Crypto.com launches Uniswap fork

The payments company Crypto.com announced the launch of the DeFi Swap platform for exchanging and “yield farming” DeFi tokens. It became yet another fork of the Uniswap protocol.

DeFi Swap is now live on Ethereum Mainnet!
🔥 swap & farm #DeFi coins
🔥 provide liquidity to earn Triple Yield
🔥 14,000,000 $CRO launch incentive
🔥 stake #CRO to get up to 20x higher yield

Start here: https://t.co/Qk3XKx1hJw

Details: https://t.co/a1Z9lBLZOi pic.twitter.com/unb43RJRkh

— Crypto.com (@cryptocom) September 11, 2020

A 0.3% of trading volume in the respective pools will be allocated to liquidity providers on DeFi Swap. Staking the company’s native CRO token provides additional yield.

As part of the incentive program, Crypto.com guaranteed users a minimum distribution of 1 million CRO daily for 14 days after the platform launch.

Initially, DeFi Swap supports the following coins:

• ETH;
• Tether (USDT);
• USD Coin (USDC);
• Dai (DAI);
• Chainlink (LINK);
• Compound (COMP);
• Crypto.com Coin (CRO).

According to the statement, DeFi Swap is a fork of the Uniswap V2 protocol. The platform’s smart contracts and operating model have been vetted by Crypto.com’s security team and SlowMist specialists.

The protocol is deployed on the Ethereum network.

After the launch announcement, the CRO token price rose by 5% within three hours. At the time of writing, the coin was trading at around $0.157 (CoinGecko).

Source: CoinGecko.

The Block analyst Larry Chermak, commenting on the launch of DeFi Swap, noted:

“If a CRO pump starts on this Uniswap-wrapped announcement, the entire market will feel bad. Forking projects and embedding exchange tokens into them is amusing.”

The day before, SushiSwap—another Uniswap fork—began migrating liquidity pools, causing the volume of funds locked in the original to plunged by more than 75%.

Last year, Crypto.com launched a cryptocurrency exchange.

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