Switzerland, March 8, 2021 /AlexaBlockchain/ – Swiss Bank Alternative, CrescoFin, has introduced a new liquidity mining program in cooperation with GYSR, a platform that allows projects to configure and deploy their own yield farm.
What is CrescoFin?
CrescoFin is a regulated Swiss bank alternative. The core offer is an insured, interest-bearing product in fiat (cryptocurrencies to come) with higher rates than customers can find at traditional financial institutions. CRES – CrescoFin’s equity token – is matched 1:1 with shares in the company, and these tokens have full voting and dividend rights protected by Swiss law. The wrapped version, wCRES, can be freely exchanged by anyone, just like a share certificate traded on an exchange.
To incentivize liquidity provision of wCRES, CrescoFin is launching a Geyser on 9 March. The program will reward liquidity providers of the wCRES/ETH pair on the Uniswap Decentralized Exchange with up to 25000 wCRES over 4 months.
In order to claim a portion of these rewards, users must first provide an equivalent amount of wCRES and ETH to the wCRES pool on Uniswap. After receiving a correspondent amount of wCRES-ETH LP tokens in return, the LP tokens need to be staked on the GYSR platform.
The staking of Uni V2 LP tokens on the GYSR platform is not locked. Liquidity providers can choose to leave the program whenever they want. But since the rewards increase on a linear scale, liquidity providers that stay in for the entirety of the liquidity mining program receive a bigger reward.
Derek Mayne, Managing Director and Co-Founder of CrescoFin, noted the importance of liquidity mining incentives:
“Our community is our most valuable asset, so it’s important to align incentives between CrescoFin and its tokenholders. Through liquidity mining, we hope to provide a vehicle for users to invest in the long-term value of the company and at the same time reward financial commitments and participation.”
Besides Uniswap, CrescoFin also has a presence on the DODO Exchange. Its wCRES/USDT pool will benefit from a liquidity mining program as well, set to be announced soon.