While you may have seen the occasional cryptocurrency exchange advertisement here and there, one platform has taken it a step further, going on an all-out campaign to bring cryptocurrency mainstream.
From Google advertisements to purchasing the naming rights of the LA Laker’s basketball arena, Crypto.Com seems to be blazing the trail for exchanges.
This led to a quick 20x in its native token $CRO, and for good reason. While many Centralized Exchanges may offer a discount on trading fees for holding their native token, Crypto.com has a whole range of rewards, such as its debit card — which has attractive benefits even for entry-level users.
On top of these, there’s even a way to earn additional rewards by participating in staking within the app — through the CRO supercharger.
What Is the Supercharger?
If you have $CRO tokens not currently locked up, you can use the supercharger to earn rewards with your $CRO. This can be done on both the Crypto.com App and Exchange and is a good, flexible introduction for those new to staking.
The Supercharger rewards have ranged from meme coins such as $SHIB to blue chips such as $UNI and $ETH, with attractive APYs of up to 34%.
Some of the reward tokens have also grown substantially, such as $SHIB and $NEAR, which have done an 8x and 4x respectively since their supercharger periods.
Being able to gain exposure to these assets without directly paying for them makes it easier to hold through bear phases, and can be a great way to increase your overall portfolio!
How to start supercharging
To get started, simply log onto your CDC application, and click on the lion icon at the bottom of the screen.
Navigate the pop-up menu to the finance tab and click on the “Supercharger” option.
If there is a supercharger event currently ongoing, you can click the “Charge Now” button and accept the terms and conditions of the specific event.
If not, you can usually check to see on the same page whether there are any upcoming events.
Then, allocate the amount of $CRO you would like to stake for the duration of the event.
Take note that a minimum of 100 $CRO is required to participate in any supercharger event, so make sure you have enough before trying the supercharger!
Take note that after every event ends, you will need to manually claim your rewards, which will then be vested to you over time.
While the CDC app will remind you to claim the rewards, it is probably best to set a reminder, as claiming late means you could get less or no rewards at all.
While your $CRO can be staked or unstaked at any time during the supercharger event, rewards are distributed pro-rata, meaning both the amount of $CRO and how long it was staked for matter in calculating rewards.
How much can I earn?
While the APYs seem nice, supercharger events are currently at a minimum of 10, and a maximum of 45 days. Therefore, these APYs are not able to pay out sustainably.
Furthermore, the number of rewards is fixed at the start and distributed according to stake. So, if more and more people start using the supercharger, these rewards will eventually become more diluted and less profitable.
However, this doesn’t mean that the supercharger is bad — after all, there are no transaction fees, lock-up periods or impermanent loss risk and is simply a free way to gain rewards while you HODL.
Where else can I earn rewards on $CRO?
Currently, there is only one other way to single-side stake $CRO, which is to deposit it under the Crypto.Com “Earn” option.
You can earn up to 6% P.A on $CRO here and an attractive 12% on assets such as $USDT and $MATIC.
However, this method requires a minimum of 5000 $CRO (other assets have their own minimums) and achieving a good rate usually requires a certain lock-up period.
Another place you can earn rewards for staking $CRO is the recently launched VVS (Very Very Simply) Finance protocol on the Cronos Network, which offers up to 317% APR on $CRO-related farms. However, this also comes with all the risks of typical DeFI (Decentralized Finance) farms, such as exposure to the $VVS token’s price volatility.
All in all, if you’re a newcomer to DeFi and already holding some extra $CRO, why not try the supercharger and earn some nice rewards on it with only a few clicks.
After all, there’s nothing to lose!
You can obtain $CRO via the Crypto.com App or Exchange.
If you have not signed up yet, click on this link to receive these benefits:
(1) Crypto.com App: US$25 worth of CRO after you stake at least S$500 worth of CRO for 180 days
(2) Crypto.com Exchange: Up to US$50 worth of CRO for staking either 5000 or 10000 units of CRO
Featured Image Credit: Crypto.Com