Emerging public chain Cronos debuts! How to transfer assets cross-chain, tutorial on using the high-yield protocol VVS, APY breaks a thousand percent!

After several months of anticipation, cryptocurrency service company Crypto.com finally announced the launch of the EVM-compatible chain Cronos last week. Within just a week, numerous protocols have appeared on the Cronos chain. Among them, the most eye-catching is the VVS Finance protocol with a remarkably high APY. What exactly is VVS Finance and how can it be used?

How to Transfer Tokens to Cronos?

Since the launch of Cronos last week, various protocols have emerged on the chain. To use these protocols, you need to prepare a wallet that supports Cronos. Currently supported wallets include the Crypto.com DeFi Wallet officially launched by Crypto.com, MetaMask, Tokenpocket, and more. However, some protocols only support the official wallet or MetaMask, so these two are more recommended.

The official wallet launched by Crypto.com currently has a browser extension for easier use.

After installing the extension, scan the QR code through the App, change the blockchain in the middle to Cronos Beta to receive assets, and the wallet address is shown above.

Once you have the wallet, the next step is to transfer CRO tokens to the Cronos chain. Here are some recommended methods:

1. Cross-chain Transfer via crypto.com Exchange or App: Crypto.com has its own centralized exchange. Simply change the Network to Cronos on the withdrawal screen to transfer assets. This method supports more cryptocurrencies, including USDC, USDT, CRO, ETH, and BTC. Be careful not to select the CRO chain, as the CRO chain is Crypto.com's mainnet, similar to the relationship between Binance Chain and Binance Smart Chain.

2. Cross-chain Transfer via Official Bridge: This method involves transferring CRO from other centralized exchanges to the CRO chain first, and then using the official cross-chain bridge to move assets. By clicking on the link wallet in the upper right corner, you can see the CRO tokens transferred through other exchanges. Click on Transfer Assets below, and the assets will be transferred from the CRO chain to Cronos. This method only supports CRO token transfers and incurs fees when transferring from centralized exchanges to the CRO chain.

3. Cross-chain Transfer via IBC-integrated Chains: Use decentralized cross-chain bridges like AnySwap or Relay for cross-chain transfers. However, this method is less recommended as the liquidity is usually lower, and the converted assets may not be immediately usable in the Cronos protocol. The only advantage is that it supports more types of cryptocurrencies.

VVS Finance

VVS Finance, short for Very very simply, is currently the most widely used protocol on Cronos, serving as an automated market maker platform. Since its launch a week ago, it has accumulated over $500 million in liquidity. Most users are attracted by its extremely high APY, allowing liquidity provision or staking of the platform governance token VVS for rewards.

Liquidity Pools

VVS Finance currently offers four liquidity pools, all with remarkable APYs. The highest APY is nearly 4000% for the VVS-USDC pool. After enabling contract authorization to allow the platform access to wallet tokens, you can provide liquidity in the selected pool and receive LP tokens.

Note: The rewards received are in the platform token VVS, but the price of VVS is volatile. When providing liquidity, consider Impermanent Loss (IL), which may result in temporary losses.

Staking VVS Tokens

In addition to liquidity pools, you can stake VVS tokens to earn rewards, which are also in VVS. Staking options include automatic and manual staking. With automatic staking, the platform will automatically restake the rewards obtained from staking to earn more rewards.

Note: Although the APY is extremely high, it mainly comes from the price increase of VVS. If there is a significant sell-off of VVS in the market, the APY will sharply decrease.

These are the two ways users can earn through VVS Finance on Cronos, and many users are already utilizing them. However, the Cronos protocol offers more than just this. A netizen has compiled various protocols in the Cronos ecosystem. Interested readers can check out the list to discover high-yield protocols that have not been explored yet.