Next-Gen DeFi Platform CherrySwap Announces $3m Funding & Listing on OKExChain
- Published: March 17, 2021
- Distribution: Breakthrough Press Release
Press Release: CherrySwap has announced a successful $3 million raise, as well as integration with the OKExChain ecosystem.
17th March 2021, Silicon Valley, United States – CherrySwap will soon be launched on OKExChain as the first batch of automated work protocols for OKEx’s public chain EVM. The news has attracted the attention of many leading media outlets in the industry. Prior to this, CherrySwap completed a strategic investment round, raising US$3 million which will be used to further strengthen the community operations and other major sections of the project. The funding will also be used to develop the CherrySwap ecosystem and help the subsequent market business development.
Moreover, CherrySwap is the first OKExChain-based Automated Market Maker (AMM) planned and developed by industry professionals. These include a doctor of computer science at Yale University, the former CCP group director, and technical experts who have been deeply involved in the blockchain industry for many years. There are several features CherrySwap will make use of to achieve its goals, such as liquidity mining, an initial farm offering (IFO), an NFT solution for the real estate sector as well as giving global presence to artists, a lottery to reward CherrySwap participants, and a DAO to include those participants in the governance process. These will help CherrySwap realize self-driven liquidity creation and give participants the greatest value dividend.
Additionally, CherrySwap helps to overcome one of DeFi’s biggest issues: the immense learning curve new-entrants to the DeFi space initially face. One of the reasons for poor liquidity in existing DeFi projects is that the participation process is too cumbersome, with the project itself not being user-friendly. Both make user participation unattractive.
CherrySwap’s single-currency pledge, dual-currency liquidity mining, and farming, as well as many other features, ensure that the entire platform is easy to use. These features will therefore make it easier to provide liquidity to CherrySwap and in turn, make liquidity access more sustainable.
As set out in CherrySwap’s development plan, the overall product planning and related protocol development will be completed in Q1 of 2021. Next, the OKExChain API will be docked, and the official website released shortly after, with CherrySwap Exchange and LP pool planning set to be launched in Q2 of 2021. Several token airdrops will take place, preceding the launch of CHERRYSWAP V1.
Subsequent to enabling compatibility with Ethereum’s EVM, CherrySwap will begin their IFO, and support diversified sectors such as liquidity mining for other projects, whilst developing into a comprehensive DeFi service platform with liquidity mining as the main feature.
CherrySwap is collaborating with several well-known industry auditors, such as Know Chuangyu and CertiK, to conduct high-standard security audits on smart contracts, vulnerability detection as well as screening and penetration testing on project codes. The audits will strive to provide users with a highly secure, fair and transparent environment for participation.
CherrySwap is already seeing its user community grow. Recently, the membership of official CherrySwap telegram group surpassed 39,000 members. On Twitter, the total number of reposts stands at just under 17,000 with 5,000 comments.
CherrySwap will be based on OKExChain’s blockchain project empowerment campaign, and combined with its liquidity advantages, will become an effective channel for entry to the OKExChain ecosystem. The two parties work together to promote mainstream DeFi adoption.
Visit CherrySwap’s official website – https://www.cherryswap.net/
Follow CherrySwap on Twitter – https://twitter.com/CherryswapNet
Join the CherrySwap community on Telegram – https://t.me/cherryswap_1st/
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CherrySwap is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.