Farm and swap DeFi tokens on DeFi Swap, the platform powered by CRO. The platform is now live on the Ethereum mainnet.
Powered by Crypto.com, liquidity providers (LPs) can earn incentives as high as 3x on the platform. DeFi Swap is also arguably the best platform to farm and swap DeFi tokens using CRO. LPs on the platform will split 0.3% of the total trading volume of their individual liquidity pools
To further improve their earnings, LPs can stake CRO, the native token of Crypto.com. LPs who stake CRO can enjoy a yield as high as 20x. Interestingly, the daily yield will be available for withdrawal as early as 30 days, depending on the total amount of staked CRO.
LPs will furthermore earn tokens for taking part in selected projects. Such tokens can furthermore be exchanged for other coins.
About farming on DeFi Swap
To commence farming, interested persons first need to obtain a WalletConnect-enabled mobile wallet.
As incentives, the crypto fintech platform has set aside nothing less than 14,000,000 CRO for the first two weeks. That is, from September 12 to September 25, 2020. This amounts to 1,000,000 CRO every day. To be qualified to make the incentives, interested persons need to be liquidity providers or stake at least 1,000 CRO on “DeFi Swap Boost.” Interested persons can check out their yield level here.
The platform is also carrying out a daily giveaway of 10,000 CRO on Twitter and Telegram.
Following its launch on the Ethereum mainnet, several tokens were supported on the platform. These accredited tokens include both CeFi and DeFi tokens. The supported tokens include Wrapped Ether (WETH), USDC, DAI, USDT, COMP, YFI, LINK and CRO. Plans are in place to add more tokens in the near future. Furthermore, users can swap any two tokens of their choice.
The table below lists countries where DeFi Swap remains restricted to both citizens and residents alike.
DeFi Swap auditing processes
Notably, DeFi Swap is a fork of Uniswap V2. The audit of Uniswap V2 was carried out by dapp.org. Before going live, smart contracts and DeFi on the platform were audited by both the Crypto.com security unit and researchers at SlowMist.
Crypto.com will provide the technological needs of the DeFi platform, thus facilitating the expansion of the project. Crypto.com is also making use of an open-source codebase and is seeking input from community members.
Risks of DeFi Swap
There are several risks involved in making use of the platform. Most are risks associated with making use of a virtual platform, such as making transactions of virtual assets. Interested persons are advised to get acquainted with them before commencing use of the platform.
Some of the risks include hacks, defects, faults, errors, regulatory uncertainty, volatility, liquidity collapse, and partial or total loss of assets. Other risks include attacks on the platform, loss of private keys, and counterparty risks.
Users are advised to ensure due diligence before making use of the platform.
Find out more about the CRO-powered DeFi Swap on the Altcoin Buzz YouTube channel.