Hong Kong-based payments company Crypto.com has launched the DeFi Swap service for “pharming” and exchanging tokens between various DeFi liquidity pools.
According to the technical docs , DeFi Swap has been launched on the Ethereum blockchain. The service supports the following crypto assets: ETH, WETH, USDT, USDC, DAI, LINK, COMP and Crypto.com’s internal token – CRO. Users can exchange the listed tokens with a commission of 0.3% for each swap. At the same time, CRO holders, being liquidity providers, will receive a reward for maintaining and developing the liquidity pool.
Crypto.com management has announced that all swap fees will be shared between these providers. Going forward, Crypto.com may set its own 0.05% swap fee to fund ongoing research and protocol development. Additionally, users will have the opportunity to earn up to 20x profits if they stake over 50,000,000 CROs over four years.
Crypto.com management emphasized that today many of the DeFi protocols being developed are smart contracts without revision and audit. Therefore, users should be aware of the potential risks associated with both the protocol and the DeFi industry in general. Crypto.com urged users to take into account the risks of total or partial loss of crypto assets.
As a reminder, Crypto.com announced the launch of its own cryptocurrency exchange in November .