KyberSwap is decentralized exchange that uses an on-chain matching system to instantly convert tokens into other tokens.
KyberSwap is built on the Kyber Network.
Kyber Network builds a liquidity pool of tokens to facilitate token swaps. Different parties, including Kyber itself, maintain their own pools called reserves.
Each reserve is a smart contract that is controlled by reserve admin who deployed it. Reserves vary in supported tokens, liquidity and conversion prices. When a user wants to exchange one token for another, Kyber scans all reserves to pick the cheapest one.