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KryptoDEX Is Coming to Cronos

Published Nov 22, 2021 12:09PM ET
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Web 3.0 race started a long time ago, and a handful of projects are competing for a place under the sun. We are promised new solutions, such as high scalability, ease of use, and control over our finances. However, whether these projects will deliver the promised heaven or not is the question that remains open. During the early days of Web 2.0, ecosystems in the early stages that were on top of the game are still feeling good, undergoing transformations every now and then. Web 3.0 is similar but different. It is moving away from centralized control to decentralization, giving birth to projects aiming to be by the people, for people. KryptoDEX is among them.

KryptoDEX was built by InterDeFi, a decentralized finance ecosystem behind PolyDEX. The company joined the Web 3.0 race with CeloDex, which launched on Celo in November of this year. This time, InterDeFi's KryptoDEX is coming to Cronos and The project claims to give people complete control over their finances through decentralized protocols and the absence of the main decision body.

How KryptoDEX Works
KryptoDEX is a set of solutions in the DeFi and NFT world. It boasts an exchange aggregator, fundraising platform, yield farming, and NFT marketplace.

DEX Aggregator
When users buy or sell crypto, they tend to accept the rate offered by the crypto exchange. However, the rates can sometimes differ dramatically. As a result, some lose while others win. KryptoDEX aims to give everyone an equal opportunity by aggregating the offers across all DEXs through the multi-chain protocol. That way, users will get the best possible rate in the crypto market.

Launching your own thing is a rocky road. Orthodox investors demand way too much for way too little. In some way, that makes sense - the pandemic pushes fund providers to hedge risks. Yet, that hurts emerging projects. Amidst such background, the crypto market offers opportunities similar to the early days of Silicon Valley. With KryptoLaunch, startup founders have a chance to connect to early-stage investors, whether institutional or retail, and keep their projects afloat. However, there are limitations - KryptoLaunch only supports projects on Cronos.

Yield optimization is undervalued. Hodlers taught the market participants to keep their digital assets intact despite today's great crypto management tools. Well-known platforms now offer options to earn interest that's much higher than what the average bank can offer, usually starting somewhere around 5%. Compare it with the US bank's average 0.04% interest, and the difference becomes apparent. KryptoVault does just that - it offers high compounding interest for liquidity providers. To become one, all you need is to stake your funds. It seems like a win-win for both parties - KryptoDEX gets the funds to re-invest in KRX tokens while users get a high interest. However, every platform has its conditions. Before making a final decision, always check the requirements.

NFT Marketplace
With the metaverse narrative, NFTs finally got their second life. JPEGs are turning into custom avatars and items that people can use in the virtual world. The market is hot, with new creators popping up now and then. However, high fees are the boundaries to entry. Newcomers tend to choose Ethereum-run platforms such as OpenSea, where fees are high. Ethereum plans to solve the issue in 2022, but the question remains open. NFT marketplace from KryptoDEX is different - it uses its own blockchain with much lower commissions. The company has already announced the launch, although the actual date remains unknown. In the past, interDeFi launched PolySTORE on Polygon

Wrapping Up KryptoDEX is a project offering solutions in demand by many emerging creators, startup founders, and crypto investors. It has a lot to offer, yet it's unclear how well these projects will operate. Anyhow, KryptoDEX has launched on Cronos, and it's worth seeing for yourself if the products answer your needs.

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KryptoDEX Is Coming to Cronos

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