Decentralized exchange KyberSwap is resuming its Elastic protocol as of today May 25. The launch will bring about significant improvements in security as it features a newly audited smart contract and round-the-clock live scanning in partnership with security projects.
The Elastic Protocol also includes an insurance fund while bringing back important capital-efficient features like concentrated liquidity and full-range fee compounding. The KyberSwap Elastic smart contracts went through a rigorous external audit by ChainSecurity and the community whitehat developer who discovered the smart contract vulnerability last month.
As part of its better resumption packages, KyberSwap has also put in place improved security measures. This includes a real-time monitoring page that will go live in Q3 2023 and constantly monitor the state and security of the website, smart contracts, and other things.
This will give the team and users the latest updates possible and eliminate the need to rely on dated data. In addition, KyberSwap is increasing warning notifications, extending user education materials, and improving UX controls, giving consumers the information and resources they need to make wise decisions in the crypto sector.
More details of the resumption
Reacting to the launch, Victor Tran, KyberSwap Co-Founder, and CEO, said, “Our Elastic protocol resumption comes with upgraded smart contracts, a new security audit, and coverage from KyberDAO, together with increased incentives, to offer users more rewarding, secure options for their liquidity.”
Tran added that “KyberSwap returns to chart the path to leading DeFi in volume and protocol revenue, and make real an all-in-one, a sustainable platform to help users trade smart.”
KyberSwap will also launch an official Bug Bounty program in June 2023 alongside Immunefi, allowing and rewarding community developers to assess the software actively. Furthermore, KyberSwap’s Elastic protocol’s resumption is scheduled alongside the KyberSwap Returns campaign.
The campaign will feature promising events such as NFT campaigns, the debut of KyberAI, a prospective deployment to zkSync, a multimillion-dollar liquidity mining campaign, and funding for ecosystem expansion. So far, well-known staking and vault protocols, such as Lido Finance and QiDao, have confirmed their involvement and have poured funds into KyberSwap.
As usual, KyberSwap maintains an active presence as a significant DEX aggregator. It provides liquidity and behind-the-scenes operations for some popular crypto swap sites. Kyber handles billions of transactions and continues to expand. The project has also made new integrations as part of its plans to expand. Interestingly, more platforms are using Kyberswap to find the cheapest deals for their users. If you like to check their very competitive swap offers and farms, just head over to their platform here.
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