Cryptocurrency

Enjin Wallet Introduced Swap Update for Kyber, Changelly and Bancor

Kyber Network’s liquidity protocol has been integrated into the Enjin crypto wallet. As a result of the integration, ERC-20 tokens can be swapped directly by its users inside the wallet. A TCU report released on the 21st of January stated that a new version of the Enjin Wallet would be launched on January 29 on the App Store and Google Play. This version will be an upgraded version of the Enjin Wallet.

As news has it, the Enjin wallet users will benefit from the conversion as it will help users trade tokens through three platforms.

  • Changelly
  • Kyber Network
  • Bancor Network

The platforms have been discussed in detail below

The team said, “This integration will show how Kyber enables token swapping functionality to be embedded into any wallet or Dapp.”

The upgraded Enjin wallet will provide multiple benefits to its users as they will be able to easily swap between more than 60 different ERC-20 tokens directly from the Wallet application. Because of this, the need for users to transfer tokens to third-party exchanges or services to make any trade does not arise. This safeguards the interest of Wallet users to a great extent.

It must be noted that because of the Enjin project, a blockchain game development platform has been created with a network of approximately 20 million users. It has also resulted in the building of ‘software development kits’ (SDKs), wallets, game plugins, virtual item management apps as well as a blockchain scaling solution. Not just this, the new integration will also enable some gaming companies to create, integrate and manage tokenized gaming assets.

WHY KYBER PROTOCOL?

Reportedly, developers will gain access to Kyber’s on-chain liquidity protocol by using Kyber’s Trading API. In fact, the API will be accessed by Enjin Wallet to query supported tokens, their conversion rates, and transaction payloads. It is at this point that the platform will create a token swap transaction request by using API data in order to broadcast and execute on the Ethereum blockchain.

VARIED CONVERSION SERVICES : 

Bancor: Bancore reportedly is a liquidity network which is decentralized. It is believed to enable on-chain conversions between 8700+ token pairs on Ethereum and EOS. Bancor is supposedly the first decentralize service. The plus point is that values can be transferred across multiple blockchains without an intermediary thus securing the interest of the users.

Kyber: Kyber enables values to be exchanged seamlessly between all parties and also enable integration of decentralized token swaps into any application.

Changelly: Changelly’s platform is known to choose the best rate among some of the largest trading platforms market and is also known to act as an intermediary between users and exchanges.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.
Event Information
Event Information
Back to top button