New DEX on Cronos Chain

CroSwap DEX, the backbone of a new DeFi suite for Cronos, launched on Sept. 26 and is seeing strong volume for a new Decentralized Exchange (DEX) in a bear market.

Trading volume over the first 24 hours reached over $100,000, which is comparable to many other DEXes that have been around much longer. Total volume sits at $205,000 as of Sept. 29.

SwapV, CroSwap’s Head of Development, said the team has a lot more planned for the CroSwap ecosystem, with a two-year roadmap that aims to make CroSwap stand out from other DEXes.

“Our DEX is already unique since our code was written by our team, it’s not just a regular fork,” he said. “All of our products are utilizing EIP-2535 and are very transparent. We also integrate unique products such as achievements, education, a migration tool, contract/audit services, bridges, and games. We are not going to stop until we create the perfect one-stop-shop DeFi environment for the Cronos network.”

SwapV went on to say that incentivizing users to increase Total Value Locked (TVL) in their network is a key goal of the DEX and its ongoing development.

“We want to try to get as much TVL as possible on the exchange and continue to introduce new additions into the ecosystem that allow that to happen,” he said. “The larger liquidity that we can raise - the better off we are when the market turns around and the more stable our environment will be for our community.”

To begin, CroSwap will incentivize users to lock their tokens within the CroSwap ecosystem through Liquidity Pools and Yield Farms. Both services will allow users to stake their tokens to receive rewards based on the amount they stake relative to other users.

Liquidity Pools launched on Sept. 29 while Yield Farms are set to launch in the coming days. This will be followed by “Harbors” later on, which will allow users to easily implement different yield farming strategies.

What Is CroSwap:

CroSwap is in the process of launching a suite of Decentralized Finance (DeFi) services for the Cronos Network, including the CroSwap DEX, an NFT staking platform, and DeFi educational tutorials.

Where to find CroSwap:

Website | Twitter | Discord | Medium