We are happy to announce that Decentraland, the decentralized virtual reality platform built on Ethereum, has integrated with Kyber, giving LAND purchasers the option to pay in eight different ERC20 tokens during the upcoming LAND auction. This is a good demonstration of how DApps within the Ethereum ecosystem can make use of Kyber’s liquidity protocol to improve the user experience, by allowing multiple tokens to be used in a wide variety of use cases.

What is Decentraland?

Decentraland is a virtual reality platform built on Ethereum that allows for individuals, studios, brands and developers to build interactive 3D content hosted on a decentralized platform.

By dividing the 3D space within Decentraland into a finite supply of virtual parcels of land (LAND), with each parcel corresponding to a non-fungible token, Decentraland gives its users full control and ownership of their own digital space, assets, and experiences.

Improving the user experience with Kyber Network

Prior to integration with Kyber, Decentraland accepted only MANA, the platform’s native token. Users needed to first convert other tokens and assets to MANA in order to buy LAND during the first auction, and later through the Decentraland Marketplace.

By integrating Kyber’s liquidity protocol, this process has been greatly simplified since users no longer need to convert their tokens to MANA before buying LAND, thereby achieving a seamless user experience.

The eight different ERC20 tokens that can be used to purchase LAND are MKR, DAI, BNB, KNC, ZIL, RCN, ELF and SNT.

With a single transaction, the LAND buyer’s ERC20 token is converted to MANA tokens through Kyber’s smart contracts. The amount of MANA received/traded will be validated by Decentraland’s contracts before the ERC721 LAND token is assigned back to the buyer.

The transaction is entirely transparent, and is conducted on-chain, meaning Kyber at no point holds the user’s funds.

How to use KNC or other ERC20 tokens to buy LAND in the Auction

For a visual, step-by-step guide explaining how to get up and running with the Decentraland LAND Auction, please refer to the Mobile Auction Tutorial and Desktop Auction Tutorial.

To use KNC to purchase LAND during the auction, simply start by navigating to https://market.decentraland.org/

Click Sign in.

Next, sign into your wallet of choice and click Connect.

Several wallet options are supported: you can use the MetaMask or Mist browser extensions, or a Trezor hardwallet. If you are logging in from your mobile device, we also support Coinbase Wallet (previously Toshi), Trust Wallet, and imToken!

Once you’re connected to your wallet and signed in, you’ll be shown a view of the Decentraland Atlas. Click Auction.

From the auction page, you’ll be shown your LAND Cart where you can select the parcels you want to buy, and the token you want to use to purchase them.

MANA is selected by default, but to purchase parcels using KNC, click the TOKEN menu box.

Then, you can select KNC!

With KNC selected as your token, you’ll be shown the price per parcel in KNC, along with the total price in KNC for all parcels added to your cart!

When purchasing LAND using ERC20 tokens, please note the following threshold per transaction:

KNC: 102782

BNB: 2909

ELF: 120766

ZIL: 968084

SNT: 887995

DAI: 20000

RCN: 87420

For MKR, there are variable limits.

If you are a developer

This payment use case within Decentraland demonstrates one of the many ways developers can integrate Kyber’s liquidity protocol into their platform to support the use of any token, anywhere. To learn more about how you can integrate Kyber with your DApp, visit our Developer Portal, and join our Telegram Developer Group for support.

About Kyber Network

Kyber’s on-chain liquidity protocol allows decentralized token swaps to be integrated into any application, enabling value exchange to be performed seamlessly between all parties in the ecosystem. Using this protocol, developers can build innovative payment flows and applications, including instant token swap services, ERC20 payments, and financial DApps — helping to build a world where any token is usable anywhere.

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