partnership

If there’s anything that makes DeFi easier for people than seamless bridging, then it might be an easier on-ramp to crypto. The July announcement of the partnership with Transak allows people to onboard to DeFi directly with:

  • debit or credit card
  • GooglePay
  • ApplePay
  • Bank transfer 
  • SEPA

Has never made starting in DeFi easier. And with all the swapping and farm options on KyberSwap, newbies don’t need to jump around to 6 different protocols either.

4) Top Layer 2 DEXs

During 2022, KyberSwap became the top DEX for the big Ethereum Layer 2 networks Arbitrum & Optimism. Its growing relationship with liquid staking leader Lido Finance is one reason. Easy bridging between these Layer 2’s and Ethereum itself is another reason. It’s the #3 DEX on Polygon and growing fast there too.

More people on more chains are finding out how easy it is to use KyberSwap. They keep coming back to use it again and again. You may have noticed the trend around these big 4 items. It’s all about making Kyberswap products and services:

  • Better
  • More accessible to more people
  • More efficient for all users
  • Easier to get started
  • Easier to make money
What’s The Plan for 2023 for Kyberswap?

The first cool thing KyberSwap did in the new year is a move to a beautiful new HQ in Hanoi, Vietnam. And they are putting that new space to good use with lots of things on the roadmap for 2023. As you’ve seen from the 2022 accomplishments, usually what Kyber Network plans to do they get done. Here’s what’s on tap for 2023:

1) Improve UI/UX on KyberSwap

The Kyber Network saw how CeFi had negative effects on the whole industry last year. As we all did.

So Goal #1 is to get more people to move from CeFi to DeFi. This is already consistent with goals from previous years like expanding DeFi access for more people. And one important way to get more people to adopt DeFi is by having a smooth easy user experience. Both the user interface and the experience, meaning how users like us use KyberSwap are going to improve over the coming year.

A couple of tools that will help in this area are limit orders for buying and selling as well as adding perpetual contracts. Perpetual contracts are futures contracts with no deadline date in the future. They are driving tons of volume growth at GMX and dydx so this is a smart move for KyberSwap. The team is also researching other functions traders and holders might both want as potential added features in the new year. Limit orders are already here:

Some other functions under research now include:

  • Portfolio Management tools.
  • Investing by DCA (dollar cost averaging) in a pre-programmed way so you can set it and forget it.
  • Improvements to their aggregator smart contract so they can access better prices across more chains than they do now.
More Liquidity Mining Campaigns

Liquidity is a big theme for KyberSwap. That’s because KyberSwap is one of the few places in crypto that has good liquidity now. And it’s looking for even more, better, and cheaper liquidity to offer on its DEX.

The deal with Lido for working with both Lido Staked Ether and a wrapped version was a big step in doing more with liquid staking. But it’s not the only thing Kyber did. And they aren’t stopping with Lido either. That partnership will grow in 2023. So will the partnership with fellow DEX and MAI stablecoin issuer QiDAO.

The new Trading Grant program, starting with zkBOB and Umami Finance is attracting more big DeFi ecosystem players.  The program is a group of trading contests involving using KyberSwap to swap or trade and earning Kyber’s native $KNC token as a reward. 

The zkBOB contest, which is a zero knowledge stablecoin protocol on Polygon, goes until February 6th. It’s on 4 chains including Polygon, BNB, Optimism, and Ethereum. These contests are a good example of what Kyberswap is doing to get new users to try their DEX. They know if someone tries it and sees how good it is they will come back and use it again. The Umami contest goes until February 6th too. It also has many of the same incentives to try using both platforms as we see in the zkBOB contest.

Become A Top DEX

This is an ambitious goal. Yet they are a top DEX already. In the last week, Kyberswap was in the top 5 in total swap volume. TVL for their pools and farms is climbing too. In TVL, they are #15 and growing fast.

The huge TVL DEXes of Uniswap, Curve and PancakeSwap are the top 3. It will be tough to equal them. But one thing Kyberswap has that they don’t is more access to more chains:

  • Uniswap is great but it’s ETH and related L2’s only. 
  • Curve specializes in its stablecoin pools. Great for volume but not great for non-stablecoin swappers.
  • PancakeSwap does a good job too. But they specialize in BNB Smart Chain.

So while there are other differences behind the scenes like the way KyberSwap routes transactions for swapping, the biggest edge Kyberswap has over these platforms is a belief in a multi-chain future. If you believe in that as we do here, then KyberSwap is a good bet to grow from here.

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