Multichain Integration with Kyber Network
Multichain Integration with Kyber Network to bring even more ease and accessibility to KyberSwap users. So you can now bridge your tokens assets from chain A to chain B in 1 single transaction!
Why Bridge Assets to Another Blockchain?
There is a wide world of Web3. Built on blockchain technology, a blockchain can host tokens, dApps & data that are immutable and have no central structure of ownership. As Multichain announced their Integration with Kyber Network.
Some networks have cheaper gas fees (EG: Gas fees on BitTorrent are a fraction of Ethereum’s) and some dApps are native to 1 or a select few networks.
How do Blockchain Bridges Work?
A blockchain bridge allows you to transfer your token assets from one blockchain to another.
Typically, the asset that you intend to bridge will be locked up with the bridge, and a wrapped asset will be minted on your destination blockchain.
For example, everyone knows Bitcoin was the first decentralized currency. As the first of its kind, Bitcoin was only available on its own blockchain. Thanks to bridging, BTC now has wrapped versions (WBTC) and can be used on many other chains including Ethereum, Polygon, Solana, Cardano and more!
“This integration takes us a step closer to a reality of making decentralized finance easy and accessible for all with KyberSwap as the only DEX you need to use. Already, users have the best swap rates through KyberSwap. Now we have eliminated the need for external dApps for bridging and cross-chain swapping.” — Said Victor Tran, CEO of KyberSwap
About Kyber Network
Kyber Network is building a world where any token is usable anywhere. KyberSwap.com, their flagship Decentralized Exchange (DEX) aggregator and liquidity platform, provides the best rates for traders in DeFi and maximizes returns for liquidity providers.
About Multichain
Born as Anyswap on July 20th, 2020, Multichain is positioned as a decentralized cross-chain router to address the clear need for distinct and diverse blockchains to communicate with one another.
Multichain promotes interoperability across different networks and actualizes smooth asset and value transfers as a cross-chain architecture. In addition, Multichain also powers the seamless data or message transmission across chains by anyCall, enabling the building of cross-chain Dapps.
