Crypto.com has announced that it is making plans to enter into the decentralized finance space with the launch of the DeFi Swap platform.
Crypto.com presently deals in trading crypto as well as payments facilitation with the platform boasting of customers across the globe. The DeFi Swap platform would be a fork from the renowned decentralized exchange, Uniswap.
This information was contained in the white paper circulated in the news last week Friday. Apart from the fact that the website would have different designs, the major difference between the two platforms would be the tokens listed. The firm has stated that the incentive of the platform would be its native token, CRO.
Clients that stake with the platform’s native token would be eligible for rewards
In the statement, the crypto exchange announced that clients staking their native token on the DeFi Swap platform would be eligible to earn massive rewards. The rewards would, in turn, be distributed amongst members on the platform daily.
As it stands now, the higher the stake a user owns, the higher the reward that the user gets. This means that the yield would be increased yearly on the platform. Presently, the minimum staking in the platform is 1,000 CRO which is said to be equal to $160.
New DeFi Swap platform to reward users with up to 1000% yield in two years
The rewards a user earns will be subjected to a vesting period of either 30 or 90 days depending on the amount staked. With this, the system would be able to determine if the amount staked is above or below 100,000 CRO which is equal to $16,000.
As it stands, the new DeFi Swap platform is not bringing anything new to the table as the same reward system is currently being used by projects in the yield farming sector. If things go according to plan then a 1000% yield is expected for someone that invests 500,000 CRO for two years.