An introduction to the Kyber network
In order to conveniently exchange your cryptocurrencies within the Zion Vault, we integrated the solutions provided by the Kyber network. They built liquidity pools of tokens to facilitate token swaps.
Different parties, including Kyber itself, maintain their own pools called reserves. Each reserve is a smart contract that is controlled by a reserve admin who deployed it. Reserves vary in supported tokens, liquidity and conversion prices. When a user wants to exchange one token for another, Kyber scans all reserves to pick the cheapest one.
In short: The Kyber network is pioneering access to decentralized token exchange for different stakeholder in the industry. If you want to know more about the Kyber network, we recommend the Kyber Ecosystem report #1 , the second report as well as their website.
How to use Kyber via the Zion Vault on the HTC EXODUS?
- Open the Zion Vault on your HTC EXODUS.
- Unlock the vault via your fingerprint or passcode.
- On the lower menu you find “Exchange” as the third option.
- Select “Crypto to crypto”.
- Select the desired tokens for trading.
- Enter trade amount and review with passcode.
- Receive confirmation and notification.
Exchange tokens within the Zion Vault with four easy steps.
The exchange menu:
Fiat to crypto: In the menu, you have the option to exchange your fiat currency (euro, dollar etc.) to selected cryptocurrencies via Simplex.
Crypto to crypto: Exchange between a variety of different Ethereum based assets via the Kyber network.
Once you selected “crypto to crypto” you get to the Kyber user interface where you can select the tokens, which you want to sell and receive. Kyber offers you to trade more than 60 different assets. All of them are supported by the Zion Vault.
Once you selected a trading pair (e.g ETH/DAI) you can review your order. The offered exchange rate is illustrated beneath the receive column. For the trading pair ETH/DAI it currently provides us with the exchange rate 1 ETH = 209.92491 DAI. Once you’re finished with your inputs continue by clicking on “Review your order”. Make sure that the provided information match with your inputs and confirm the transaction with your passcode/password.
You will get a confirmation of the completion of the order within seconds and Zion and Opera will provide you with a notification that you received a new token shortly after.
Note: The Kyber network doesn’t charge any trading fees, however it requires a small amount of ETH in your wallet in order to pay for the transaction costs. Normally these are in the range of 0.00X ETH.
Happy trading with the Kyber network and your Zion Vault.
Secure, easy and decentralized!