New DEX CroSwap Enters Phase 1 of Launch With Public Fundraise

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.”