Crypto.com promotes Uniswap fork project "DeFi Swap" to be launched.
The cryptocurrency market has just witnessed the protocol SushiSwap copying Uniswap in a "vampire mining attack" to siphon off a significant portion of its liquidity. According to an official announcement from Crypto.com, they have officially launched the decentralized coin swapping platform DeFi Swap by modifying the code of Uniswap V2. Source.
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Crypto.com Enters the DeFi Arena
DeFi Swap is a fork of Uniswap V2, supported by the CRO token. It claims to reward liquidity providers (LPs) with three types of CRO tokens and offers a 0.3% trading fee for providing liquidity to the pool. Additionally, rewards can be obtained by staking CRO tokens.
Liquidity Mining Mechanism
- Wrapped Ether WETH
- Tether USDT
- USD Coin USDC
- Dai DAI
- Chainlink LINK
- Compound COMP
- Crypto.com Coin CRO
Concerns About DeFi Swap
Interestingly, despite the platform being named "DeFi Swap," it does not operate in a decentralized manner. Due to regulatory concerns, DeFi Swap blocks IPs from certain countries and prohibits users from participating, as shown below:
According to their risk advisory, Crypto.com emphasizes that while the main code has been modified, Uniswap V2 was audited by dapp.org in the past, while DeFi Swap has been audited by Crypto.com's security team and SlowMist.
The DeFi Copycat Controversy
The Block's Research Director Larry Cermak, who previously supported Uniswap, stated:
DeFi has deeply threatened the position of centralized exchanges and has become a tool for speculation on platform tokens. If the CRO token experiences a significant increase after the news release, the entire market will start to stir. Exchanges only need to copy the protocol and introduce incentives such as platform tokens. It's quite amusing.
Crypto.com made the announcement today (9/11) at 16:30, and CRO token began to rise before 4 p.m., with an increase of nearly 4% at the time of writing.