I bet this is not the first post on @leofinance on VVS Finance. The defi platform has been the talk of the town since its launch. The reason is this platform is the first one to launch on Crypto.com. Like it or not crypto.com has done tremendous job in gathering eyeballs. BTC and ETH are the brand names people recognize but crypto.com has forayed into the mainstream adoption with the stadium deal that they had recently.
The VVS finance is a platform that stays on cronos chain - a new crypto.com chain- and is gaining popularity among crypto enthusiasts. The uncanny resemblance it has with pancakeswap is also another nice point. I got into pancakeswap really early. Am I early with VVS finance? Will I again ride the same success wave?
I knew about VVS finance for a while
I have known about this new crypto.com defi wallet for sometime. My ego stopped me from joining in. There is always a debate around which project is truly decentralized? I always had this dilemma that crypto.com is a centralized platform and any product that they release will not have decentralization in true sense. But, I gobbled that ego and got into the game after I read a post @leofinance. That post and the conversation I had with @forexbrokr triggered me to get into the platform. Do you see the power of good posts @leoalpha? :P
Crypto.com Defi wallet
Anyways, I finally got into the game yesterday. I downloaded the crypto.com defi wallet and transferred my CRO balance from the original crypto.com app. The process was intuitive but not that easy. I managed to transfer the money as I was familiar with defi platforms but it will not be very easy for new users getting into defi. There are many tutorials available online.
I may write a step by step guide on how to connect two crypto.com wallets and how to provide liquidity.
New users may get confused with number of chains that are out there that connects CRO. I am so used to using Metamask, even I got confused the way I had to interact with their defi wallet.
CRO-VVS LP
All done in 30 minutes and I managed to stake a tiny sum of liquid CRO I had to pool CRO-VVS LP token. The APR at the time of writing is about 530%. Let's see how this goes. I am planning to hold onto the defi platform either until the APR drops significantly below this rate or the VVS price goes down significantly. I do not have any game plan yet but looking forward to this platform's growth in the next few months.
The biggest advantage of this defi platform is to have the backing of the crypto.com influence and power. The company may want to promote this platform to make sure their chain competes against numerous other chains out there eyeing total market liquidity. It all depends on their muscle power in marketing and making new crypto users believe that this is a new way to bank.
Whatever the case, it's a win-win scenario for crypto.com platform and the crypto space as a whole. If we can celebrate the success of binance smart chain then I don't think we should hold back to this new avenue. I might be wrong. Don't take this as a financial advice but something that your fellow tiger looking into opportunities. In the meantime let me enjoy this high APR :P
