Posted 11 months ago | by Ben Armstrong

Crypto.com Launches DeFi Swap on Ethereum Mainnet

Crypto.com has announced the launch of its DeFi Swap as it has gone live on the Ethereum Mainnet, creating new investment opportunities.

This is the last move on a constant addition of features as the platform aims to provide more services and benefits to users, allowing them to profit from new niches. To take advantage of this chance to jump into DeFi, as well as receive $50 by signing up for the Visa card,  click here. 

The Protocol has New Functions

According to Crypto.com’s announcement, DeFi Swap will be the best place to swap and farm DeFi coins at the best available rate, powered by CRO. The protocol supports 5 main functions, including:

  1. Swap: Allows users to swap between any two supported tokens while paying a 0.3% swap fee.
  2. Pool: Each liquidity pool includes reserves of two ERC-20 tokens, and issues an ERC-20 pool token as a proof of proportional ownership of the underlying reserves.
  3. Boost: Allows liquidity providers to increase, claim and view their CRO DeFi Yield and Bonus Liquidity Providers Yield
  4. APY: Allows users to estimate their CRO DeFi Yield easily and intuitively.
  5. Analytics: Allows users to view the overall and per token/ pair data of the CRO DeFi Swap protocol such as liquidity, trading volume, etc.

Offering Triple Yield for Liquidity Providers

The Swap Fee Sharing benefit means that liquidity providers can receive rewards by sharing 0.3% of the trading volume of respective liquidity pools.

Liquidity Providers are encouraged to contribute to liquidity pools with Triple Yield as an added benefit.

The CRO DeFi Yield requires Liquidity Providers to stake CRO. By staking CRO, Liquidity Providers can boost their yield by up to 20x and harvest the daily yield in as little as 30 days.

With bonus LP Yield which for Liquidity Providers from the selected group, the received can change to extra coins from other participating DeFi projects.

Yield Farming Made Easy

To farm and become a Liquidity Provider, users can use any WalletConnect-enabled mobile wallet, with the use of the Crypto.com DeFi Wallet coming soon. Besides, Crypto.com will launch at least 14,000,000 CRO for the first 14 days.

The coins are supported to swap between any two supported tokens including (Wrapped) Ether (WETH); Tether (USDT); USD Coin (USDC); Dai (DAI); Chainlink (LINK); Compound (COMP); and Crypto.com Coin (CRO).

Noticeably, DeFi Swap is not accepted for the residents and citizens in The United States, Hong Kong, Singapore, Afghanistan, Bangladesh, Bolivia, Burundi, Central African Republic, Crimea Region Cuba, Congo, Dem. Rep. Ecuador Eritrea Guinea, Republic of Guinea-Bissau, Hong Kong SAR, Iran, Iraq, Kyrgyzstan, Lebanon, Libya, Mainland, China, Mali, Burma (Myanmar), Namibia, Nepal, North Korea, Singapore, Somalia, Sudan, South Sudan, Syria, Venezuela, Yemen, and Zimbabwe.

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About Ben Armstrong

ef4f73e9ddeb61becab57469962fa946?s=90&d=blank&r=g Crypto.com Launches DeFi Swap on Ethereum MainnetBen Armstrong is a YouTuber, podcaster, crypto enthusiast, & creator of BitBoyCrypto.com. Better known as BitBoy Crypto, he works hard to educate and inform the crypto community.

Ben has been involved with the world of cryptocurrency since 2012 when he first invested in Bitcoin. He used Charlie Shrem's BitInstant & lost Bitcoin in the Mt. Gox hack.

In 2018, Ben decided to go "full-time crypto" and focus all of his time and energy into expanding the reach of crypto.

If you have any questions or comments please feel free to email him at BitBoy@BitBoyCrypto.com or contact him on Twitter @BitBoy_Crypto.