Crypto.com Follows Binance With Launch of Liquid Swap DeFi Product

Crypto.com's new Defi Swap product will provide yet another platform on which users can token swap and yield farm.

AccessTimeIconSep 11, 2020 at 3:05 p.m. UTC
Updated Sep 14, 2021 at 9:55 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Payment card provider Crypto.com has launched a liquidity swap platform, soon after the Binance exchange unveiled a similar offering.

  • Called DeFi Swap, it allows users to seamlessly exchange or "swap" tokens in hosted pools and offers yield farming incentives to liquidity providers: the same as Uniswap and, more recently, by the likes of SushiSwap and Binance.
  • Each swap incurs a 0.3% fee – also like Uniswap. Binance Liquid Swap, which only launched last week, charges fees depending on the token and liquidity in each pool.
  • Crypto.com's DeFi Swap, which is built on top of Ethereum, will not be available in some nations including the U.S. or in Singapore, according to its white paper.
  • Crypto.com also "reserves the option" to siphon off up to 0.05% per swap to fund further research and development for the protocol.
  • DeFi Swap is decentralized protocol forked from Uniswap V2, but it offers additional yield incentives for users who stake in selected pools, as well as the firm's native CRO tokens.
  • DeFi Swap is one of a number of automated market maker (AMM) exchanges that have come to market in recent years.
  • Unlike a conventional order book, users effectively trade against a pool of assets kept liquid by token holders who deposit their assets in return for interest and a cut of transaction fees.
  • Crypto.com's move closely mirrors that of Binance, which recently launched a platform called Liquid Swap to offer DeFi-like products for an audience more comfortable on centralized exchanges.
  • Asked whether Crypto.com was taking aim at Binance, Crypto.com CEO Kris Marszalek said: "When we think of competition we tend to look at traditional financial institutions like banks and not other crypto startups."
  • DeFi Swap will initially support wrapped ether (WETH), Chainlink (LINK), Compound (COMP) and CRO, as well as the stablecoins USDT, USDC and dai.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.