2 years ago
With much wealth flowing into the inter-blockchain Cosmos (ATOM) network, aggregate players are jostling to presumption themselves arsenic the ecosystem’s premier destination for decentralized concern (DeFi).
Against this backdrop, Gravity DEX, a decentralized speech (DEX) protocol connected the Cosmos Hub blockchain, is re-launching arsenic Crescent (CRE) and moving to a caller Cosmos-based blockchain of the aforesaid name, according to B-Harvest, the project’s developer.
Along with rebranding to Crescent and moving to the eponymous Crescent network, B-Harvest plans to soma retired the level with a suite of caller features, including tools for lending and borrowing crossed blockchains, and a caller order book DEX model.
B-Harvest made a sanction for itself arsenic 1 of the earliest validators for the proof-of-stake Cosmos Hub blockchain. Cosmos Hub was the archetypal blockchain to motorboat connected the Cosmos ecosystem – a household of blockchains that service antithetic use-cases and are purpose-built to interoperate.
Gravity DEX was B-Harvest’s effort to carve retired a larger relation for itself wrong Cosmos’s increasing DeFi ecosystem. The Gravity DEX protocol presently powers Cosmos Hub’s Emeris DeFi platform, which launched successful beta successful the summer of 2021 and astatine property clip has little than $5 cardinal locked successful liquidity pools, according to its dashboards.
Ignite (formerly Tendermint), the institution down Emeris, acquired B-Harvest past twelvemonth and told CoinDesk it plans to physique retired enactment for Crescent aft it launches connected April 14.
Gravity, B-Harvest’s bequest protocol, volition stay operational erstwhile Crescent launches, but Crescent volition connection users farming rewards to entice them to migrate their liquidity implicit to the caller protocol.
Crescent and Emeris question to presumption themselves arsenic the starring DeFi destination wrong the Cosmos ecosystem, but Gravity DEX (and Emeris) person frankincense acold struggled to pull the aforesaid benignant of involvement arsenic Osmosis (OSMO), different Cosmos-based DEX that has $1.5 cardinal successful full worth locked (TVL), according to Defi Llama.
B-Harvest CEO Hyung Yeon Lee told CoinDesk that gathering Crescent connected a caller blockchain – alternatively than the much “conservative” Cosmos Hub – volition alteration the squad to physique retired much “innovative” features, similar an bid publication speech and cross-chain lending, which will, successful theory, presumption the task to wound disconnected a larger information of the Cosmos DeFi pie.
DISCLOSURE
The person successful quality and accusation connected cryptocurrency, integer assets and the aboriginal of money, CoinDesk is simply a media outlet that strives for the highest journalistic standards and abides by a strict acceptable of editorial policies. CoinDesk is an autarkic operating subsidiary of Digital Currency Group, which invests successful cryptocurrencies and blockchain startups. As portion of their compensation, definite CoinDesk employees, including editorial employees, whitethorn person vulnerability to DCG equity successful the signifier of stock appreciation rights, which vest implicit a multi-year period. CoinDesk journalists are not allowed to acquisition banal outright successful DCG.
Sam is simply a newsman astatine CoinDesk focused connected decentralized technology, DeFi and DAOs. He owns ETH, BTC and MATIC.
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