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Arbitrum-Based Exchange Chronos Attracts $170M to Yield Pools in a Single Day
The price of the DEX’s native chr token jumped 25% in 24 hours.
Updated Mar 8, 2024, 4:54 p.m. Published May 4, 2023, 12:05 p.m.
Arbitrum-based decentralized exchange (DEX) Chronos attracted over $170 million onto the platform in a single day after it introduced staking, a way of earning yield from digital assets without needing to sell them.
Chronos, which launched on April 27, is a so-called (3,3) exchange, using staking as a primary resource for accruing value to its token to achieve store-of-value status. The (3,3) paradigm was made famous by Ethereum-based Olympus DAO – one of the most prominent projects of the previous crypto bull run.
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Some liquidity pools on Chronos are paying as much as 2,300% to liquidity providers (LP) in the form of chr (CHR) tokens, which can be used to vote on protocol changes. LPs are entities that provide two different tokens to a decentralized exchange’s smart contracts, netting a cut of the fees charged by the exchange on each trade.
Holders can restake these tokens to earn additional fees, retain voting power and ensure a liquid marketplace for other projects that may look to borrow capital from Chronos.
Such yields are rare in the crypto market, which may explain the sudden rush of capital to Chronos.
Chr tokens are trading at about $1.30 at the time of writing and have a market capitalization of over $90 million.
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