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

Decentralized exchange (DEX) Chronos set a new milestone on May 4, reaching $217 million in overall value locked (TVL) at the time of composing, simply seven days after its launch on the Arbitrum blockchain. With the brand-new TVL figures, Chronos ranks eighth among the largest decentralized exchanges, according to DefiLlama. In DeFi, overall value locked represents the funds staked or held within a procedure. The TVL milestone was achieved during the first hours of the day after the procedure kicked off Epoch 1, which allowed CHR token emissions to liquidity swimming pools. The initiation of Epoch 1 likewise enables stakers to start collecting rewards. Screenshot: Chronos (CHR) Total Value Locked. Source: DefiLlamaChronos debuted on April 27 to function as a liquidity supplier and automated market maker (AMM) for the Arbitrum network, hosting core pools such as Chronos-Ether (CHR/ETH) and Chronos-USD Coin (CHR/USDC), both seeded with 2,000,000 CHR tokens, along with Arbitrum-Ether (ARB/ETH), Ether-USD Coin (ETH/USDC), USD Coin-Tether (USDC/USDT) and wrappedBitcoin-Ether (wBTC/ETH) pools. Related: Liquid staking services now have more TVL than DEXs: DefiLlamaDecentralized exchanges are at the heart of DeFi and are revealing indications of growth and maturity after 2022s crypto winter. “After FTX bankruptcy, the market saw the real worth of DEXs. Decentralization that DEXs bring matters especially,” kept in mind Charles Wayn, co-founder of Web3 community platform Galxe, discussing that DEXs and wallets will be the foundations of gaming adoption in the coming years. CTO of Maverick Protocol Bob Baxley informed Cointelegraph that the past year has served as an evidence of principle for DEXs and DeFi. “After all, if you look at some significant DEXs, on some days theyre doing more volume than Coinbase,” he said, keeping in mind that the tightening regulatory environment in the United States is most likely to benefit DEXs: “If central onramps into the crypto environment continue to get cut off in locations like the United States, then we might see a growing number of people turning to DEXs for performing their trading.”DEXs are peer-to-peer marketplaces where crypto traders negotiate without turning over their funds to custodians or intermediaries. Smart contracts power these self-executing transactions. As weve seen over the past couple of years, bugs and hacks are amongst the biggest dangers of trading on DEXs.”I think volumes for a wide array of DEXs will ultimately grow at an exponential rate, specifically when the underlying blockchains like Ethereum continue to scale and in turn provide more throughput for lower gas rates,” Brent Xu, co-founder of Web3 bond-market platform Umee, informed Cointelegraph.Magazine: Crypto guideline– Does SEC Chair Gary Gensler have the last say?

“After FTX bankruptcy, the industry saw the real value of DEXs. Decentralization that DEXs bring matters more than ever,” noted Charles Wayn, co-founder of Web3 neighborhood platform Galxe, describing that Wallets and dexs will be the backbones of video gaming adoption in the coming years. “After all, if you look at some major DEXs, on some days theyre doing more volume than Coinbase,” he stated, keeping in mind that the tightening regulatory environment in the United States is likely to benefit DEXs: “If centralized onramps into the crypto ecosystem continue to get cut off in places like the United States, then we could see more and more individuals turning to DEXs for performing their trading.