Hong Kong-based Crypto.com unveiled its rewards program for Uniswap and Polkadot, two premier DeFi projects, in an announcement earlier this week.
Staking and passive earning are the currently-leading narratives of the burgeoning crypto space, opening up new usecases for the industry and newer tools for users.
CeFi products like Crypto.com are not holding back from capitalizing on that boom. While the crypto exchange has historically provided staking and passive earning products on various assets, such as its own CRO token, the new launch allows users to stake and earn Uniswap (UNI) and Polkadot (DOT) rewards.
— Crypto.com (@cryptocom) November 17, 2020
Crypto.com’s ‘Prime’ users can earn 5% on their staked funds, while others receive 3%. The former is Crypto.com’s debit card product, which offers users attractive cashback and rewards points on third-party services like travel and shopping.
The rollout is part of the firm’s ‘Crypto Earn!’ offering, which doles out 6% returns to users for altcoins and up to 12% on stablecoins. Over 36 altcoins are now available for users, as part of Earn!.
For the uninitiated, UNI is the governance token for Uniswap, a protocol for exchanging ERC-20 tokens in an automated liquidity provision manner on Ethereum. It eliminates trusted intermediaries and unnecessary forms of rent extraction, allowing for fast, efficient trading.
On the other hand, Polkadot is a decentralized web protocol that aims to connect private and consortium chains, public and permissionless networks, oracles, and future technologies.
The two have grown in the past few months to one of the biggest DeFi cryptocurrencies. As per CryptoSlate’s DeFi data page, UNI commands a market cap of $800 million while DOT is worth over $4 billion.
Disclaimer: Crypto.com is an advertising partner for CryptoSlate.