Cryptocurrencies

Enjin and Kyber create the world’s first native multi-swap wallet integration

Enjin Wallet, a popular Ethereum wallet, has integrated Kyber Network’s liquidity protocol to allow users to swap ERC-20 tokens directly inside the wallet.

The team said that “this integration will show how Kyber enables token swapping functionality to be embedded into any wallet or dApp.”

Decentralised token swaps

Enjin Wallet is an Android and iOS crypto wallet that can hold multiple cryptocurrencies including Bitcoin, Ethereum, and Litecoin as well as ERC-1155 and ERC-721 digital assets and virtual items.

The Enjin project has created a blockchain game development platform with a network of 20 million users, building a framework of “software development kits (SDKs), wallets, game plugins, virtual item management apps, and a blockchain scaling solution to allow gaming companies to create, integrate, and manage tokenised gaming assets.”

This new integration will allow users to easily swap between more than 60 different ERC-20 tokens directly from the Enjin Wallet application. This removes the need to first move tokens to third-party exchanges or services to make any trades.

The Kyber protocol

The wallet will leverage Kyber’s on-chain liquidity protocol, which allows decentralised token swaps to be integrated into any application. Kyber claim that “using this protocol, developers can build innovative payment flows and applications, including instant token swap services, ERC-20 payments, and financial dApps.”

Kyber’s Trading API is a REST API that allows developers straightforward access to Kyber’s on-chain liquidity protocol. Enjin Wallet will access the API to query supported tokens, their conversion rates, and a transaction payload. At this point, the API data will be used to create a token swap transaction request to be broadcast and executed on the Ethereum blockchain.

In a blog post, Enjin concluded that “token swaps will be done transparently and ‘on chain’. This can be tracked and independently audited on kyber.enjinx.io.”

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Nawaz Sulemanji

Nawaz has been hooked on crypto since buying his first Bitcoin’s in 2013. After studying maths in London, Nawaz initially spent the first eight years of his career working globally across corporate supply chain’s before transitioning into the decentralised finance industry as a margin-trader and consultant. He’s a fan of open-blockchains because “it enables self-sovereignty”.