Arbitrum-based decentralized exchange (DEX) Chronos attracted over $170 million onto the platform in a single day after it introduced staking, a way of earning yield from digital assets without needing to sell them.
Chronos, which launched on April 27, is a so-called (3,3) exchange, using staking as a primary resource for accruing value to its token to achieve store-of-value status. The (3,3) paradigm was made famous by Ethereum-based Olympus DAO – one of the most prominent projects of the previous crypto bull run.
Some liquidity pools on Chronos are paying as much as 2,300% to liquidity providers (LP) in the form of chr (CHR) tokens, which can be used to vote on protocol changes. LPs are entities that provide two different tokens to a decentralized exchange’s smart contracts, netting a cut of the fees charged by the exchange on each trade.
Holders can restake these tokens to earn additional fees, retain voting power and ensure a liquid marketplace for other projects that may look to borrow capital from Chronos.
Such yields are rare in the crypto market, which may explain the sudden rush of capital to Chronos.
Chr tokens are trading at about $1.30 at the time of writing and have a market capitalization of over $90 million.
Edited by Sheldon Reback.
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Shaurya Malwa
Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
Follow @shauryamalwa on Twitter
Shaurya Malwa
Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
Follow @shauryamalwa on Twitter
source:coindesk
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