With the announcement, KryptoDEX joins a long list, including CeloDEX—a decentralized exchange on the Celo blockchain, which has the same backing as the development team behind the PolyDEX. Like other ramps, KryptoDEX aims to give its users complete control of their finances by eliminating the middleman using the Ethermint-based Proof-of-Authority Cronos Chain.
As a non-custodial exchange, the trader will be in charge of funds and can connect to the portal at any point in time without the need to register or submit financial information.
The KryptoDEX exchange aligns with blockchain ideals. Unlike Web2 solutions, blockchain-based products are not only decentralized, diffusing power away from gatekeepers, but are completely trustless with baked-in privacy-preserving features.
The KryptoDEX exchange builds on these attractive features to offer several products with tentacles in DeFi and the rapidly expanding NFTs world.
KyptoDEX's DeFi and NFTs Solutions
To offer the best swapping deals for its users, KryptoDEX has a DEX aggregator. Enabling this, the exchange will aggregate different asset prices from different connected decentralized exchanges via its multi-chain, highly scalable protocol. The ability for users to access the best prices creates a win-win scenario beneficial for the exchange while also improving the user experience. This is because they would exchange assets trustlessly at or even better prices than in centralized options. In these ramps, users must submit revealing information as part of their mandatory Know-Your-Customer (KYC) rules.
Beyond the exchange, KryptoDEX has a yield optimization platform, the KryptoVault. The idea of the vault is to increase the return on investment of the DEX's liquidity providers by offering above-rate yields on their assets. Users who choose to lock supported digital assets would receive high compounding annual yields far above those offered by banks and other financial savings institutions. From the funds staked—locked—KryptoDEX has a chance to reinvest the same in the KRX token, directly supporting the token's liquidity and prices, a net positive for token holders in the long run. With the appreciating KRX token prices, stakers enjoy double benefits of capital gains and high, compounding interest rates.
At the same time, project creators looking to deploy on the Cronos blockchain have an avenue of raising funds from the KryptoDEX community through their innovative KryptoLaunch. Diverging from centralized means or ICOs, for instance, would be vetted projects crowd-funding on the launching pad. At the same time, investors would have the required confidence to know their money is for building and are not being scammed.
Beyond DeFi, KryptoDEX is looking to be part of the expanding infrastructure of the hugely disruptive NFTs. The launch of an NFTs marketplace running on the Cronos Chain is a sign of relief for NFTs users who have to contend with high trading fees on competing platforms such as Ethereum. The scalability of the Cronos chain coupled with the low fees will make the KryptoDEX NFTs marketplace a go-to place for creators around the world once it launches. Notably, the marketplace will complement the recently launched InterDeFi's PolySTORE—an NFT marketplace--on PolyDEX.
DeFi and NFTs are an indispensable part of the future, and InterDeFi is launching platforms serving the expanding industry. The launch of KryptoDEX on Cronos Chain, whose mainnet beta was recently released, reveals their confidence in the platform and power of open finance in the years to come.