Krystal, a multi-chain platform to easily access popular decentralized finance (DeFi) services and manage non-fungible tokens (NFTs) launches SmartSwap, a new feature that enhances its ‘Swap’ service.
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SmartSwap is a smart liquidity aggregator powered by smart contract technology and complemented with an API containing a discovery & routing algorithm. SmartSwap optimizes trade orders by splitting and routing them through multiple decentralised exchanges (DEXes) within the same chain, to get users a better exchange rate than one would have gotten from trading on a single exchange.
To help users make informed decisions on their trades, Krystal’s user interface calculates a user’s expected savings if they were to route their trade through SmartSwap, in comparison to the next best option.
Taking reference from a trade simulation, a 100 BNB swap to BUSD routed through SmartSwap will save a user minimally $100, in comparison to trading directly on a single DEX.
At launch, SmartSwap will source tokens from 21 popular DEXs across its 4 supported chains – Ethereum, Binance Smart Chain (BSC), Polygon and Avalanche. This includes top DEXes on each chain, like Uniswap, Curve, PancakeSwap, Trader Joe, KyberDMM, SushiSwap, QuickSwap et. al.
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Future development on this front will include:
- Adding more DEXes
More liquidity sources increases the number of probable routes and also the probability of obtaining better token swap rates.
- Adding leading DEXes on Cronos, Fantom & Solana
Users can expect this update when Krystal expands its support to these networks in the near future.
“It’s a commendable initiative by the Krystal team to introduce a liquidity aggregator feature – it is a cherry on top of the existing DeFi services it currently provides. Trading is one of the core drivers in DeFi. With this new feature, we’re excited to witness Krystal’s growth as new audiences bring their trading activities onto the platform,” said Simon Kim (CEO & Managing Partner, Hashed).
“We have been working towards improving every feature on Krystal, starting first with token swaps. With SmartSwap, you no longer have to worry about high slippage when you execute big trades, or think about how many DEXes to run your trade through to get the best rates. Here at Krystal we help to simplify the DeFi experience by being your first choice for all your trading activities – available on multiple blockchains too,” shares Sunny Jain (CEO, Krystal).
Krystal concluded its seed funding round in August 2021. The round was led by Hashed, with further backing from Crypto.com, Signum Capital, BlockTower, HyperChain, Arrington Capital, LD Capital, DeFi Alliance, ArkStream Capital, Coin98, and a few angel investors.
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