Arbitrum’s Chronos reaches $217M TVL with staking, becomes 8th largest DEX

Decentralized speech (DEX) Chronos acceptable a caller milestone connected May 4, reaching $217 cardinal successful full worth locked (TVL) astatine the clip of writing, conscionable 7 days aft its motorboat connected the Arbitrum blockchain. 

With the caller TVL figures, Chronos ranks eighth among the largest decentralized exchanges, according to DefiLlama. In DeFi, full worth locked represents the funds held oregon staked wrong a protocol. 

The TVL milestone was achieved during the archetypal hours of the time aft the protocol kicked disconnected Epoch 1, which enabled CHR token emissions to liquidity pools. The initiation of Epoch 1 besides allows stakers to statesman collecting rewards.

Screenshot: Chronos (CHR) Total Value Locked. Source: DefiLlama

Chronos debuted connected April 27 to service arsenic a liquidity supplier and automated marketplace shaper (AMM) for the Arbitrum network, hosting halfway pools specified arsenic Chronos-Ether (CHR/ETH) and Chronos-USD Coin (CHR/USDC), some seeded with 2,000,000 CHR tokens, on with Arbitrum-Ether (ARB/ETH), Ether-USD Coin (ETH/USDC), USD Coin-Tether (USDC/USDT) and wrappedBitcoin-Ether (wBTC/ETH) pools.

Related: Liquid staking solutions present person much TVL than DEXs: DefiLlama

Decentralized exchanges are astatine the bosom of DeFi and are showing signs of maturation and maturity aft 2022's crypto winter. "After FTX bankruptcy, the manufacture saw the existent worth of DEXs. Decentralization that DEXs bring matters much than ever," noted Charles Wayn, co-founder of Web3 assemblage level Galxe, explaining that DEXs and wallets volition beryllium the backbones of gaming adoption successful the coming years.

Likewise, CTO of Maverick Protocol Bob Baxley told Cointelegraph that the past twelvemonth has served arsenic a impervious of conception for DEXs and DeFi. "After all, if you look astatine immoderate large DEXs, connected immoderate days they’re doing much measurement than Coinbase," helium said, noting that the tightening regulatory situation successful the United States is apt to payment DEXs:

"If centralized onramps into the crypto ecosystem proceed to get chopped disconnected successful places similar the United States, past we could spot much and much radical turning to DEXs for performing their trading.”

DEXs are peer-to-peer marketplaces wherever crypto traders transact without turning implicit their funds to intermediaries oregon custodians. Smart contracts powerfulness these self-executing transactions. However, arsenic we've seen implicit the past fewer years, hacks and bugs are among the biggest risks of trading connected DEXs. 

"I fishy volumes for a wide assortment of DEXs volition yet turn astatine an exponential rate, particularly erstwhile the underlying blockchains similar Ethereum proceed to standard and successful crook connection much throughput for little state prices," Brent Xu, co-founder of Web3 bond-market level Umee, told Cointelegraph.

Magazine: Crypto regularisation — Does SEC Chair Gary Gensler person the last say?