Hong Kong-based crypto exchange and wallet provider Crypto.com today announced its new DeFi swap service for all users.
The centralized exchange begins to take notice of the burgeoning DeFi industry. Extremely high returns provided by protocols like SushiSwap and Yearn Finance have resulted in a massive migration of liquidity from traditional crypto exchanges to DeFi.
Now exchanges bring out their own products. While Binance launched its Binance Pool earlier this week, Crypto.com came out with its DeFi swap service on Friday
Distribution of swap fees: LPs are rewarded with the distribution of 0.3% of the trading volume of the respective liquidity pools.
CRO DeFi return: for LPs who also use CROs: LPs can use CROs to increase their return by up to 20 times and reap the daily yield in just 30 days.
Bonus LP return: for LPs from selected pools: LPs receive tokens that can be exchanged for additional coins from participating DeFi projects.
Users can use any compatible wallet to work with the protocol, such as MetaMask. Crypto.com will also launch its own DeFi wallet in the coming days and in this way create added value for its own ecosystem
For beginners, Crypto.com guarantees a minimum reward pool of 14,000,000 CROs (1,000,000 CROs per day) for the first 14 days. At startup, users can switch between any two supported tokens, including both CeFi and DeFi tokens such as Wrapped Ether , Tether, DAI, Chainlink, Compound and Crypto.com Coin.
To address concerns from potential users, DeFi Swap is a spin-off from Uniswap V2 and has been reviewed by the security team at Crypto.com and blockchain researchers at SlowMist, a third-party blockchain security service.
DeFi Swap is open source and any suggestions from the community are welcome to improve the application. However, Crypto.com will act as the maintainer of the underlying code and actively contribute to its development.
Meanwhile, after the announcement, Crypto.com’s CRO tokens are excited about an immediate price hike – nearly 10%.