CherrySwap has announced a successful $3-million funding round, as well as its integration with the OKExChain ecosystem.
March 17, 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 smart contract. The news has attracted the attention of many leading media outlets in the industry. CherrySwap has completed a strategic investment round, raising $3 million that will be used to further strengthen 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 planned and developed by industry professionals, which include a doctor of computer science at Yale University, the former director of the Chang Chun Group, and technical experts who have been deeply involved in the blockchain industry for many years. There are several features that CherrySwap will use to achieve its goals, such as liquidity mining, an initial farm offering, an NFT solution for the real estate sector and digital artists, a lottery to reward CherrySwap participants, and a decentralized autonomous organization to include those participants in the governance process. All of 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 afterward, 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.
Once it becomes compatible with Ethereum’s EVM, CherrySwap will begin its IFO and supporting diversified sectors, such as liquidity mining for other projects, while 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.
The CherrySwap user community has been steadily growing. Recently, the 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 also combined with its liquidity advantages, making it an effective channel for entry to the OKExChain ecosystem. The two parties are going to work together to promote mainstream DeFi adoption.
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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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