KyberSwap is the fastest and easiest way to buy and sell tokens in a completely decentralized way. You can swap tokens (swap tokens) in a simple process that doesn’t require depositing, trading orders or Wrap ETH. In this review, Bitcoin Magazine will guide you through how to trade on KyberSwap and provide you with information on Kyber fees and KNC staking.
What is Kyber Network?
KyberSwap is a blockchain-based liquidity protocol that aggregates liquidity from various sources into a single pool and allows users to swap tokens at the best rates.
As a liquidity infrastructure, Kyber is also used by dapps, wallets, exchanges, and websites to give their users the ability to instantly swap tokens in a trustless manner.
What is KyberDAO? Accumulate KNC to earn voting rewards
KyberDAO is a decentralized autonomous organization for managing the Kyber Network. It allows KNC (Kyber Network Crystal) holders to stake their tokens in KyberDAO and vote on proposals related to the protocol and earn rewards in ETH.
There is no minimum or maximum limit for the amount of KNC that can be staked in KyberDAO. You can stake any amount of KNC to earn rewards.
However, staking a small amount of KNC to earn rewards may not make sense considering the transaction fees you will pay for biweekly staking and voting.
You can also earn rewards for your KNC through third party apps. For example, Binance distributes KNC staking rewards to users based on their KNC balance.
To stake your KNC in KyberDAO and start voting on proposals and earning rewards, first go to Kyber.org and connect your wallet to the platform. Then you simply stake your KNC by clicking the stake button in the top right corner of the page.
Transaction fees on KyberSwap
KyberSwap is Kyber’s own user interface for token swaps. It is also available on mobile platforms. You can use KyberSwap to swap over 70 tokens from your own wallet instantly and create limit orders.
The fee rate for successful limit orders on KyberSwap is 0.1% and the gas fee is included in the fee.
If you have more than 2,000 KNC in your wallet, you can trade without transaction fees on KyberSwap, limited to 10 orders per day.
If you just want to swap tokens at the rate provided, you won’t have to pay any transaction fees. Kyber does not charge a transaction fee when swapping tokens. You will only pay transaction fees for your trading orders.
How to trade on KyberSwap?
To trade on KyberSwap, first visit KyberSwap and connect your browser, mobile device or hardware wallet to the platform.
KyberSwap supports MetaMask, Ledger, Trezor, Torus, Coinbase Wallet, and WalletConnect. You can also use KyberSwap with your keystore file or private key, but it is not a secure method to access the dapp.
You choose “connect wallet” to connect your wallet to the platform.
You can use wallets supported by KyberSwap, here I will guide you to use MetaMask wallet because this is one of the most used and safe wallets.
Confirm connection on MetaMask.
After connecting your wallet to the platform, select the pair and enter the number of tokens you want to swap. The number of tokens you want to swap will be automatically determined by Kyber.
Limit order on KyberSwap
You can adjust gas fees and set a custom maximum slippage rate. To swap tokens, you first need to approve the token you want to swap after clicking “swap now”, this is required for KyberSwap to use the token.
You can then swap tokens by confirming the transaction on MetaMask or any other wallet you are using.
Make sure you check the gas fees on MetaMask before approving a transaction, sometimes the transaction cost for a particular order can be too high and you may not want to complete the transaction or may prefer a different solution. alternative method.
The minimum amount per limit order is 0.1 ETH. Regarding the transaction fee, since you will only sign a transaction without actually sending the token during limit order creation, there will be no fees until the order is filled by someone.
For a successful limit order, you will be charged 0.10%, including gas fee. Due to the nature of these limit orders, your trade may not be executed for various reasons even if the price you wish to execute has been reached.
You can forget the trade order and move your token to another address, so in this case the trade order cannot be executed regardless of the price. Also, the slippage for limit orders on KyberSwap is set to 0% by Kyber, so a price change in the process could cause your order to fail.
According to Dappgrid
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