The Kyber Network is among the new cryptocurrency exchanges that seeks to uphold decentralization as envisioned by blockchain’s original founders. The Ethereum-based protocol allows instant exchange and conversion of digital assets with high liquidity. The Kyber Network lists Maker (MKR) and Distributed Credit Chain (DCC) in an effort to create more liquidity within the ecosystem.
According to a blog post on Medium, users will access the two new cryptocurrencies via KyberSwap. Further, the cryptocurrencies will be available on associated platforms like MyEtherWallet, imToken, Trust Wallet and Easwap. “We are pleased to announce that the Kyber reserve has added support for 2 new tokens: Maker (MKR) and Distributed Credit Chain (DCC),” the announcement reads.
Kyber Network Lists Maker and DCC to Diversify Its Offerings
KyberSwap is an “atomic swap” solution. In brief, it allows users to quickly swap between a list of tokens at close to market rates. The swapping happens for tokens within 1.5% of the price of centralized exchanges. More importantly, the system allows merchants to automatically accept payments in any supported cryptocurrency.
The system already supports over sixty tokens, with the most popular being Ethereum, Basic Attention Token (BAT), and more. Further, the Kyber Network consists of stablecoins such as DAI, TUSD, and DGX. Therefore, as Kyber Network lists Maker and DCC, it makes the collection as diverse as it can be. The team behind Kyber Network insist that they will add more offerings as they solve continuous problems of scalability.
Departing from centralized exchanges like Binance and Coinbase, Kyber Network does not use order books. Instead, the decentralized exchange (DEX), utilizes a “reserve warehouse,” thus supporting each token listed on the platform.
Vantage Position to Beat the Competition
Therefore, the DEX is able to maintain a contributor-supplied reserve of tokens. Interestingly, this group of tokens is readily available for swapping with other tokens, as the KyberSwap guide explains. Moreover, the swapping of tokens on the platform happens almost automatically. Therefore, the “atomic swap” creates an instant, trust-less exchange between users on the Kyber Network.
According to Hacked, Kyber Network is a platform on a mission to facilitate a fluid transfer of tokens between traders. However, the platform so far only supports ERC20 tokens based on the Ethereum network. Recent partnerships put the platform in a crucial position to beat the competition and claim a large market share. In particular, the partnerships include OasisDEX, Peepeth, ETHIS, Etheremon, Secrypto, Midas Protocol Wallet and Weswap. These are both exchanges and wallet providers.
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