Decentralized finance protocol Cryption is planning to launch cross-chain yield farming in what it claims is a world first.
In a blog post on September 9, the DeFi protocol revealed that it will be launching the first-ever cross-chain farming services.
The new liquidity mining incentives will be available on the PolyDEX exchange, which it launched in early August.
The Cryption Network aims to simplify the crypto and DeFi ecosystem, making life easier for retail traders without diminishing value.
Are you excited?🤩
🚨Launching the First-ever Cross-Chain Farming by Cryption Network!🚨
— Cryption Network (@CryptionNetwork) September 9, 2021
Multi-Chain Yield Farms
The new yield farming program will harness the cross-chain interoperability of PolyDEX which enables the communication between different networks, such as Ethereum and Polygon. This should enable Ethereum users to farm on Polygon while remaining on the Ethereum network.
Cryption Network will utilize Polygon’s bridge to easily and quickly transfer ETH to Polygon. It added that assets can also be split into liquidity pairs. Users can also split Ethereum into a respective liquidity pair to diversify their earnings. 1 ETH can be split into CNT/MATIC (Cryption’s native token/Polygon’s native token) pairs for 0.5 ETH worth of CNT and 0.5 ETH worth of MATIC.
Users can also farm liquidity pairs to get liquidity provider (LP) tokens in a single click, making it more efficient than other yield farming protocols. In a more detailed blog post on cross-chain farming, Cryption explained:
“In a nutshell, users can deposit ETH on the Ethereum mainnet. The deposited ETH will then be used to generate LP tokens on PolyDEX which is on Polygon network. Users will be enrolled in the farm of choice with a single click.”
Cryption launched PolyDEX last month as a “gasless DEX” offering instant cross-chain token swaps. It also offers elastic yield farming which reduces the amount of its native CNT token entering the circulating supply without reducing the value farms produce.
It also offers “one-sided liquidity” whereby users can only provide one asset in a pair but can still generate yields.
CNT Price Outlook
Cryption’s CNT token has gained 7% on the day at the time of writing, according to CoinGecko. It is currently trading at $0.158, which is up 10.3% over the past fortnight.
The token has been hit hard since its July 28 all-time high of $0.644 and is languishing 76% away from that level. There are 9.4 million tokens circulating, giving it a small market capitalization of $1.497 million.
Also, join us on Telegram to receive free trading signals.
Find out more about the blockchain and crypto space on the Altcoin Buzz YouTube channel.