KyberSwap Launches Aggregator on Solana

Published on: 25.11.2022
KyberSwap Launches Aggregator on Solana

KyberSwap takes another step toward becoming the most efficient Aggregator in DeFi, offering the best swap rates while providing a seamless and secure experience.

KyberSwap launches Solana Aggregator by becoming the first EVM DEX aggregator and bringing the best rates to the platform.

Introduction

Kyber Network believes in Solana’s genuine technological innovation, with a genuine team and builders in the ecosystem, and they believe in the Solana Blockchain’s potential to become a mainstream giant.

Furthermore, Kyber Network is demonstrating its support for the development and growth of the blockchain ecosystem with Solana, beginning with initiatives and events in Vietnam.

This is not KyberSwap’s first adventure into Solana! In 2021, they announced a partnership with Mercurial Finance, a stablecoin-focused AMM based on Solana. More information is available here.

What is Solana?

Solana, which was launched in 2017, is a public, open-source blockchain that supports smart contracts, non-fungible tokens (NFTs), and a wide range of decentralized applications (dApps). Solana’s native token, SOL, provides network security through staking as well as a means of transferring value. Solana’s blockchain network is powered by proof-of-history, or PoH, an innovative consensus mechanism developed by Solana. When processing blocks using proof-of-stake, PoH inserts time stamps into the blockchain, allowing the network to run faster. Because of Solana’s PoH system, it has become one of the fastest blockchain networks. Its network can handle approximately 3,400 transactions per second, compared to 15 transactions per second for Ethereum.

They value cutting-edge technology that advances DeFi at KyberSwap. KyberSwap is proud to be a part of this integration that promises a better DeFi future for our users, thanks to Solana’s advantages of faster speed, lower transaction fees, and a reputation for innovation.

Trade with the Best Rates on Solana with KyberSwap

  • Switching to Solana network on KyberSwap

Ethereum is the default network on KyberSwap. To switch networks, simply click on the Ethereum button at the top right to switch your network to Solana.

  • Can my Metamask wallet support Solana

Unfortunately, no. The technical explanation for that is because while Metamask is one of the most popular cryptocurrency wallets, Metamask solely supports EVM blockchains written in the Solidity language. Solana is written in the Rust language.

Simply put, Metamask wallets are incompatible with the Solana network.

  • What wallets do support Solana?

Popular Solana-based wallets include PhantomSolfare & Sollet. Hardware wallet Ledger also supports Solana but bear in mind Trezor does

  • I have a Phantom wallet now. Can I send SOL from Phantom to my Metamask wallet? You cannot send SOL directly from your Metamask to your Phantom wallet.

Phantom wallets only hold native SOL. As mentioned above, Metamask cannot support SOL as it is not EVM-compatible.

If you send SOL directly from your Phantom wallet to your Metasmask, your funds will be lost.

  • But I see Metamask supports SOL tokens?

Solana is one of the fastest blockchains in the world with a rapidly growing user base with strong use cases such as Gamefi, NFTs and DeFi.

Since the bulk of our KyberSwap users participate in DeFi, it’s not a surprise that Solana has been one of the most requested expansions from our community.

By launching KyberSwap’s aggregator on Solana, not only does Solana gain a leading DEX & Aggregator building multichain interoperability for its users, KyberSwap also gains a new avenue to build & develop while moving forward to become the most used decentralized exchange in the world, making DeFi easy, safe, accessible and rewarding for all.

About Kyber Network

Kyber Network is building a world where any token is usable anywhere. KyberSwap.com, our flagship Decentralized Exchange (DEX) aggregator and liquidity platform, provides the best rates for traders in DeFi and maximizes returns for liquidity providers.

KyberSwap powers 100+ integrated projects and has facilitated over US$10 billion worth of transactions for thousands of users since its inception. Currently deployed across 13 chains including Ethereum, BNB Chain, Polygon, Avalanche, Fantom, Cronos, Arbitrum, Velas, Aurora, Oasis, BitTorrent and Optimism.

Website | Twitter

About Solana

Solana is a decentralized blockchain built to enable scalable, user-friendly apps for the world.

Website | Twitter

SOURCE

https://blog.kyberswap.com/kyberswap-launches-aggregator-on-solana/

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