Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
VCRED is on a mission to revolutionize Decentralized Finance (DeFi) through automation. What started as a winning prototype by the founder at a hackathon in early 2021, soon grew into a remote team of 10 spread across the world. Compared to traditional AMM’s, VCRED offers liquidity providers good returns on their liquidity without the worry of impermanent loss. VCRED project is not a fork, but built on an original codebase, adopting the best practices and borrowing features from across the DeFi ecosystem.
VCRED is currently in a closed beta and deployed on Avalanche main-net, where users are able to access the protocol’s features with minimal gas fees on a low energy footprint Layer1.
Bot Driven DeFi
Our vision at VCRED is DeFi automation. Our primary goal is achieved by providing an intuitive user interface, focused on minimalism. The DeFi ecosystem is filled with clones/forks of existing projects. The barrier to entry for retail users has never been higher due to complex mechanisms to earn high yields across multiple Layer 1’s. Liquidity providers struggle to use protocols due to their complex user experience and minimal apy by simply staking tokens.
Currently in the closed beta, liquidity providers are able to access Stake and Flash features. Earn feature will be activated as soon as our VCRED token goes live, enabling users to earn rewards for staking tokens.
VCRED Flash enables an innovative staking mechanism. The flash feature is a first in the avalanche ecosystem to reward liquidity providers in stablecoins such as USDT for staking. VCRED’s arbitrage bots scan for inefficiencies in DEXs, and access to single transaction liquidity via permissioned flash loans. This feature also enables users to withdraw their deposited tokens, and stablecoin rewards within a single transaction, saving them on gas fees.
VCRED’s Stake feature enables leveraged yield farming through automation. Existing projects require liquidity providers to search for best yields, leverage, stake and repeat multiple actions to maximize their yield. Through VCRED Stake, the bots automate these repetitive tasks and provide access to leveraged yield via a single transaction. From a selection of protocols, bots scan and lend the liquidity into the pool. A portion of the deposit is taken as a collateral and is lent again to generate interest on the deposit. The pool is reinvested by the bots instead of community driven mechanisms, enabling rewards to be more efficiently generated.
VCRED’s vision of automating DeFi goes beyond disrupting yield farming for liquidity providers. Currently we are working on v2 features to enable automation in market making, and using staked liquidity to perform unique use cases including cross chain arbitrage.
VCRED is a technical Founder led team. Vijay L is the Founder/CEO with diverse experience in trading, machine learning and building unique smart contracts that harness the power of bots. The team consists of 5 engineers with exceptional background in building smart contracts, web development and machine learning. The team is additionally supported by members in marketing, design, research & operations.
VCRED’s vision of building innovative smart contracts to automate the existing defi infrastructure is supported by investors CMS Holdings, Avalanche, Blizzard Fund, De-Fi Capital, Sanctor Capital, Cogitent Ventures, Skynet Trading, Greenhorns Capital among others.
VCRED has an active Twitter and Discord Community. Join the cohort of 1000’s of early believers in the bot driven revolution. VCRED has opened up applications for beta testers, you can learn more about the beta testers program here.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.