In this blog post we will share an update on KyberSwap’s growth and reveal the details of our biggest feature to date — Limit Orders!
Over the last 5 months, KyberSwap has rolled out a host of features including a sleek new token swap user interface, price alerts, prediction games, mobile iOS app (Android coming soon), and allowing users to easily track their favourite tokens in a watchlist.
We are happy to share some of our key highlights so far:
- Total 5 months volume is around $125.6M. It’s 2.75x compared to previous 5 months average.
- Over 7,500 NEW users (+67%) used KyberSwap services in last 5 months leading to total active user count of 14,000+. This excludes users using KyberSwap services via trading API and on 3rd party apps.
- We are encouraged by the positive feedback from the KyberSwap community, and will continue to work hard towards being the fastest, easiest, and most secure way to swap ERC20 tokens!
KyberSwap Limit Orders
KyberSwap has invested considerable resources to understand the pain points of trading in the crypto world. We often engage with traders both within and outside our community to get their opinions on the tools KyberSwap can provide to address their needs.
Convenience was found to be extremely important, and users want a way to make trades without having to monitor prices 24x7 and without having to trust an exchange.
Today, we are excited to announce our new feature that solves the pain point described above — KyberSwap Limit Order. It will be available on 12th July.
A limit order is used to buy or sell a token at a specified, pre-determined price. The order will only be executed if it hits or crosses the specified price.
The motivation behind introducing limit orders is rooted in community feedback, competitive landscape research, and our obsession with user experience.
At KyberSwap, we have made the limit order better and simpler than your typical DEX or CEX. Here’s how:
- First, a user can easily create a limit order without needing to deposit any funds to KyberSwap or a third party app (non-custodial). Tokens are sent to your wallet immediately after the trade executes.
- Second, NO deposit fee & NO withdrawal fee, as there is no deposit of funds needed — which means saving on gas. User pays as little as 0.1% for trading fees and only if the limit order is executed.
- We’ve also designed the UI/UX with a new crypto user in mind, helping to ensure that anyone can easily place or cancel a limit order in a few clicks.
Hold KNC (Kyber Network Crystals) for discounts on trading fees!
To help users save even more, everyone who holds KNC (min. 2000 KNC) in the wallet at the time of order creation will get a discount on trading fees. The discounted amount is calculated with the following formula:
Discount = 0.5 * x / (x+3000)
- Discount → percentage of the fee will be discounted
- x → number of KNC held
- Wallet has to hold x >= 2000
Here is a sample reference table:
We are confident that Limit Orders will be a powerful and popular tool for KyberSwap users, and for any trader who values speed, convenience and security.
We will share more details on Limit Orders soon. Stay tuned!