Famous cryptocurrency exchange Crypto.com has launched a new service to take advantage of the DeFi craze. Crypto.com
has launched a DeFi Swap service that allows users to exchange between various decentralized finance tokens. The firm promises its customers up to 20 times returns. However, the company does not hesitate to state that there are also many risks in these transactions.
Start here: https://t.co/Qk3XKx1hJw
— Crypto.com (@cryptocom) September 11, 2020
DeFi Tokens Can Be Traded
Crypto.com, a Hong Kong-based cryptocurrency company, has launched a new service called DeFi Swap. According to Whitepaper, the infrastructure allows decentralized finance (DeFi) users to exchange their tokens between various DeFi liquidity pools.
Launched on the Ethereum mainnet, the service allows users to exchange and process DeFi tokens, as well as provide liquidity and earn “Triple Yield”.
The following expressions are used in whitepaper:
“DeFi Swap has been designed to be the best place to trade and collect DeFi coins at the best available rate, leveraging proven and audited protocols while offering an outstanding incentive program supported by the CRO.”
During the DeFi Swap launch, Wrapped Ether (WETH), Tether (USDT), USD Coin (USDC), Dai (DAI), Chainlink (LINK), Compound (COMP) and Crypto.com Coin (CRO) will be supported.
While users can trade between any two supported tokens by paying a 0.3% swap fee, Crypto.com Coin (CRO) holders – as liquidity providers (LPs) – will be encouraged to contribute to their liquidity pools:
“Initially, all clearing fees (0.3% per swap) will be distributed to liquidity providers. Crypto.com reserves the option to subsequently reroute a maximum of 0.05% per exchange to fund the protocol’s ongoing R&D. ”
The company added, “Under the current installation, users can earn up to 20 times the return of no less than 50,000,000 CRO for 4 years.”