How to Use Kyber Network?
What is Kyber Network?
The Kyber Network is a protocol that enables automated, decentralized, instant, and low-fee exchanges of Ethereum-based assets. These assets include Ethereum (ETH) itself and ERC20 tokens. 30% of the transaction fees that reserve contributors pay for Kyber Network transactions go to Kyber Network integrations like Dapps, wallets, exchanges, and businesses.
How to Swap in Kyber？
Kyber protocol uses pools of crypto funds called “reserves”, they are smart contracts with a pool of funds. Reserves make money on the “spread” or differences between the buying and selling prices.
Kyber Swap supports 2 types of swap instant and limit order.
Instant swap
1.To use instant tap on ‘Swap’ and choose the coins to swap from and to. Enter the proper amount and click ‘Swap now’. Connect your wallet.
2.Click on ‘Advanced’ to set gas fee, price slippage.
3.Check the details and tap ‘Confirm’.
4.Wait for the transaction to be completed. Successfully completed you will see a window below, as well as just swapped token balance.
Limit orders
1.For creating limit orders you need to make an account Tap on ‘Limit orders’. Select the tokens to swap to and from. Enter the price you’d like to pay. Tap on ‘Buy.
2.Approve token usage in your wallet and confirm the transaction by tapping ‘Confirm’.
3.Successfully placed an order, you will see the following window and open order in the bottom left side. Wait.
In Kyber Network you can also transfer you funds to specific address. Tap in the address, select the amount and coin and tap ‘Transfer Now’.
How to Stake KNC in Kyber Network?
The native token of Kyber is called Kyber Network Crystals (KNC). All reserves are required to pay fees in KNC for the right to manage reserves. The KNC collected as fees are either burned and taken out of the total supply or awarded to integrated dapps as an incentive to help them grow.
Connect your wallet to Kyber via WalletConnect.
1.Tap ‘Stake Now’, enter the amount of KNC and tap ‘Stake’. Approve using KNC in your wallet and pay the gas fee.
2.Approve staking by tapping ‘Confirm’, confirm the transaction in your wallet and pay the gas fee.
3.Successfully staked you will see the windows below.
4.In the upper right coner you will see the amount of staked KNC
How to Vote on Proposals?
When you have staked you can start Voting.
1.Tap ‘Vote’, choose the proposal you like (in our case transaction fee) and click ‘Vote Now’. Confirm the transaction in your wallet.
2.Wait the transaction to be completed. Once completed you will see the window below.
3.Your vote can be updated anytime. Tap ‘Update Now’.
How to claim your rewards?
1.Tap on ‘Rewards’, check all claimable rewards and tap ‘Claim Rewards’. Click ‘Confirm’ and confirm the transaction in your wallet.
2.Successfully claimed, you will see a window below and your claimed rewards will be reflected in the balance.
*Please pay attention that every financial operation and decision has a potential investment risk, when making an investment think carefully, do not take any impulsive decision.