Dubai, UAE, 13th November 2023, The number of new crypto assets and blockchains being introduced to the market is increasing at an unprecedented rate. This rapid growth makes connecting networks and redirecting liquidity between them quite challenging. Cross-chain technologies are becoming more relevant than ever before as a way to address this issue. They have the potential to build a connection between chains, transfer data, and move liquidity. Nonetheless, cross-chain technologies have some drawbacks, including long wait times and a lack of user-friendliness, especially for complex routes that involve two or more networks. For instance, the transfer of assets through bridges can take up to 15-20 minutes, and the manual control of swaps can also be tedious since users must stay online throughout the entire process to sign transactions.
Kinetex is introducing an automated execution of swaps on all major EVM-compatible blockchains, including Ethereum, Polygon, BNB Smart Chain, Optimism, and others. This feature is aimed at making swapping assets easier for all users. The swap process will be automated through relay nodes, which will execute each smart contract automatically in every network. As a result, Kinetex users will not need to stay online throughout the entire procedure to confirm each step.
Relay nodes will also enhance security during the transfer of crypto assets as they will act as transaction relays, excluding direct interaction with liquidity and account balances. Funds will be sent only to the points indicated in a route (DEXes and bridges) and returned directly to a user’s balance after the swap.
This automation feature will be first available for Ethereum, BNB Smart Chain, Polygon, Arbitrum, Optimism, Avalanche, Fantom, and Gnosis Chain. Kinetex may add other networks in the future at the community’s request.