New DEX CroSwap Enters Phase 1 of Launch With Public Fundraise
CroSwap has launched a public fundraise to develop its integrated suite of DeFi services on the Cronos Network and already raised over $125,000 USDC.
CroSwap recently entered Phase 1 of its development to launch an integrated suite of DeFi services on the Cronos Network that include the CronosNode DeFi NFT staking platform, CroSwap DEX, a DeFi Launchpad, and DeFi educational wizards.
The first phase of development involves a public fundraise to kick off a major development push for CroSwap’s multiple services, which the team has currently raised over $125,000 USDC for, out of a target of $500,000 for the initial seed round.
“It is important to offer a large variety of services. With DeFi there is no one size fits all approach,” said n0de King, Marketing and Community Growth Lead, in a BSC News interview. “We plan on building not only products that exist elsewhere in DeFi but also new products that will change the landscape of DeFi.”
The first product, already launched by the CroSwap team, is CronosNode DeFi - an “NFT-as-a-Service (NFTaaS)” platform allowing users to set up NFT staking nodes on the Cronos Network for rewards in CroSwap’s $CRON token.
CronosNode will integrate with the CroSwap DEX once it launches later this month on Sept. 23.
CroSwap Ecosystem
The development team has the next two years of the ecosystem’s development mapped out, according to n0de King. The DEX and its related ecosystem components and features will include:
- The $CRON and CROS tokens: the utility tokens for CronosNode, the CroSwap DEX, and the token launchpad service.
- Peer-to-peer transactions: all transactions on CroSwap DEX will be done directly between users’ Cronos wallets.
- Liquidity pools where users will be rewarded for injecting liquidity into the exchange.
- Yield farms where users earn tokens through lending and can also borrow crypto assets.
- Bridges that will give access to Ethereum Virtual Machine (EVM) compatible blockchains via the Cronos blockchain.
- An Oracle that will act as a bridge between smart contracts and external data sources.
- NodeNavy and Public Launchpads: decentralized launchpads allowing the team as well as public users to launch their own tokens and create token sale campaigns. The public Launchpad is set to launch on Sept. 20.
- An NFT marketplace.
- Educational wizards: A unique feature of CroSwap will be its focus on cryptocurrency and DeFi education.
“We want to ensure that our products are not only easy to use and understand but also educate the users along the way of what is available in the DeFi space,” explained n0de King. “With the speed that Crypto and DeFi changes at, there is always something new to learn and we want to be at the forefront of that.”
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Related News
Prisma Finance Reportedly Hit by $9M Hack: What to Know
Prisma Finance paused its protocol operations for investigation and advised vault owners to disable delegate approval.
Reports have emerged indicating that DeFi platform Prisma Finance, fell victim to a hacking attack amounting to approximately $9 million. Cyvers, a web3 security platform, raised the alert after it detected suspicious transactions linked to the breach.
🚨UPDATE🚨Our system has detected multiple suspicious transactions with @PrismaFi and still ongoing!
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) March 28, 2024
Total loss so far is around $9M. Attacker has funded by @FixedFloat!
Our system has detected the malicious contract 2 min earlier than hack transactions!👇
Our system would… https://t.co/9myoV8DL22 pic.twitter.com/SxT5yYZy7U
Initial estimates suggest a loss of $9 million, with the attacker reportedly utilizing funds from the crypto exchange FixedFloat.
Backing up Cyvers' findings, blockchain security firm PeckShield has confirmed the attack, providing details on the assets targeted by the hacker. Among the stolen assets are Prisma mkUSD and wrapped stETH.
In response to the breach, Prisma Finance issued a statement on X acknowledging the potential exploit. The project reportedly halted its protocol operations to conduct a thorough investigation into the incident.
Additionally, Prisma Finance advised vault owners to disable delegate approval as a precautionary measure.
We are aware of a possible exploit on Prisma.
— Prisma Finance (@PrismaFi) March 28, 2024
Core engineering contributors will pause the protocol and investigate.
We'll share an update and a post-mortem.
From DeFi Future to Security Concerns
Prisma Finance was initially hailed as the future of decentralized finance (DeFi), offering solutions in the form of a new LSTFi protocol. It enabled users to mint a fully collateralized non-custodial and decentralized stablecoin, mkUSD, using Ethereum liquid staking tokens (LSTs) as collateral.
However, the recent exploit paints a stark contrast to the platform's previous reputation, raising concerns regarding cybersecurity in the DeFi space.
Rising Trends in Crypto Hacks
The hack on Prisma Finance adds to a concerning trend in the cryptocurrency space. According to a Feb. 29 report by blockchain security firm Immunefi, over $200 million worth of cryptocurrency was lost to hacks and rug pulls last February, across 32 individual incidents.
This represents a 15.4% increase compared to the same period in 2023. Ethereum remains the most targeted blockchain, with 12 attacks accounting for over 85% of the total value lost in February.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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