What Is CronaSwap (CRONA)?

CronaSwap (CRONA) is a decentralized exchange (DEX) platform that runs on a cronos chain aiming to offer low transaction fees to users. Cronos is a cosmos chain for DeFi, NFTs, and metaverse that scales the DeFi and decentralized application ecosystem. The metaverse is a simulated digital environment that uses virtual reality (VR), blockchain, and social media concepts to create spaces for rich user interaction mimicking the real world. As per the website, CronaSwap seeks to be fast and secure, allowing users to swap and acquire tokens with ease.

According to the whitepaper, the platform aims to use the automated market making (AMM) model as Uniswap. AMM is the underlying protocol used by decentralized exchanges with an autonomous trading mechanism. On the other hand, Uniswap is a program on the Ethereum blockchain allowing users anywhere in the world to trade crypto without an intermediary. The whitepaper further says that CronaSwap aims to stand out from an existing marketplace of numerous platforms by seeking to offer three critically essential benefits:

1. Fast and cheap trades.

2. Community-driven development.

3. Fair and open-token distribution.

To offer the benefits mentioned above to the users, CronaSwap features a native governance token called CRONA. Additionally, users trade CRONA from the CronaSwap platform and stake it in launch pools to acquire extra CRONA tokens. Furthermore, users utilize the token in yield farms to obtain more CRONA, receive lottery tickets in the CronaSwap Lottery, and vote on proposals relating to the CronaSwap ecosystem. Users also acquire CRONA as rewards from staking liquidity pool (LP) tokens in the platform. A liquidity pool is a crowdsourced pool of cryptocurrencies or tokens locked in a smart contract used to facilitate trades between the assets on a decentralized exchange (DEX).

For added security to the token, there aims to be a time lock schedule. Furthermore, there aims to be a deflationary mechanism to improve the token's value. Deflationary tokens are ones with a depreciating supply of tokens.

CronaSwap aims to provide value, fairness, and innovation to decentralized finance through top-quality products and services and aims to be a financial marketplace that is open and accessible to all.

History of CronaSwap (CRONA)

In Q4, 2021, the team launched the whitepaper and the website. In Q1, 2022, the lottery feature was added by the CronaSwap team, and there are plans for NFT integration into the platform and a new DEX layout.