Cryption Network, a decentralized platform that focuses on tackling the challenges hindering cryptocurrency adoption have announced the launch of staking and farming feature on its network.
Announcing the launch via an official blog post, Cryption network noted that its native token holders can now earn rewards from staking CNT on its platform.
Scheduled to start rewarding users from June 15, 2021 Cryption Network noted that the staking pool will form an important part of the Cryption tokenomics. And would also create an opportunity for Cryption community members to earn rewards from CNT tokens.
Notably, staking on the network has a withdrawal fee of 2% with no lockup period. And stakers will receive about 3801.6 CNT daily as an incentive for helping to secure the network.
Also, Cryption noted that farming of its native token is now live. The decentralized platform pointed out that liquidity mining of CNT LP tokens will further improve the volume and liquidity in the CNT trading pair.
According to the network, liquidity mining of CNT LP tokens will ensure investors make bigger purchases. “We are hoping there will also be significant buy pressure on CNT where users will buy CNT from DFYN to add to the farming pool,” the network added.
Mitigating lockup risk, Cryption noted that there will be no lockup period and withdrawal fee. And farmers will receive about 1036.8 CNT every day.
Cryption Network Secures Partnership for DeFi Development
In addition to unveiling its staking and farming feature, it is worth noting that Cryption Network has recently secured several partnerships for the development of DeFi ecosystem.
The network recently partnered with Unilend Finance, a permission-less decentralized protocol to explore further capabilities of blockchain technologies and gain synergy. It stated that the collaboration will help bridge the gap between traditional finance and decentralized finance (DeFi).
Cryption noted that it chose Unilend due to its unique ability to trade any ERC20 asset and offer to lend. “UniLend seamlessly integrates both spot trading and money markets with its diverse borrowing and lending services. Partnering with UniLend will be fruitful for our platform and for the users of the platforms,” Cryption said.
Also, the network recently partnered with Knit Finance, a DeFi platform that strategizes and focuses on cross-chain, and multi-chain synthetic assets. This partnership helps grow its decentralized finance (DeFi) ecosystem by utilizing Knit’s cross-chain interoperability.
It also collaborated with Frax, the world’s first fractional-algorithmic stablecoin to develop its ecosystem as well as add value to both DeFi platforms.
Cryption Network’s CNT as of the time of publication rose by 10.3% and was trading at $0.280021. Notably, the token has a 24-hour trading volume of $194,986.
However, Unilend Finance token (UFT) was down by 2.1% in the last 24 hours and was trading at $1.05. It currently has a market cap of $46,205,020 and a 24-hour trading volume of $2,800,837.
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