Crypto.com, a conglomerate dealing primarily with payments and the exchange of crypto assets, announced its foray into decentralized finance with a platform named DeFi Swap.
According to its whitepaper, published on Friday, DeFi Swap is a fork of the popular Uniswap decentralized exchange.
The differences, beyond slight aesthetic changes, appear to consist in the choice of tokens, additional geographic restrictions, and notably a yield farming incentive based on CRO, the token of the Crypto.com Chain.
Users who stake the CRO token with the exchange will be entitled to a reward of additional tokens, allocated daily. Higher staking amounts will entitle holders to higher yields, based on a multiplier that increases after each year of staking.
The minimum amount eligible for the boost is 1,000 CRO, worth about $160 as of press time.
The token rewards accrued are subject to a vesting period of 30 or 90 days, depending on whether the staked amount is higher or lower than 100,000