Chronoswap — one of the first decentralized exchanges (DEX) on the Cronos blockchain, focused on providing a first-class trading experience.
About the Chronoswap project
Users are interested in pooling liquidity on ChronoSwap through farming to earn their own currency, $CNO. In addition, participants can use their earned $CNO to stake and receive other tokens. The exchange is a decentralized system (more precisely, an automated market maker) that allows you to exchange any combination of two tokens on Cronos Blockchain.
CNO — ChronoSwap's native currency. This is required to participate in most liquidity mining campaigns and liquidity pools.
Other DEX features:
| 1 | In order to stake your CNO, you don't need anything other than CNO. |
| 2 | To farm, you need to provide liquidity to one of the pools on the farm page and stake your LP tokens. Both have their advantages and disadvantages. Which one you choose depends on your strategy. |
To farm, you need to provide liquidity to one of the liquidity pools that you can find on the “Farms” page. Once you add liquidity to the liquidity pool, you will receive a liquidity pool token, commonly referred to as LP tokens. After providing liquidity and receiving LP tokens, select the liquidity pool you have joined on the Farms page, confirm the contract, and click the small "+" sign, select the amount you want to wager and confirm.
How to farm CNO token?
There is currently no hard cap on the supply of the CNO token, making it an inflationary token. The main function of the CNO - to stimulate the provision of liquidity to the exchange. Without block rewards, there is less incentive to provide liquidity (still retaining LP fees, etc.).
ChronoSwap liquidity pools allow you to provide liquidity by adding your tokens to liquidity pools or "LPs". When you add your token to a liquidity pool (LP), you receive CNO-LP tokens (the token version of ChronoSwap liquidity provider). For example, if you contributed $CNO and $CRO to the liquidity pool, you will receive CRO-CNO CNO-LP tokens. The amount of CNO-LP tokens you receive represents your portion of the CRO-CNO liquidity pool. You can also redeem your funds at any time by removing your liquidity.