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Your KyberSwap Questions Answered
KyberSwap is both a multi-chain DEX aggregator and a liquidity source with capital-efficient liquidity pools that earns fees for liquidity providers. KyberSwap is the best place to trade and earn on networks such as Ethereum, Polygon, Binance Smart Chain (BSC), Avalanche, and Fantom since you can get the best rates for your token swaps and earn more with your token assets. You can visit our Introduction to KyberSwap page for more details.
KyberSwap is DeFi's first multi-chain Dynamic Automated Market Maker (DMM) that is also a liquidity aggregator that optimizes returns for liquidity providers. KyberSwap differs from other DeFi platforms in the following ways:
KyberSwap.com is available to use in most countries except where prohibited by prevailing laws. Examples of excluded jurisdictions for KyberSwap services are North Korea, Myanmar, Russian Federation, Syria, Yemen, Zimbabwe, Cuba, Iran, and Palestine.
Kyber Network highly values the security of the KyberSwap protocol and the KyberDAO governance platform.
KyberSwap is a fully onchain service. Everyone who creates transactions on the blockchain will need to pay network fees associated with their transactions. These fees vary depending on
- 1.The network being used
- 2.Network congestion at the time
- 3.Complexity of the smart contract transaction being executed
KyberSwap does not charge fees to users using the protocol to swap tokens. However Liquidity Providers are allowed to set fees on their liquidity pools and traders who choose to use these pools to perform swaps will need to pay trading fees to the LP, along with any associated network fees.
We host trading campaigns and contests from time to time via our community channels. These give users a chance to earn various rewards for participation. To stay up to date with current and future campaigns, please join our Discord server and monitor the #announcements channel.
KyberSwap is a decentralized platform and does not hold our users’ funds in custody. By using KyberSwap.com, users assume all responsibility for any loss of funds. Blockchain transactions are permanent, therefore users cannot be refunded for failed transactions, gas costs, or loss due to market dynamics (i.e. slippage, price impact, front-running, internal commissions, impermanent loss, or external theft).
We are always open to build relationships with others in the DeFi space. If you represent a project and would like to get in touch with us about a potential partnership, please send us a proposal via this google form.
If you have a marketing opportunity you would like to share with us, please post the details in the #marketing-proposal channel on our Discord server. A member of our marketing team will be in touch if we deem the proposal a fit.
As a decentralized platform, KyberSwap does not offer users “accounts” in the traditional sense. We do not store your private data and all transactions on our platform take place through the use of Web3 wallets.
Connecting your Web3 wallet to the KyberSwap platform will enable you to use the full suite of KyberSwap's onchain features. For more information on how to connect your wallet to KyberSwap, please refer to this article.
If you are facing any transaction delays or if data is taking too long to load on KyberSwap, it could be due to congestion on the blockchain network that you are using. Since some Remote Procedure Call (RPC) endpoints may be more congested than others at a given time, so changing the RPC endpoint URL that your web3 wallet uses to connect to the network may sometimes give a better experience.
In this guide, we will show you how to specify an alternate RPC endpoint for Metamask to connect to the Polygon network.
Step 1: Open your Metamask wallet and click on “My accounts” (the circular button at the top right of the window) and then click on “Settings”.
Step 2: Go to Networks and click the “Add Network” button.
This will open up a browser tab with more Metamask Settings.
Step 3: Click “Add a network manually” to proceed.
Step 4: On the screen that appears, specify the new network. For the purposes of this guide we are going to specify an alternate Polygon Mainnet connection setting named “Polygon Mainnet 2”.
Click the “Save” button when you are done.
The newly defined network that uses the new RPC should now appear in your Networks list.
Metamask is one of the most popular web3 wallets among KyberSwap users, so it can be surprising to find that Metamask sometimes cannot be selected to use with KyberSwap.com: the “Connect” button either does nothing or the Metamask option is simply greyed out and unselectable on the “Connect your Wallet” screen. This is not intended behavior.
There are a couple of things you can try to resolve this.
- 1.Ensure that the Metamask extension is installed on your browser.
- 2.Ensure that your Metamask wallet is unlocked with your password. Your wallet extension may also be waiting for confirmation from you to connect to KyberSwap.
- 3.If you have either or both Trust Wallet and/or Coin98 wallet extensions installed, go into their extension settings and disable the options making them the default wallet. These wallet extensions have been known to set themselves as the default wallet, overriding other wallets like Metamask.
Regarding the KyberSwap Learndrop that started on 4 Jan 2023, disbursement of these rewards is managed by BitDegree Learnoverse. They perform a batch disbursement of rewards to all eligible users once per day. Please allow them some time after you've completed the tasks to properly distribute the rewards. If you believe your drop to be missing or late, please contact Learnoverse ([email protected]) and tell them your Learnoverse account email, wallet address, and phone number.
Impermanent loss is a temporary loss of funds brought about by the differences in token ratios when entering and exiting an AMM liquidity pool. In short, it is the difference in value between holding both assets versus providing those assets as liquidity.
KyberSwap used to have an app with a web3 wallet, but support for that app was discontinued as of 30 June 2021. The app is now obsolete.
If you still have this app installed on your device, you will find that it is no longer possible to send funds using the app. However, as is the case with any web3 wallet, you can simply restore the wallet to a different web3 wallet client (e.g. Metamask) using the KyberSwap app wallet’s backup secret. To avoid permanent loss of funds, we recommend that you endeavor to do this as soon as possible.
To find your backup secret, simply follow the following steps in the app.
Step 1: Tap on Settings > Manage Wallets
Step 2: Tap on the wallet you would like to back up
Step 3: Tap Edit > Show Backup Phrase
Step 4: When prompted, enter your app Passcode
Step 5: Tap “Choose your backup method” > Continue
If your wallet was imported, the app will provides two backup methods: Keystore & Private Key.
If your wallet was created in the KyberSwap app, the app will provide three backup methods: Keystore, Private Key, or 12-word Seed phrase.
Once you have obtained your secret, keep it safe and do not share it with anyone else. Use the secret to restore your wallet to an up-to-date web3 wallet client and you will once again have access to your funds.
If you would like to help us keep our community safe, you can contribute by reporting these scam ads to Google by following these steps:
Step 1: Click on the triangle next to the scam ad. This will open the My Ad Center screen.
Step 2: Click on “Report ad”.
Step 3: Select the reason “An ad violates Google Ads policies”
Step 4: Select the reason “It’s misleading or a scam” and provide additional details, e.g. “This is an ad for a phishing website that is impersonating KyberSwap.com, a reputable cryptocurrency decentralized exchange.” Click the “Submit” button to submit your report.
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