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Ethereum transaction fees can be a bane for anyone using the network. Therefore, many solutions have emerged over the past year or so and the Kyber Network is one of them.
Blockchain liquidity hub, Kyber Network, has advised its users on how to save on gas fees. In this article, you will discover them. But first, let’s take a look at Kyber Network
What is Kyber Network?
Kyber Network is a decentralized exchange (DEX) liquidity platform based on Ethereum. Furthermore, it enables fast and simple conversions between various crypto assets, allowing users to trade them using decentralized apps and wallets. Its primary purpose is to improve DEX liquidity and function as an aggregator.
Nowadays, the average Ethereum transaction fee is around $14 according to Bitinfocharts. This is an average so it can be a lot higher for complex operations such as smart contract interactions. Additionally, average gas fees spiked to a 2022 high of $43 on April 5 so it pays to find ways to avoid them.
😢Gas Fees eating your heart out?? Here's 5 ways you can save & earn more in #DeFi
1⃣Of course, trade where you can get the BEST rates *cough* #KyberSwap *cough* deployed on @ethereum @BNBCHAIN @0xPolygon @avalancheavax @arbitrum @auroraisnear @OasisProtocol and 3 other chains!— Kyber Network (@KyberNetwork) April 13, 2022
That’s why we want you to have these four cheaper gas alternatives:
4 Gas Reduction Tips with Kyber Network
There are many ways to save on gas fees such as using a layer 2 network. Kyber has suggested a few of its own which we will break down.
- You can use Kyber Network with its cheapest networks like Binance Chain, Polygon, Avalanche, Arbitrum, and several others.
- Deposit their tokens into liquidity pools where they can earn on the fees for passive income.
- Farms and incentives can also offer earnings that can offset gas fees.
- Kyber offers a “Trending Soon” feature for users to spot the right tokens to trade before they trend.
Moreover, using these methods will help Kyber users to generate a little extra income that can cover transaction fees. On the other hand, last year, Kyber launched a dynamic market maker (DMM) which is a liquidity protocol specially designed for retail liquidity providers.
Keep calm & farm. pic.twitter.com/ecWQEbuQXU
— Kyber Network (@KyberNetwork) April 14, 2022
KNC Price Outlook
The Kyber Network Crystal token, KNC, was trading up 11% on the day at the time of writing this article. Also, KNC has made an impressive 33% over the past week. Furthermore, it is just 11% down from its April 12 all-time high of $4.42 earlier this week.
Moreover, it has a marketcap of $427.3 million with a 24-hour trading volume of $35.5 million. Finally, the circulating supply is 102.5 tokens and the total supply is 196.5 million tokens.