After the collapse of FTX, investors' confidence in centralized exchanges waned and they turned to decentralized exchanges (DEX).
As DEXs continue to grow in popularity, Arbitrum (ARB) based DEX Chronos has introduced staking services.
According to the news of Coindesk, Chronos, which introduced staking services, received an investment of 170 million dollars in a single day.
Chronos is an exchange that was launched on April 27, made famous by the Ethereum-based Olympus DAO.
Some liquidity pools on Chronos pay up to 2,300% to liquidity providers (LPs) via chr (CHR) tokens, which can be used to vote on protocol changes.
After the news of the $170 million investment, the price of Chonos' native token chr (CHR) also increased by 30% within 24 hours.
With a market capitalization of over $84 million, CHR is trading at $1.15 at the time of writing.
*Not investment advice.