With the recent announcement of our new product launch IFO (Initial Farm Offering), we would like to present our first IFO project with Cronos Stable Swap (CROSS)!
What is CROSS?
CROSS is an automated market-maker (AMM) coming to you soon on Cronos chain designed for low-slippage trading of stablecoins and other pegged assets.
CROSS is developed by Avto, and has also developed AvtoMATIC which is a Polygon blockchain-based yield aggregator/optimizer that seeks to provide long-term investors with long-term returns.
What are the features of CROSS?
The signature Stablecoin Cross Pool will be its first fundamental and core liquidity product. It consists a basket of three dollar-pegged stablecoins — USDC, USDT and DAI. This allows the swap of stablecoins in the pool with the lowest possible slippage. This is also known as Stable Swap which is an efficient mechanism for stablecoin liquidity.
When you deposit any or a combination of the three stablecoins into the pool, you will receive xUSD. You can then stake xUSD to earn the CROSS governance token as a reward for providing stablecoin liquidity.
CROSS also intends to establish additional metapools as other stablecoins accumulate liquidity depth such as BUSD, UST, MIM, etc and also pegged blue-chip pools such as BTC and ETH. This will be achieved in collaborative efforts with cross-chain protocols.
Why build a stablecoin-focused AMM (also known as Stable Swap)?
Token swap of different prices (such as BTC to CRO) works well in current AMM protocols. However, it is a different case when swapping between stablecoins or for tokens expected to be pegged to a similar price of USD$1. Swapping large amounts of stablecoins expose you to the following risks:
- Swap fees (typically 0.3%) on each routing
- Additional fees on multiple routes (e.g. USDC > USDT > DAI)
- Your slippage can also vary depending on the liquidity depth of each two-sided pool
CROSS uses a stablecoin AMM protocol that is battle-tested in terms of economics and cybersecurity since 2017, and is perfectly suited for swapping between stablecoins (tokens that are pegged to US$1).
The benefits of CROSS:
- Stable swaps no longer expose you to fees from multiple routes
- Fees are about 7x cheaper to that of typical AMMs (0.04% vs 0.30%)
- Consolidation of liquidity into a single pool enhances liquidity depth which further decreases slippage
- CROSS stable swaps are envisioned to be not only the fastest, but cheapest and lowest in slippage in the entire Cronos ecosystem
What is the mission of CROSS?
CROSS is building towards a Liquidity-as-a-Service protocol with the following benefits:
- Stablecoin stakers can enjoy high diversified risk-adjusted returns
- Single stakers enjoy enhanced yields
- Improved liquidity depth of solid projects on Cronos
Other information about CROSS
Website: https://avtocross.finance
Telegram: https://t.me/CronosStableSwap
Twitter: https://twitter.com/avtoCROSS
CROSS is audited by Heimdallr. View report here.
Read up more about CROSS here.
What is IFO and how to participate?
CronaSwap’s IFO acts as a project launchpad and allows you to discover opportunities to purchase tokens of new projects on Cronos. IFO credits are needed to be eligible to participate in IFO events. You can earn IFO credits by staking CRONA in the IFO CRONA pool. Your IFO credits will then determine the maximum amount of funds you can commit to the IFO event. You will need USDC-CRO LP tokens to purchase the new CROSS tokens.
You may refer to the IFO page on our website for more details.
IFO sale details:
No. of tokens on sale: 2,500,000
Funds to raise: $500,000
Token price: $0.20
Token allocation for basic sale: 30%
Token allocation for unlimited sale: 70%
The IFO for CROSS will be live on 30 Dec 2021, 3pm UTC to 31 Dec 2021, 3pm UTC.
If you have any questions, feel free to reach out to us on Telegram or Discord for support. Our team is always ready to help!
About CronaSwap
CronaSwap is the first decentralized exchange platform on the Cronos Chain and the lowest platform transaction fees (0.25%). We are a decentralized exchange platform for swapping CRC-20 tokens on the Cronos Chain network. This network guarantees superior speed and much lower network transaction cost.
CronaSwap aims to become a benchmark for DEX platforms. We want to take up the mantle in becoming the leading DEX platform on the market for token swaps.
Please follow the official social media:
Telegram : https://t.me/cronaswap
Twitter: https://twitter.com/cronaswap
Discord: https://discord.gg/YXxega5vJG
Medium: https://cronaswap.medium.com/
Telegram Channel: https://t.me/cronaswap_channel
