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Protocol Overview

Kroko DEX is a decentralized exchange on the Kasplex blockchain that combines two proven AMM models — V2 (constant product) and V3 (concentrated liquidity) — under a unified routing layer.

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Architecture

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Components

ComponentRole
V2 PoolsConstant-product AMM (x * y = k). Simple, gas-efficient, full-range liquidity.
V3 PoolsConcentrated liquidity AMM. LPs choose a price range, improving capital efficiency.
Universal RouterExecutes swaps across V2 and V3 in a single transaction. Supports multi-hop and split routes.
Permit2Token approval manager. Users approve tokens once to Permit2, then grant per-spender permissions with expiration.
Swap APIOff-chain routing engine that finds optimal paths and generates transaction calldata.

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How a Swap Works

  1. Approve — User approves their token to the Permit2 contract (one-time per token)
  2. Permit — User grants the Universal Router permission via Permit2 (one-time per token)
  3. Quote — Frontend requests an optimal route from the Swap API
  4. Calldata — Frontend requests encoded transaction data from the Swap API
  5. Execute — User sends the transaction to the Universal Router
The routing engine automatically selects the best path — single-hop or multi-hop, V2 or V3 or mixed — based on available liquidity and price impact.

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V2 vs V3

FeatureV2V3
Liquidity rangeFull range (0 to infinity)Custom price range
FeeFixed 0.3%Selectable: 0.01%, 0.05%, 0.3%, 1%
LP tokenFungible ERC-20Non-fungible ERC-721 (NFT)
Capital efficiencyLowerHigher (up to 4000x for narrow ranges)
ComplexitySimpleAdvanced
Best forStable pairs, passive LPsActive LPs seeking higher returns

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Native Token

Kasplex’s native currency is KAS (18 decimals). Since AMM contracts require ERC-20 tokens, KAS is wrapped as WKAS for on-chain operations. The Universal Router handles wrapping and unwrapping automatically — users interact with native KAS directly. See Native Token Handling for details.