• The Cryption Network will launch the first-ever cross-chain farming service

  • Protocol for decentralized finance Cryption intends to launch cross-chain yield farming, which it claims will be a world first.

    On September 9, the DeFi protocol announced the launch of the first-ever cross-chain farming services in a blog post.

    The new mining incentives for liquidity will be available on the PolyDEX exchange, which launched in early August.

    The Cryption Network aims to simplify the crypto and DeFi ecosystems, making it easier for retail traders to trade while maintaining value.

    Farms with Multiple Chain Yields

    The new yield farming program will take advantage of PolyDEX’s cross-chain interoperability, which allows communication between different networks such as Ethereum and Polygon. This should allow Ethereum users to farm on Polygon while staying connected to the Ethereum network.

    Cryption Network will use Polygon’s bridge to transfer ETH to Polygon quickly and easily. It also stated that assets can be divided into liquidity pairs. Users can also divide Ethereum into liquidity pairs to diversify their earnings. For 0.5 ETH worth of CNT and 0.5 ETH worth of MATIC, 1 ETH can be split into CNT/MATIC (Cryption’s native token/native Polygon’s token) pairs.

    Users can also farm liquidity pairs in a single click to obtain liquidity provider (LP) tokens, making it more efficient than other yield farming protocols. Cryption explained cross-chain farming in greater detail in a blog post:

    “In a nutshell, Ethereum mainnet users can deposit ETH. The deposited ETH will then be used to generate LP tokens on the Polygon network’s PolyDEX. Users will be enrolled in their preferred farm with a single click.”

    Cryption introduced PolyDEX last month as a “gasless DEX” that allows for instant cross-chain token swaps. It also provides elastic yield farming, which reduces the amount of its native CNT token entering the circulating supply without reducing farm value.

    It also provides “one-sided liquidity,” which allows users to provide only one asset in a pair while still generating yields.

    CNT Price Forecast

    According to CoinGecko, Cryption’s CNT token has gained 7% on the day as of this writing. It is currently trading at $0.158, up 10.3 percent in the last two weeks.

    Since its all-time high of $0.644 on July 28, the token has taken a beating and is now trading 76 percent lower. With 9.4 million tokens in circulation, it has a market capitalization of $1.497 million.

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