What is vvs finance? part 1

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This Layer 1 blockchain is . So today, let’s talk about VVS Finance, the top Decentralized Application (dApp) on Cronos.

What Is VVS Finance About? 

Simply put, it is a DeFi-based dApp. It plans to make Decentralized Finance (DeFi) simple for its users. That is what VVS stands for “Very Very Simple”. VVS Finance is a Uniswap fork built on Cronos. This means that at its core, it is a Decentralized Exchange (DEX).

Bling Swap, it allows you to swap a crypto asset with another. However, it has many other features as well. These include:

  1. Liquidity Pool (LP) Crystal Farming. This allows you to deposit 2 tokens into a pool. To reward you, their dApp gives you $VVS tokens
  2. Staking. Their dApp has “Glitter Mines” for their $VVS tokens. By staking within these mines, you earn a healthy yearly return.
  3. Boosted Rewards. Stakers of $VVS tokens have an option to lock their yields. With that, you can boost your rewards for LP farms.
  4. Initial Gem Offering This is VVS Finance’s own launchpad. You can access IGOs to buy newly-launched tokens here. However, you will need to have staked $VVS tokens. Also, you need $VVS tokens to buy the IGO tokens.
Where to Buy $VVS Tokens?

Now, it seems that $VVS tokens have an in-built utility within VVS Finance. If you’re interested to get some, then pay attention!

To get information on where to buy $VVS tokens, you can refer to their Coingecko page. From here, there is a list of exchanges (see screenshot below) for you to acquire $VVS tokens. We recommend you get $VVS tokens from Crypto.com. These exchanges have low spread and have high volume traded for $VVS. This ensures you pay an accurate price for your tokens.

Source: CoinGecko
When Did VVS Finance Launch? 

VVS Finance launched in November 2021. This was shortly after CRYPTO.COM had launched Cronos. Today, according to DeFillama, VVS Finance has a Total Value Locked (TVL) of $413.6 million. This makes it the largest dApp on Cronos today.

How Does VVS Finance Work? 

Basically, how VVS Finance works is similar to . They both use liquidity pools to power their DEX. With these pools, the DEX has enough of both crypto tokens to allow users like you and me to swap.

But, how do they incentivize users to provide liquidity? They reward LP providers with fees and their own $VVS token! This helps to solve the problem of low liquidity. So, the $VVS token has a few uses:

  • Governance and voting proposals.
  • Staking
  • Access to IGO (Initial Gem Offerings)

With the above utility, $VVS holders are further incentivized to stay in the VVS ecosystem. To summarize, all the features above combine to trap value within VVS Finance. That explains why VVS Finance is the top dApp in Cronos.

Conclusion

We hope you’ve enjoyed our guide above on VVS Finance. If we’ve piqued your interest, you can hop on over to VVS Finance to try them out!

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