What is VVS Finance?
VVS Finance is a decentralized non-custodial Automated Market Maker (AMM) protocol that brings an efficient way for users to swap and farm tokens, where you can participate as a depositor. As a depositor, you can earn a passive income by providing liquidity to the market. On the other hand, you can borrow assets from the liquidity pool as well with enough collateral from your deposited assets.
With DeFi Earn integration, we handle the deposit and withdrawal process with VVS Glitter Mines natively on the Onchain app, hence you don’t have to worry about dealing with smart contract calls and we simplify the concept of tokens and display the accrued interest you’re earning overtime -
When your tokens are deposited to the VVS Finance protocol via DeFi Earn, you are transferring them to the VVS Finance smart contract.
When you decide to withdraw your deposited assets, extra funds earned through VVS will be credited to your account. For example, depositing 1 VVS will slowly grow in balance as time goes on. When you withdraw, that extra balance will be credited to you.
Read on to learn about how to deposit, view earnings, and withdraw via DeFi Earn.
Note: Please reach out to the VVS Finance Support Team if you have any questions pertaining to VVS Finance that are not answered in this article.
How do I deposit my crypto assets to DeFi Earn - VVS Glitter Mines?
Tap “Earn” at the bottom navigation panel of the Onchain app
Enter VVS in the search bar
Select your preferred token and enter the deposit amount to view your estimated earnings based on the latest APY percentages.
Review and confirm your deposit by tapping “Confirm Deposit”
Note: Depositing crypto assets to VVS Glitter Mines involves calling a Cronos smart contract. This requires Cronos CRO as network fees, which causes the estimated network fee to be higher than normal transfers. Please ensure that you have sufficient Cronos CRO in your wallet before proceeding.
Authorise the deposit request with your passcode (and 2FA, if enabled)
Wait for the on-chain confirmation of your deposit request
Once the deposit request is confirmed, your DeFi Earn page will display an updated amount regarding your total assets.
In the DeFi Earn page, you will also be able to see the estimated APY at a token level. The tokens you deposit to DeFi Earn will be linked to the protocols you selected. Your assets will start accruing token rewards once the deposit is confirmed on-chain.
How do I view my earnings or deposited assets via DeFi Earn - VVS Glitter Mines?
Navigate to the DeFi Earn page. The default view for your total DeFi Earn assets will be displayed in their fiat equivalent amount as “Total Fiat Amount”
Tap on “Total Fiat Amount” to switch this to “Total Crypto Amount” and view your DeFi Earn assets in their crypto equivalent amount
Tap on “Total Crypto Amount” to switch to “Earnings” and view your estimated earnings for each asset
For a more granular breakdown, tap on a specific token and you will be able to see the latest APY %, total amount deposited, and estimated earnings in crypto.
How do I withdraw my crypto assets from DeFi Earn - VVS Glitter Mines?
There is no lockup period for your deposit and you can withdraw your assets from DeFi Earn at any time. Here are the steps to withdraw your crypto assets from DeFi Earn:
Withdrawal via the DeFi Earn tab
Tap “Earn” in the Onchain's bottom navigation panel
On the DeFi Earn page, select the token that you would like to withdraw in the “Staked Assets” section
Tap “Withdraw” in the DeFi Earn Details page
Enter the amount you would like to withdraw and tap “Confirm Withdraw” after reviewing the transaction’s details
Withdrawal via wallet balance
In the Onchain's homepage, tap “DeFi Earn Assets”
Select the cCOMP token in the following page
Tap “View Earnings” in the “cCOMP BALANCE” page
Enter the amount you would like to withdraw and tap “Confirm Withdraw” after reviewing the transaction’s details
After confirming the withdrawal, a short amount of time is needed for the transaction to be processed.
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How do I claim my rewards if the Glitter Mines pool expired?
We are integrating more pools from VVS Glitter Mines and they will only be live for approximately 60 days. After 60 days, we also provide a process for you to withdraw tokens you deposit and claim your rewards.
1. When you deposit your coins to VVS protocols, you will see the pool expired date on the pool selection page.
2. After the pool expires, you will see notifications regarding this on the navigation bar, DeFi Earn homepage, and asset management page.
3. You can tap [Withdraw and Claim Rewards] here to withdraw the VVS tokens you have deposited and claim your rewards.
Does Crypto.com charge a fee to deposit/withdraw to/from VVS Glitter Mines?
Crypto.com currently waived the 0.5% service fee on the corresponding earnings for each withdrawal from VVS Glitter Mines for users. The fee is used to supplement the operational costs and risks associated with managing DeFi services and bringing more DeFi projects to you.
Please note that VVS Glitter Mines is a Cronos-based protocol and each deposit or withdrawal request incurs a network fee in Cronos CRO.
Hence, we advise you to only withdraw your underlying assets + interest when you have earned enough to cover the network fee.
How can I opt out of my deposited assets as collateral on VVS Glitter Mines?
By default, all deposited assets to VVS Glitter Mines on Crypto.com Onchain will opt-in as collateral. We currently do not support opting out of your deposits as collateral on VVS Finance. In order to opt out of your deposits as collateral on VVS Finance, please go to the VVS Finance Web DApp.
Users should be aware of the risks of possible slashing of staked assets or rewards. The specifics of slashing are defined within each protocol, and is a mechanism built into Proof of Stake blockchain protocols. Although it's unlikely, there is a possibility you may lose your staked assets or rewards in case of a network or validator failure. While we've taken measures to reduce these risks, losses incurred as a result of slashing or other on-chain contract security are outside of our control and we shall not have any liability or be responsible for any damages or liabilities suffered from slashing penalties.