We are pleased to announce that SNX liquidity will be live in a few hours on KyberSwap! Kyber is a decentralised liquidity network that allows users to instantly exchange/convert tokens through transfers. Here's a detailed guide on how to use KyberSwap for the first time.
Kyber’s system allows the following scenario to take place:
- Bob owes Alice 10 sUSD, but only has Dai. Bob sends a request through Kyber to exchange his 10 Dai for 10 sUSD using the current exchange rate of 1:1. Kyber uses the liquidity pools for both Dai and sUSD to exchange the Dai for sUSD, meaning Alice receives the 10 sUSD she was owed.
Synthetix is providing liquidity for users to transfer in or out of SNX through Kyber. This strengthens the useability of SNX throughout the cryptocurrency ecosystem.
If you’ve got any questions about how it works, come join us in Discord or join Kyber’s Telegram group.