• Chronos, an Arbitrum-based DEX, raised $170 million in a single day after introducing staking.
• This staking allows users to earn yield from digital assets without needing to sell them.
• The price of the DEX’s native token CHR jumped 25% in 24 hours.
Chronos Attracts $170M with Yield Pools
The decentralized exchange Chronos has attracted over $170 million onto its platform in a single day after it introduced staking – allowing users to earn yield from digital assets without needing to sell them. The launch of the Arbitrum-based (3,3) exchange saw the price of its native chr token jump 25% in 24 hours and reach a market capitalization of over $90 million.
Staking for Yield Accrual
Staking is a way of accruing value to tokens, making them into store-of-value status. Liquidity pools on Chronos offer as much as 2,300% to liquidity providers (LP) who provide two different tokens in exchange for a cut of the fees charged by the exchange on each trade. LPs can restake their tokens to acquire additional fees, retain voting power and ensure that there is enough liquidity for borrowing capital from Chronos when needed.
Olympus DAO & 3,3 Paradigm
The (3,3) paradigm was made famous by Ethereum-based Olympus DAO which was one of the most successful projects during the previous crypto bull run. This type of decentralized exchange focuses on providing high yields for those who are willing to take part and make use of their resources such as providing liquidity or participating in governance decisions through voting with their tokens.
Benefits for Holders
Holders have multiple benefits when participating in this kind of project: they can earn high yields from their tokens; gain more voting power; access new sources of capital; and help maintain liquid markets that benefit all participants involved.
Conclusion
Chronos’ success due to its innovative approach towards DeFi shows how important it is today for projects to stand out if they want to attract substantial amounts of capital quickly. By offering attractive yields and creating incentives for holders through staking rewards or voting power these platforms can become very successful within a short period time just like Chronos recently proved with its impressive performance right after launch.