We are all aware of crypto.com and their native token CRO. No reminders needed.
I have been a client with them for some time ( I bought MCO to stake for a card, as a time frame ).
However I was not a great fan— debit card aside.
As of late, in the view of the CRO blow up, I decided to explore a bit more their environment. Bear in mind I have no idea what I am doing…… I can hardly read and write.
CdC has an app ( debit card, earn programs, etc…), an exchange for those that live in a free country ( sorry ‘murica😆), and also a Defi wallet.
So I set up my Defi wallet, passphrase and all and linked it to my CdC app. Then I sent over some CRO on the CRO chain to test the water ( minimum fees, something along 0.001 CRO ).
Then you can stake your CRO with a validator.
However I was not interested in doing that……yet.
What I wanted to try out was VSSfinance, a dapp.
I then realized–with the help of folks on the VSS sub– that my CRO had to be on the Cronos network ( test network ? Beta ?) to be able to use the dapp.
Thankfully there is a bridge to do just that in the Defi wallet ( again with minimum fees, something like 0.002 CRO, I think ).
Soooo, I now had CRO on the Cronos network, and could finally ‘ see’ them in the VSS dapp. What could I do ? Well, nothing sadly. lol. I could ‘ mine’ VSS, ie stake VSS, but I had none. I could ‘ farm’ Liquidity Pools, but I needed another token.
There is a swap feature in the VSS dapp. That I didn’t use.
So, I went back toy CdC app to send more CRO ( I did a test transaction first ). I could send it as an ERC20 token , CRO network ( as I did for the test ) or on Cronos. However the fee on Cronos was 0.2 CRO vs the 0.001 CRO on the CRO network. So I did it with the CRO network and then went back to Defi wallet and bridged them to the Cronos network.
Important : I left some CRO ( on CRO network, to pay for fees ).
I then went back to my CdC app and sent some USDC to my Defi wallet on the Cronos network, as there seems to be no possibility to do that on the CRO network. Fee was 0.6 USDC.
Now, the USDC does NOT show up on the Defi wallet, but does on VSS dapp ( different networks I guess ).
So in the VSS dapp I decided to stick some CRO and USDC in a LP. Seems easy ? Well no. First you have to accept the contract (?) to interact with the tokens ( small fee ), then you have to ‘ buy ‘ a wrapped CRO/USDC token ( small fee ) and then stake those tokens in the LP ( another small fee ).
I finally seem to be earning VSS tokens but again, you need to pay a fee to claim them ( 1 CRO ) and perhaps some LP token (?), but I have no idea how to even see that.
All that was kind of complicated, and I still am trying to wrap my head around what I have done.
All tips and clarifications are welcome !!!!
TLDR :. Defi is a whole other rabbit hole, and it is nice to have a ‘ cheap’ network ‘ to try and discover it.
send CRO to DeFi wallet
use the bridge to send CRO from your main chain Crypto.org to Cronos beta chain
open VVS
top right click “wallet” – your CRO is now on Cronos chain
you can now use VVS to swap tokens, stake, farm & mine
you can check the balance in your VVS wallet and always transfer CRO back to defi wallet. Also, Always leave some CRO, both in crypto Mainet & Cronos beta for fees.
As for farming, harvest once a week depending on your investment and current fees (you don’t have to harvest daily)
Thanks for that, it’s easier to follow
When checking balance on VVS, I can see CRO balance and VVS balance but not USDC balance.
However I can ‘ use ‘ the USDC ( I sent it on Cronos chain ) as I did for the CRO/USDC LP.
What’s the reasoning for step number 2? I sent CRO directly from my crypto.com app to the Cronos chain on my MetaMask… am I missing something? I did receive what I expected (minus fees) without having to do step 2.
TLDR
TLDR :. I have no idea of what I have done 😅
Send cro to defi wallet
Migrate via cronos bridge
Swap cro for whatever you want for the lp or just for vvs and mine
You definitely needed to do more research before jumping in. You took steps You didn’t need. Never send cro on erc20 network. It’s always just best to send cronos cro and swap half for other token for LP. I prefer cro-vvs. More risk. More rewards. And the whole swapping is easier
I didn’t send on ERC20.
It was actually cheaper to send on CRO network and then bridge to Cronos vs sending directly on Cronos network.
You have done it correctly! Now sit back and harvest the mine when and if you need the cash! Welcome to the defi club
He didn’t do it wrong but he deff didn’t do it right… more like ya! I did it.
