The Solana migration is a major event for Crowny in the process of becoming a full-on Solana app. The migration will be powered by Raydium, here's why.
Before launching Crowny as an ERC20 token, we made clear that we would be migrating from Ethereum to Solana eventually. Even the grant we received from Serum was given to us knowing that we would start on Ethereum and migrate at a later stage. At that time, it simply was the better choice to make if you wanted to start a company. The Solana ecosystem was growing (and still is) and new launchpads were just emerging, but Ethereum was more accessible, and therefore, more viable to start building a strong community. We also knew that it was just a matter of time before the Solana ecosystem grew to be one of the strongest and biggest communities out there. Raydium was amongst the most promising projects on Solana during that time and has become the leading AMM and DEX on Solana. Now, almost eight months later, we find ourselves working together with a company that has turned into one of the top decentralized exchanges in the crypto industry.
What is Raydium?
As mentioned in the introduction, Raydium is the leading AMM and DeFi platform on Solana. A similar project on Ethereum would be Uniswap. Unlike an exchange, where buyers and sellers are matched using an order book, an AMM exchange lets users trade against a pool of tokens, in other words, a Liquidity Pool (LP). A Liquidity Pool is created by someone providing 2 different tokens deposited in equivalent value, which can then be used for trading, thus creating a trading pair. The price or ratio between the two different tokens is determined by a constant function. The providers, or liquidity providers, benefit from the trading fees being paid by people using their liquidity pool. This makes being a liquidity provider a very viable option for yield farming (letting your money make money).
What sets Raydium apart from the more traditional AMM’s is that liquidity in Raydium pools is shared to Serum’s central limit order book. This means that Raydium users have access to Serum’s DEX GUI so they can trade and set limit orders similar to a CEX, while at the same time users of any Serum DEX GUI have access to Raydium liquidity. Adding the fact that being built on Solana makes every transaction cheap and fast, Raydium proves to be one of the preferred choices for both traders and liquidity providers.
Why Raydium is the right choice for Crowny
Migrating from Ethereum to Solana also means that the $CRWNY token has to be listed on a decentralized exchange (DEX). In the months preceding our definitive migration date, we found ourselves looking for the right partner to list our token on. While listing on a DEX is easy, as you can just do it yourself, getting the full support of the platform is a more difficult thing to achieve.
When reaching out to Raydium, they were more than happy to cooperate and provide feedback on all the matters involved.
Other than working as a team, one of our other main criteria was ease of use. The interface Raydium provides works very intuitively. Once we became new users on Raydium, whether it would be for trading or liquidity providing or anything else, it only took us a few seconds to find and do everything we were looking for. We expect our current ERC20 $CRWNY holders to have no difficulty moving around on the Raydium platform, but for our community members still wanting some reassurance, we will publish a step-by-step guide on how to buy and sell SPL $CRWNY on Raydium.
What can you do with $CRWNY on Raydium?
The moment you transfer some SPL $CRWNY into your Solana wallet and visit the Raydium website, there are several things you can do. Next to buying even more $CRWNY to support our #wenmigration movement, you can also benefit from other things such as providing liquidity. As with staking, providing liquidity the returns given are defined in the usual APR. Do keep in mind that liquidity providing also comes with the risk of impermanent loss. For now, we want to mention that we are very satisfied with how our partnership with Raydium is progressing. We are sure that after the migration, our current (and new) $CRWNY holders will come to the same conclusion as we did: Crowny made the right choice going for Raydium.
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