Crypto.com, one of the most innovative projects in the cryptocurrency market, is now launching the DeFi Swap platform on top of the Ethereum (ETH) mainnet. The new platform is expected to become one of the top places to swap and farm DeFi coins and reward users for providing liquidity. The information was released by Crypto.com in a recently released announcement.
DeFi Swap Platform Launches on Ethereum
The DeFi Swap platform went live on the Ethereum mainnet a few hours ago. As per the official press release, DeFi Swap is going to be the best place to swap and farm decentralized finance coins and everything powered by the CRO token.
Liquidity providers using this platform will be rewarded for providing liquidity to pools with the so-called “Triple Yield” solution. This includes a swap fee sharing, a CRO DeFi Yield and a Bonus LP Yield.
Liquidity providers will get 0.3% rewards of the trading volume of the liquidity pools. In addition to it, those using the CRO digital currency will be able to stake their coins and boost their yield by up to 20x and harvest daily yield in 30 days. Furthermore, some selected Liquidity Providers will receive tokens that will be redeemable for coins of some of the DeFi projects working on the platform.
Take into consideration that users must stake more than 1,000 CRO coins and provide liquidity to the pool so as to be eligible to receive the daily CRO DeFi Yield. This will act as an extra incentive for users to receive larger rewards on the funds they stake.
Furthermore, if you want to start farming and using the platform, you can enter through the following link Crypto.com/defi/swap. You can use any WalletConnect-enabled mobile wallet to start enjoying the benefits of the platform.
Crypto.com has also unveiled very attractive launch incentives. The company will guarantee a minimum reward pool equal to 14,000,000 CRO coins during the first 14 days. This is equal to 1,000,000 CRO each day.
At the moment, DeFi Swap is supporting Wrapped Ether (WETH), Chainlink (LINK), Compound (COMP) and Crypto.com Coin (CRO). Additionally, there are three stablecoins supported: Tether (USDT), USD Coin (USDC) and Dai (DAI). This is going to make it easier for users to start earning rewards and getting involved in the DeFi market.
In the future, Crypto.com will be introducing more tokens for users to enjoy the benefits of the DeFi market and to improve the services offered by the cryptocurrency industry to users from all over the world. However, some countries would not have the possibility to participate in the DeFi Swap platforms. Geo-restrictions apply to different regions, including the United States, Venezuela and Zimbabwe.
It is worth pointing out that DeFi Swap was created as a fork of Uniswap V2 with Triple Yield incentives – which were mentioned before – and with a full audit performed by Crypto.com’s security team and blockchain researchers at SlowMist. You can find the full audits in the following two links: Audit 1 and Audit 2.
With the official launch of the DeFi Swap platform, the Crypto.com ecosystem will continue growing and offer new services to more than 3 million customers. This will join the alternative financial services that include the Crypto.com application, the Crypto.com Card, the Crypto.com Exchange, a DeFi wallet and the Crypto.com Pay platform.