This is what VVSFinance promises - to help billions of people around the world use DeFi, including the average Joe. Hence the name VVS (Very Very Simple) Finance.
The platform proudly serves as a one-stop website where customers swap tokens and easily earn high yields. It is a decentralized exchange (DEX) using an automated market maker (AMM) native to the Cronos chain. However, there is much more to VVSFinance, thanks to the platform's efforts to become your default portal for financial activities.
As AMMDEX, VVSFinance transactions do not require any middlemen or order books. It deploys smart contracts using liquidity/assets provided by liquidity providers. As of July 2022, its daily turnover hovers around $7 million.
The platform is committed to making it easy for users to swap tokens, and to enable users to easily swap tokens to "play while playing" to earn income. VVSFinance does highlight the "fun" ease of access to DeFi even for users with little or no exposure to blockchain and digital currencies. To deliver a novel customer experience that appeals to users of all levels of expertise and experience through gamification and an easy-to-use interface.
In addition to working capital pools and staking opportunities, the platform allows users to discover new projects through its Initial Gem Offering (IGO) program (details below).
Built on the Kronos chain
Cronos (CRO) Nears All-Time Lows After 89% Plunge - beincrypto.com
Maybe you think of Crypto.com, an exchange and a wallet app, that has been generously marketing a high-profile ad campaign starring Matt Damon and LeBron James.
However, what many people don't know is that it is also Cronos, the company behind it, known for its low cost and high speed EVM adaptation to the blockchain. Shortly after its launch in November 2021, Cronos became a huge hit in the DeFi industry, reaching a current $4 billion in Total Locked (TVL) by April 2022. TVL comes from VVS Finance.
Even now, when the bear market continues to see, Cronos' TVL has dropped significantly to around $1.25 billion, and VVSFinance continues to contribute more than 50% to this figure.
The team behind VVSFinance
Little is known about VVS other than their finance team
Likes to call himself a "craftsman".
From "Strong background in product design".
Want to bring the best DeFi protocol to the public.
In addition to anonymity, VVSFinance has successfully established several high-value alliances with important strategic partners, including Crypto.org and Crypto.com ecosystems. It is also part of the ParticleB Incubation Program dedicated to emerging DeFi projects.
How is VVS financial operation?
How VVS runs finance
VVSFinance mainly focuses on verified and audited protocols. It also provides support for the project's original assets with a very beneficial innovation program, the VVSFinance Token ($VVS).
DEX has a liquidity pool, and each pool consists of a pair of tokens. Liquidity providers deposit tokens into pools, and investors are between tokens.
The protocol is based on a stationary multiplicative formula. Specifically, after the swap, the multipliers of the 2 tokens in the pool remain the same. Depending on the total amount and proportion of tokens in the pool, there may be swap price slippage.
The following project litepaper infographic very clearly describes the underlying mechanism of its DEX power.
How the protocol works
Operating mechanism: vvs.finance
The configuration of the underlying mechanism facilitates the benefit of different stakeholders in multiple ways.
Liquidity providers: Two-thirds of the swap charges collected from the pool are allocated to liquidity providers. The most important thing is that those in the "Crystal Farm" category, the winners of LP tokens who meet the pledge requirements will receive additional rewards of $VVS.
$VVS stakers: You can also stake $VVS in "GlitterMine" to get $VVS or partner tokens as rewards.
Transaction Rewards: Investors also have the opportunity to obtain considerable returns through simple token swaps.
Referral Reward: VVSFinance motivates customers to invite new users to trade on the platform.
What makes VVSFinance unusual?
In short, features such as BlingSwap and GlitterMining are beneficial for the platform to provide users with a unique flavor. Its basic functions include:
bling swap
This feature allows customers to instantly swap tokens at little cost (as opposed to the centralized exchanges with traditional order books that most of us are used to). Clients pay 0.3% transaction fees, which are then transferred to liquidity providers and platforms.
liquidity requirements
Any customer on the VVS platform can choose to become a Liquidity Provider (LP). In return, they earn 2/3 of the pool's swap spend (proportional to the amount of tokens they provided).
crystal farm
With CrystalFarming, LP token holders can earn more rewards just by staking tokens. The returns are generally much higher than what we see in traditional concentrated income accounts. Currently, this feature supports the following pools:
CRO–BTC
CRO–ETH
It is worth noting that high rewards for crystal mining will be available for a limited time. The VVS team explained that it will allocate newly forged pieces to early adopters and early movers $VVS in the early stages of the project. However, over time, as the VVS ecosystem matures, the rewards will gradually be reduced and made available to a wider user base.
flash bomb
Digital currency miner BTC
This is a very simple feature that allows simple staking and rewards for clients. GlitterMining has three methods:
Auto VVS, it will automatically compound your commitment $VVS, so you can earn more $VVS.
Manual VVS, you need to manually take rewards and compound them back to the coal mine.
PartneredMines, you need to pledge xVVS governance tokens during the mining period and get VVSFinance partner tokens. Note that you must manually earn rewards.
