# Canary Exchange > Let's change the world! Canary Exchange is a decentralized exchange protocol built on Avalanche. It lets users swap tokens, provide liquidity, and earn rewards through yield farming and staking. Canary Exchange is a decentralized finance protocol that uses an automated market maker model to enable permissionless token trading. It launched on the Avalanche network and has expanded its approach across multiple EVM-compatible chains, letting users interact with its services on their preferred network. The protocol centers on the CNR token, which functions as a medium of exchange, a governance token, and a reward mechanism for participants. Canary addresses the need for accessible, non-custodial trading and yield generation by replacing traditional order books with liquidity pools funded by users. Liquidity providers earn trading fees and CNR rewards, while token holders can stake CNR or eligible NFTs for additional yield. The protocol also runs a decentralized price prediction market tied to a native network asset, and applies an auto-burn mechanism to CNR to manage its circulating supply. The ecosystem groups its offerings into trading, yield and staking, and a prediction game, alongside a stakeable NFT collection that connects holders to the same reward system. It also publishes educational content aimed at raising DeFi awareness among newcomers. Canary is used by liquidity providers, traders, and stakers seeking exposure to Avalanche-based and multichain decentralized finance activity. - Type: Protocol - Sector: DeFi - Status: Active - Founded: 2021-06-01 - Profile: https://thegrid.id/profiles/canary_exchange ## Products - [Canary Exchange](https://thegrid.id/profiles/canary_exchange): Canary Exchange is a decentralized exchange operating on the Avalanche network that uses an automated market maker model for token swaps. Users provide liquidity to pools and receive liquidity tokens representing their pool share, then stake those tokens or the platform's utility token to earn rewards. The platform also supports yield farming and staking of a companion NFT collection for additional utility token rewards. An on-chain analytics dashboard tracking protocol activity is accessible from within the same ecosystem. (Decentralised Exchange, Live, Main Product) - [AVAX Prediction](https://thegrid.id/profiles/canary_exchange): AVAX Prediction is a decentralized prediction market operating on the Avalanche network. Users stake AVAX to predict whether its price will rise or fall within a fixed time interval. Correct predictions receive a proportional share of the total pool collected for that round. The product is in open beta and carries a risk disclaimer for participants. (Prediction Markets, Open Beta) ## Assets - [Canary (CNR)](https://thegrid.id/profiles/canary_exchange): CNR is the utility token of Canary Exchange, a DEX operating on the Avalanche network. It is used for earning liquidity provision rewards, staking to earn additional CNR, and participating in governance decisions within the protocol. The token incorporates an auto-burn mechanism that reduces total supply at regular intervals, creating a deflationary supply model over time. (Utility) - [Canary Liquidity Token (CRL)](https://thegrid.id/profiles/canary_exchange): CRL is the liquidity provider token of Canary Exchange. It is issued to users who create or add liquidity to pools and can be staked to earn CNR tokens, with trading fees accruing proportionally to CRL holders. CRL represents proportional pool ownership, with fees added to the pool and extracted upon withdrawal. (Vault Tokens) ## Links - [Main](https://canary.exchange) - [Documentation](https://docs.canary.exchange) - [Whitepaper](https://canary.exchange/Litepaper.pdf) - [Blog](https://canarydex.medium.com) - [Twitter / X](https://x.com/CanaryDefi) - [Telegram](https://t.me/canarydefi) - [Telegram](https://t.me/canarydev) - [Discord](https://discord.gg/7pq9tF9HnW) - [GitHub](https://github.com/canarydex) - [Reddit](https://www.reddit.com/r/CanaryExchange) - [LinkedIn](https://linkedin.com/company/canary-exchange) - [Medium](https://medium.com/canarydex) - [YouTube](https://youtube.com/@canaryexchange) - [LinkedIn](https://www.linkedin.com/company/canary-defi) - [Twitter / X](https://twitter.com/CanaryDefi) - [Medium](https://canarydex.medium.com) ## Legal This data is provided under two licensing models. Model 1 - open data. The open data core is licensed under the Open Database License (ODbL) — a copyleft/share-alike license allowing free use, modification, and sharing for any purpose. 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