Today we can see a fierce competition between multiple startups and already established companies trying to bring the Web 3.0 revolution to us. After all, projects that will be on top of the “food chain” at the start of Web 3.0 will have a huge competitive advantage for many years to come. Web 2.0 history proves it quite convincingly. So we see a lot of promises of ease of use, user’s control over their finances, high scalability, great user experience and so on. How many projects will deliver on these promises, remains to be seen.
However, the most important aspects of Web 3.0 is decentralization and integration of various assets and ecosystems. And very few projects embody these aspects to a greater degree than KryptoDEX, which is coming to Cronos.
What is KryptoDEX?
KryptoDEX is, in essence, a toolbox for DeFi and NFTs: it includes a DEX aggregator, an NFT marketplace, a yield farming platform, a startup launchpad and other tools. It is a fully decentralized platform lacking any main decision-making body.
What KryptoDEX offers
KryptoDEX users can take advantage of a comprehensive set of solutions to make their DeFi experience more satisfying and increase their profits.
The exchange rates of the same coins on different exchanges often differ dramatically. But most people just don’t bother looking for alternatives to their favourite platform - after all, checking dozens of DEXes all over the blockchain space is a tedious task. Such compliance often leads to losses. However, KryptoDEX uses its multi-chain protocol to aggregate all offers on multiple decentralized exchanges. Thus, KryptoDEX users always get the best rate on the market, regardless of which DEX offers it.
A lot of people just HODL - keep their coins and do nothing with it. While it is easy, it is not the most productive way to wait for the next exchange rate surge. KryptoVault allows users to make their crypto work for them - it offers liquidity providers quite a hefty interest for staking coins in the platform’s liquidity pool.
This way both parties are helping each other: KryptoDEX gets the funds to re-invest in KRX tokens, users get a nice profit (the interest is much higher than banks can offer). However, it is still necessary to check the conditions of staking before engaging in it. Just like any other platform, KryptoVault has its own peculiar rules.
NFT is the new buzzword - everybody talks about non-fungible tokens and everybody wants to get into this market. New creators try their hand and new projects appear every single day, while some NFTs set new price records - the market is really hot. However, there is a major problem - most popular NFT marketplaces have high fees. For example, the most popular NFT marketplace is Ethereum-based OpenSea, and Ethereum fees have been prohibitively high recently. Vitalik Buterin promises to solve the issue next year, but no one knows whether he and his team will deliver.
The NFT marketplace from KryptoDEX, on the contrary, will use its own blockchain with much lower fees, so it makes NFTs much more accessible. Moreover, the team behind KryptoDEX already has successfully launched an NFT marketplace before - PolySTORE on Polygon. So they know what they are doing.
The crypto market is highly competitive and quite rough for emerging projects. Investors are extremely picky nowadays: the pandemic pushes them to hedge risks and prior history of the crypto market screams of caution (most ICOs failed, after all). Yet, quality projects deserve their chance and some help. KryptoLaunch does exactly that - it helps startups on Cronos to find early-stage investors and get the crucial initial boost.
KryptoDEX is a powerful toolbox for any DeFi enthusiast, investor or startup founder. It offers a lot of products that not only help users to squeeze even more yield out, but also have a potential to positively influence overall DeFi ecosystem development. However, it is too early to make a thorough evaluation of all KryptoDEX products - it has just launched on Cronos.