VVS Finance — Provide LP, Farm & Harvest Crystals — Crypto.com DeFi Wallet
Today, we will be looking at how to become a market maker within the Very, Very Simple DeFi for All — VVS Finance — platform. Providing liquidity by staking LP tokens and receiving the passive income in return in the form of VVS.
First, let us start with some essential details before getting into the nitty-gritty of staking LP tokens.
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— CRO tokens you will use to pay for transaction fees and invest.
— VVS tokens
— Use of Cronos, an Ethereum-compatible blockchain
— Cronos compatible wallet (I will use Crypto.com DeFi Wallet and Chrome Extension is available too. Crypto.com | wallet extension)
— A bridging service to bridge your CRO, and to depend on your setup, you can bridge VVS tokens to the Cronos Network.
Bridging comes with many options on Crypto.com:
From the Crypto.com App
From Crypto.org Chain (Cronos Bridge Web App)
From Crypto.org Chain (Crypto.com DeFi Wallet)
From Crypto.org Chain (Crypto.org Chain Desktop Wallet)
Whether you purchased your CRO and VVS tokens from the Crypto App and then withdraw to your DeFi wallet, or you buy CRO through the DeFi Wallet and then use the DApps to connect to VVS Finance and trade the various currencies offered for VVS, you will need to bridge your CRO and other tokens to the Cronos network.
Within your DeFi Wallet, you will find the option to open the bridge service.
Bridging from Crypto to Cronos waives your bridge service fee. (You will still need to pay for the Network fee)
After your transfer has been completed, you can go ahead and access VVS Finance through the DApps.
From here, you will see the different options available:
Earn — Farms (providing LP) & Mines (staking VVS tokens auto or manual)
Dashboard — To show a summary of your investments
Analytics — VVS Financial Info
Glitter mines provide the opportunity to stake VVS tokens in an auto or manual setup. You will see the current APY along with an ROI calculator to simulate your possible profits per day, seven days, thirty days, one year, and five years.
Crystal Farms yield farming allows you to stake LP from various currency pairs. Similar to Glitter Mines, you can see the current APY along with an ROI calculator.
After deciding which pair is the most appealing, you will need to enable the specific contract and migrate such cryptocurrency to the Cronos network to be exchanged for LP tokens.
Once you have acquired your LP tokens, you will need to return to Earn > Farms > and finally to the farm, you opted for to stake your LP.
Here is a quick example of the ROI Calculator given a monetary value.
Your dashboard will have a summary of your total deposit, platform yield, and the option to harvest your farms if applicable.
A quick note to remember is that you will need to have CRO balance available for harvesting and for paying for very low fees, in my opinion.
I hope that this has been informative and helpful.
If you would like to see an article on a specific subject, feel free to drop me a line at Tony@ElevatedDesigns.ai
May health and fortune be with you always.
Until next time…