Gosh, I was in pain reading you. So yeah, you did not understand all what you did.
I advise you first to read on Liquidity Pool to understand what is VVS.
You also need to understand how the different blockchains works. The CRO network and Cronos are totally different in the same way Cronos is not Ethereum. So it’s perfectly sensible you can’t use USDC on the CRO network.
VVS only works on the Cronos network. The defi wallet can connect to the CRO network, Cronos or Ethereum. Also I wonder if you really saved money going trough the extra step using CRO network. Is there no fee going from CRO network to Cronos ?
A small fee, something like 0.002 CRO.
So 0.001 CRO from app to Defi on CRO network and then 0.002 to bridge.
Vs
0.1 ( I think ) or may e 0.2 CRO to send on Cronos network from the app to Defi.
What’s the difference between the crypto.org chain and the Cronos chain? I sent my CRO (from the crypto dot com app) to the Cronos chain on my Meta Mask… I never once had to use the crypto.org chain, but is there something beneficial to getting to know it?
Whoa, as what I just read, I will skip this.
The staking rewards have been great enough for me to keep coming back.
Mercia the greatest scam in the world… y’all we freeeee! Yeah free to exist 1 million $ to live… also you way over complicated this but prolly a good learning experience.
You just need to google defi basics tbh.
FYI you can buy VVS directly from the DeFi Wallet, saves you extra transaction fees.
send CRO to DeFi wallet
use the bridge to send CRO from your main chain Crypto.org to Cronos beta chain
open VVS
top right click “wallet” – your CRO is now on Cronos chain
you can now use VVS to swap tokens, stake, farm & mine
you can check the balance in your VVS wallet and always transfer CRO back to defi wallet. Also, Always leave some CRO, both in crypto Mainet & Cronos beta for fees.
As for farming, harvest once a week depending on your investment and current fees (you don’t have to harvest daily)
Thanks for that, it’s easier to follow
When checking balance on VVS, I can see CRO balance and VVS balance but not USDC balance.
However I can ‘ use ‘ the USDC ( I sent it on Cronos chain ) as I did for the CRO/USDC LP.
What’s the reasoning for step number 2? I sent CRO directly from my crypto.com app to the Cronos chain on my MetaMask… am I missing something? I did receive what I expected (minus fees) without having to do step 2.
TLDR
TLDR :. I have no idea of what I have done 😅
Send cro to defi wallet
Migrate via cronos bridge
Swap cro for whatever you want for the lp or just for vvs and mine
You definitely needed to do more research before jumping in. You took steps You didn’t need. Never send cro on erc20 network. It’s always just best to send cronos cro and swap half for other token for LP. I prefer cro-vvs. More risk. More rewards. And the whole swapping is easier
I didn’t send on ERC20.
It was actually cheaper to send on CRO network and then bridge to Cronos vs sending directly on Cronos network.
You have done it correctly! Now sit back and harvest the mine when and if you need the cash! Welcome to the defi club
He didn’t do it wrong but he deff didn’t do it right… more like ya! I did it.
Gosh, I was in pain reading you. So yeah, you did not understand all what you did.
I advise you first to read on Liquidity Pool to understand what is VVS.
You also need to understand how the different blockchains works. The CRO network and Cronos are totally different in the same way Cronos is not Ethereum. So it’s perfectly sensible you can’t use USDC on the CRO network.
VVS only works on the Cronos network. The defi wallet can connect to the CRO network, Cronos or Ethereum. Also I wonder if you really saved money going trough the extra step using CRO network. Is there no fee going from CRO network to Cronos ?
A small fee, something like 0.002 CRO.
So 0.001 CRO from app to Defi on CRO network and then 0.002 to bridge.
Vs
0.1 ( I think ) or may e 0.2 CRO to send on Cronos network from the app to Defi.
What’s the difference between the crypto.org chain and the Cronos chain? I sent my CRO (from the crypto dot com app) to the Cronos chain on my Meta Mask… I never once had to use the crypto.org chain, but is there something beneficial to getting to know it?
Whoa, as what I just read, I will skip this.
The staking rewards have been great enough for me to keep coming back.
Mercia the greatest scam in the world… y’all we freeeee! Yeah free to exist 1 million $ to live… also you way over complicated this but prolly a good learning experience.
You just need to google defi basics tbh.
FYI you can buy VVS directly from the DeFi Wallet, saves you extra transaction fees.