Arbitrum (ARB)-based decentralized exchange Chronos has attracted more than $170 million in funding to its platform while promoting its new staking program. The new influx of funds triggered a double-digit rally in altcoin prices.
Chronos (CHR) introduced its new staking program
Launched on April 27, Chronos is an exchange called (3,3) and uses staking as its primary source. The (3,3) paradigm was made famous by one of the most important projects of the previous crypto bull run, the Ethereum-based Olympus DAO.
Some liquidity pools on Chronos pay up to 2,300% to liquidity providers in the form of CHR tokens that can be used to vote on protocol changes. Data shows that the platform has raised more than $170 million in funding shortly after launch.
Altcoin price reacts positively to funds flow
In terms of price, Chronos (CHR) is up over 30% compared to the last 24 hours. Its price peaked from $0.9966 to $1.81 during the day.
About Chronos
Chronos is a community-owned DEX and liquidity provider built on Arbitrum that aims to grow DeFi through permanent liquidity incentives. The platform is designed to be a key component of Arbitrum’s DeFi infrastructure, similar to Thena in Binance Smart Chain, Equalizer in Fantom, and Velodrome in Optimism.
To do this, Chronos optimizes and renews the and(3,3) model to facilitate reliable liquidity distribution for new and established protocols, creating value for users and the ecosystem.
Arbitrum was chosen as the core network of Chronos because it aligns with its core values. Arbitrum’s L2 architecture offers scalability, high transaction speeds, low costs and robust security. In addition, Arbitrum is home to numerous DeFi pioneers and high-quality projects that Chronos aspires to participate in and support in its global on-chain adoption efforts.
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