14. April 2024

Summary:
• Chronos, an Arbitrum-based decentralized exchange, attracted $170 million in a single day after it introduced staking.
• This staking service allowed users to earn yield from digital assets without having to sell them.
• The platform’s native chr token has also jumped 25% in 24 hours.

Chronos Attracts $170M in Yield Pools

The newly launched Arbitrum-based decentralized exchange (DEX) Chronos has seen a surge of over $170 million onto the platform in a single day after introducing its staking services. Staking allows users to earn yield from their digital assets without needing to sell them. The DEX’s native chr token jumped 25% within 24 hours as well, currently trading at around $1.30 and having a market capitalization of over $90 million.

What is Staking?

Staking is a way of accruing value to tokens and achieving store-of-value status by placing funds into liquidity pools on the network that pay out rewards for providing this liquidity. These rewards are paid out in the form of the network’s native chr tokens which can then be used to vote on protocol changes or restaked for additional fees and voting power. Some liquidity pools on Chronos have been reported to pay as much as 2,300%.

(3,3) Paradigm Explained

The (3,3) paradigm was popularized by Ethereum-based Olympus DAO during the last crypto bull run; it requires LP entities (liquidity providers) to provide two different tokens (one each from two different blockchains) into smart contracts on decentralized exchanges such as Chronos so they can net a cut of the fees charged by the DEX on each trade done through it.

Chrono’s Unprecedented Growth

The sudden influx of capital into Chronos could possibly be attributed its high yields which are rare in today’s crypto markets. With these incentives now available on Chronos, many traders have flocked towards it resulting in unprecedented growth for the project since its launch just over 7 days ago on April 27th 2021.

Conclusion

This news is yet another example of how projects built using Arbitrum technology are becoming increasingly popular with investors due to their security & scalability making them ideal places for users looking for yield opportunities or simply wanting exposure to DeFi protocols without risking their assets too much while still taking part in their growth potential .