Staking VVS tokens on Crypto.com is only possible via the Crypto.com DeFi wallet’s dApp. All you have to do is fund your crypto.com wallet with VVS tokens and transfer that to the crypto.com defi wallet. After that, you can easily stake VVS tokens on defi wallet. However, before going into step-by-step instructions on how to stake VVS on Crypto.com, let’s take a look at VVS Finance.
Very, Very Simple—three words that make up the main watchword of VVS Finance, a DeFi project based on the Cronos Chain. VVS Finance is an Automated Market Maker exchange that works like Pancakeswap or Uniswap. These AMM exchanges work by providing a platform for asset trading backed by liquidity pools.
In these types of exchanges, liquidity pools are an integral aspect of their operation. Therefore, they efficiently execute smart contracts without centralized control.
VVS Finance was created to simplify crypto trading, a move to increase mainstream adoption of crypto and blockchain via a gamified decentralized exchange and attractive trading interface.
The project will allow access to seamless crypto trading for newbies and beginners with nontechnical knowledge. It features DeFi products to connect with people outside the crypto world.
VVS Finance has boasted itself as one of the largest DEX with a wide range of DeFi products, including staking, swapping, and trading tokens. Meanwhile, there is also a VVS miner and liquidity provider where users can earn passive income in VVS tokens.
Holders can stake their tokens for yield rewards on various exchanges, including Crypto.com.
Here’s a step-by-step guide on how to stake VVS tokens on Cryoto.com
- Set up DeFi wallet
- Connect DeFi wallet to Crypto.com
- Buy VVS tokens on Crypto.com
- Transfer VVS from Crypto.com exchange to Crypto.com DeFi wallet
- Stake VVS on DeFi wallet
1. Set up DeFi wallet
DeFi wallet is Crypto.com’s native crypto wallet. It is a mobile-only Crypto.org and Cronos blockchain wallet.
You can get the app from your mobile app store for Android and iOS devices. Click here to download Crypto.com Defi Wallet: https://crypto.com/defi-wallet
Open the app and tap CREATE A WALLET to set up a new DeFi wallet.
Protect your wallet by creating your preferred passcode and other 2FA methods like biometrics and Google Authenticator app.
Finally, back up your mnemonic phrases and set your avatar to continue.
2. Connect DeFi wallet to Crypto.com
After setting up your wallet, link the wallet to your Crypto.com account to seamlessly transfer assets between both of them.
In your DeFi wallet, tap the AVATAR in the top right corner of your dashboard and click CONNECT TO CRYPTO.COM APP.
Approve Terms and Conditions and click CONNECT MY WALLET. This will redirect you to an authentication page. Enter your Crypto.com email to receive linking instructions and tap SEND CONNECTION EMAIL.
In your email, tap CONNECT in the mail sent to your inbox to start linking your Crypto.com account and DeFi wallet.
This will redirect you to the Authentication page again so that you can finish the linking this time.
Enter your Crypto.com Passcode and tap AUTHORIZE & LAUNCH DEFI WALLET to finalize the setup.
Go back to your DeFi wallet to confirm the linking.
3. Buy VVS tokens on Crypto.com
Before staking VVS, you need to fund your wallet with the tokens.
To buy VVS tokens on the Crypto.com app, log in to your Crypto.com account.
On the home screen, tap TRADE > BUY.
Then choose VVS Finance (VVS) as the token you want to buy.
On the BUY page, you can easily buy the token with a debit or credit card. Input the amount of VVS tokens you want to buy and tap BUY VVS.
Accept the fee charges for the transaction and CONFIRM BUY VVS.
4. Transfer VVS from Crypto.com exchange to Crypto.com DeFi wallet
After funding your wallet with VVS tokens, go back to your Crypto.com app’s home screen and click on the VVS tokens.
In your VVS dashboard, tap TRANSFER > WITHDRAW and choose the Crypto.com DeFi wallet as the withdrawal option.
Specify the amount of VVS tokens you want to withdraw and tap SEND VVS.
Finally, tap CONFIRM and complete 2FA verifications to withdraw your VVS tokens to the DeFi wallet.
5. Stake VVS on DeFi wallet
Staking VVS tokens attracts a 10.63% APR yield; i.e., you get a 10.63% return on your initial investment annually.
To stake your tokens, go back to DApps in your DeFi wallet. Navigate to vvs.finance and scroll down to VVS Miner.
The VVS Miner is VVS Finance’s staking platform. To start, tap STAKE VVS. In the miner, you can use the AUTO STAKE or MANUAL STAKING options.
Input the amount of VVS you want to stake and tap CONFIRM. Approve staking by confirming the Crypto.com prompt in your wallet.
Before locking up and staking your VVS tokens, it is important to do enough research about the token, especially its price action. This will, in one part, protect your investment and protect your returns too.
There has been an issue of questionable tokenomics lingering around the VVS token for a while. Meanwhile, despite its high supply of 19 trillion tokens, there is no hyper-deflationary mechanism in place. Still, it is important to do your research before investing your assets.