Decentralized exchange KyberSwap is resuming its Elastic protocol as of today May 25. The launch will attract about whole lot of improvements in security as it features a newly audited smart contract and round-the-clock live scanning in partnership with security projects.
The Elastic Protocol likewise includes an insurance fund while bringing back important capital-efficient features like concentrated liquidity and full-range fee compounding. The KyberSwap Elastic smart contracts went through a rigorous external audit by ChainSecurity and the community whitehat developer who realized the smart contract vulnerability last month.
As part of its better resumption packages, KyberSwap has likewise put in place improved security measures. This includes a real-time monitoring page that will go live in Q3 2023 and constantly monitor the state and security of the website, smart contracts, and other things.
This will give the team and users the latest updates possible and eliminate the must rely on dated data. Additionally, KyberSwap is increasing warning notifications, extending user education materials, and improving UX controls, giving consumers the information and resources they must to make wise decisions in the cryptocurrency sector.
More details of the resumption
Reacting to the launch, Victor Tran, KyberSwap Co- Founder, and CEO, stated, “Our Elastic protocol resumption comes with upgraded smart contracts, a new security audit, and coverage from KyberDAO, together with increased incentives, to offer users more rewarding, secure options for their liquidity.”
Tran also mentioned that “KyberSwap returns to chart the path to leading Decentralized Finance in volume and protocol revenue, and make real an all-in-one, a sustainable platform to assist users trade smart.”
KyberSwap will likewise launch an official Bug Bounty program in June 2023 alongside Immunefi, allowing and rewarding community developers to assess the software actively. Furthermore, KyberSwap’s Elastic protocol’s resumption is scheduled alongside the KyberSwap Returns campaign.
The campaign will feature promising events such as Non-Fungible Token (NFT) campaigns, the debut of KyberAI, a prospective deployment to zkSync, a multimillion-dollar liquidity mining campaign, and financing for ecological system expansion. Up to now, trending staking and vault protocols, such as Lido Finance and QiDao, have confirmed their involvement and have poured funds into KyberSwap.
As usual, KyberSwap maintains an active presence as a whole lot of DEX aggregator. It provides liquidity and behind-the-scenes operations for some trending cryptocurrency swap sites. Kyber handles billions of transactions and persists to expand. The project has likewise made new integrations as part of its intends to expand. Interestingly, more platforms are using Kyberswap to find the cheapest deals for their users. If you like to check their very competitive swap offers and farms, just head over to their platform here.
