Defi Swap has now become available on Ethereum mainnet. Some of the coins supported at the start are: Wrapped Ether, Tether, USD Coin, Dai, Chainlink, Compound, and Crypto.com Coin. However, the company promises to widen the list.
Defi Swap, a platform developed to offer the best swap and farm of DeFi coins at the best available rate, has today been announced to have gone live on the Ethereum mainnet. The platform leverages proven and audited protocols, while offering an outstanding incentive program powered by CRO to offer the best swap in the market.
Defi Swap Incentive Plans
According to the company, liquidity providers will be rewarded by sharing 0.3% of the trading volume of respective liquidity pools. In addition, the liquidity providers can stake CRO in order to boost their yield by up to 20 times and harvest the daily yield in a month. As an extra motivation, the company has promised them tokens that are redeemable for additional coins of participating in DeFi projects.
Besides, Crypto.com will guarantee a minimum reward pool of 14,000,000 CRO for the first 14 days (1,000,000 CRO per day) as part of the launch incentives. Some of the popular coins supported at the start will include Wrapped Ether (WETH), Tether (USDT), USD Coin (USDC), Dai (DAI), Chainlink (LINK), Compound (COMP), and Crypto.com Coin (CRO). However, the company is promising to add more coins in the future especially if market demand pushes for it. In order to maintain healthy liquidity for the bonus LP yields, the company is promising to make strategic partnerships and announce them in the coming weeks. With the scalability issue on the Ethereum network solved on the Ethereum mainnet, Defi Swap going live on through was strategic for future expansion.
The Bigger Picture
The DeFi Swap protocol is a set of smart contracts made available by Defi Labs, Crypto.com. The highlighted role of Crypto.com is to provide technology and contribute to the development of the product.
According to the Defi Swap whitepaper, there are 5 main functions in the protocol. One is the functionality of swapping coins with very small fees. The other is liquidity pool whereby each liquidity pool consists of reserves of two ERC-20 tokens, and issues an ERC-20 pool token as a proof of proportional ownership of the underlying reserves.
The other function noted by the whitepaper is boosting capabilities. Consequently, the liquidity providers can increase, claim and view their CRO DeFi Yield and Bonus LP Yield. The others are APY and also the analytics functionality. With the increase competition in the DeFi ecosystem among emerging scam project, a secure and seamless DeFi Swap will largely ensure a smooth transition to a bigger DeFi ecosystem.