By James Davis
“Very, Very Simple!” That is what VVS Finance stands for. The decentralized finance (DeFi) protocol intends to offer financial services to everyone in the most straightforward manner via blockchain. Learn more about VVS Finance in this article.
Exploring VVS Finance
VVS Finance is a DeFi platform that lets users trade cryptocurrencies without the involvement of middlemen. Moreover, it doesn’t use an order book. Instead, it adopts a smart contract that executes the trades. As of January 2024, VVS Finance processes an average of $8.9 million in daily trading volume.
Besides trading, the DeFi protocol allows users to earn yield by depositing their funds in various liquidity pools. As a VVS Finance user, you can also invest in new promising crypto projects through the protocol’s Initial Gem Offering program.
What Blockchain Does VVS Finance Run on?
VVS Finance is built on EVM-compatible blockchain Cronos. Popular exchange Crypto.com developed this network, which is known for facilitating fast transactions at low costs. When it launched in November 2021, Cronos saw massive adoption from DeFi developers. Within six months, the blockchain’s Total Value Locked had hit $4.3 billion.
The VVS Finance Team
The developers behind VVS Finance have chosen anonymity. On their project’s website, they describe themselves as “craftsmen” who want to offer the best DeFi services to the masses. Despite being anonymous, the VVS Finance team has forged multiple high-value partnerships with trusted companies like Crypto.com and Crypto.org. The team also supports upcoming DeFi projects through the Particle B Incubation program.
How VVS Finance Works
VSS Finance is powered by liquidity pools. Liquidity providers commit funds to these pools to allow traders to swap tokens. When you become a liquidity provider, you earn yield, which VVS Finance distributes in the form of the $VVS token. Two-thirds of the trading fees that the DeFi protocol collects are given to liquidity providers.
What is Special About VVS Finance?
There are several features that make VVS Finance special. They include:
Bling Swap
With this feature, traders can instantly exchange one token for another at a small fee (0.3%).
Liquidity Provision
Anyone can become a liquidity provider on VVS Finance. As mentioned earlier, you will earn a portion of the collected trading fee after depositing funds in a liquidity pool.
Crystal Farming
This feature allows users to stake their tokens in exchange for rewards. As of this writing, VVS Finance supports the staking of the following pairs: CRO-ETH and CRO-BTC.
Gitter Mines
This feature lets you stake your $VVS tokens. You can do so in three ways:
Auto VVS: Here, the staked $VSS automatically compounds, allowing you to earn more rewards.
Manual VVS: This requires you to compound your staked $VVS manually.
Partnered Mines: With this staking method, you will earn tokens of various DeFi protocols that have collaborated with VVS Finance.
Initial Gem Offerings
As stated earlier, VSS Finance gives users access to promising DeFi projects through its Initial Gem Offering program. Users invest in the projects by participating in token sales.
The $VVS Token
$VVS is used as a reward and governance token. As of January 2024, there are over 85 trillion $VVS tokens in circulation and have a market cap of $138.95 million. Here is how the $VVS token was distributed:
- Liquidity Mining: 32%
- VVS Finance Team: 21%
- Community Reserve: 17%
- Maintenance: 11%.
- VVS Development: 12.5%
- Referral Rewards: 3.5%
- Market Makers: 2.5%
Where to Buy $VVS Token
$VVS is listed on two centralized crypto exchanges: Gate.io and Crypto.com. If you want to buy the token on any of the two platforms, you will be required to complete the KYC procedure. But if you don’t like sharing personal data, you can purchase $VVS on the VVS Finance platform using USDT or USDC.
Conclusion
VVS Finance continues to be the leading DeFi protocol in the Cronos ecosystem. As more crypto traders turn to decentralized exchanges, VVS Finance is likely to see massive adoption in the near future due to its cheap trading fees.