DEFI WORLD with Crypto.com ($CRO) — Passive Income, NFT Boosts and Tokens
If you saw some of my videos or follow me on Twitter ( you can do it here) I am quite bullish (you can put bullish on that) on the CRO coin.
It’s an ecosystem (we can call it like that at this stage) I have been investing for the last year and, as i see it, in my opinion, has a lot of potential to grow, especially once BTC starts moving up again.
And i am not even referring to the multiple actions of marketing they have going on around the world. If you don’t know, $CRO is the official coin of crypto.com in CRONOS.
Today I will show you a new way to mine CRO which in its essence, it’s not new, but is quite exciting, as this is something quite new in the CRO network yet but suspect it might become viral (and i am not refering to this specific protocol).
Firstly: This is not financial advice and you should take this with a bit of salt. Purely informative/educative post. DYOR , NFA , yada-yada-yada. You know the drill.
Having put this disclaimer behind our back is time to dig into the protocol.
First: I have already invested in this project (a small amount i am willing to lose) and i am producing CRO rewards every hour.
Second: this is not a sponsored article and I haven’t received any compensation from the developers for this post.
Third: This one is similar to other miners in Binance Chain and Polygon(MATIC) network.
This new one is called Crocodile Nest and it is a CRO miner that can earn you up to 8% per day on your investment. They also an interesting roadmap ahead if this go through, which includes NFT boosts (who doesn’t like staking jpegs?!) coming and their own token. You can read more in their article here.
You can join Crocodile NEST here
This project launched about 35 days ago ( they have a cool UI that shows this and daily and APY interest).
Before i joined, i kept an eye on this protocol. With the last weeks event, liquidity on protocol dropped a bit, but now has constant levels ( this is a way to avoid rug pulls, just let it sit for a couple of weeks to see how it goes, despite we humans, specially in crypto, do not like to wait.)
I don’t even need to say these are high risk, high reward projects, so I've approached with a LOT of caution. I suggest you do the same.
Perhaps will invest more later down the road if the values in the protocol are sustained. For the record, current total now sits at 206786.74 CRO.
You can join Crocodile NEST here
Where do i start?
First you have to get some CRO, and you can simple transfer from any other wallet and send it to the wallet used to connect to the platform. Important to say you can only connect with Metamask.
You will need to add the CRONOS network to Metamask, and if you don’t have it already, please see here a tutorial how to.
CONNECTING TO CROCODILE NEST
Then go to the Crocodile Nest and connect your wallet to the page.
They have a whole crocodile theme in the platform so you when you input how much CRO you want to invest you. It’s a simple interface and you only need to consider the following:
Hire Crocs — Buy Crocos/deposit CRO
Hatch Eggs — Compound your rewards
Sell Eggs — Claim rewards back to your wallet
After your hire certain amount of crocs ie, deposit your $CRO, those Crocodiles will then “lay eggs” which means they will generate rewards for you.
After that you can choose to either sell your eggs to retrieve your CRO rewards or to hatch them (their terminology for compounding).
Your Egg Value shows how much your current reward is worth.
You can see at the bottom the daily return, up to 8%. It’s not always guaranteed to be 8%, it will often be between 6% and 8% and the rate depends on how often you are selling your eggs or hatching them. And here it’s where it gets interesting. These protocols are coming with an “anti- whale mechanism” that works as follows, that is necessary in order to secure more sustainability. See below:
User 1 compounds 6 days and claims the 7th day: this user gets the highest daily percentage in that 24 hour period.
User 2 compounds 5 days and claims 2 days: this user gets a lower percentage.
User 3 compounds 4 days and claims 3 days: this user gets an even lower percentage.
This happens all the way down to a net 0.5% reward (for a 24 hour period) for the user that keeps claiming (Sell Eggs). This is necessary to prevent users from draining the TVL, and thus creating the sustainability we need to get the project going forward.
The best strategy ( or the one the algorithm was programmed to do not penalize the user) is the one mentioned on the website.
Do 6 days of hatching (or compounding)
On the 7th day you sell your eggs and withdraw the profits to your wallet.
In their roadmap they also show to have some future plans with this project to help it sustain longer; they plan to bring NFT staking in the future and these NFTs will bring bonuses and boosts to your crocodile eggs and your CRO rewards (the github mentions up to 10% daily rewards so we can expect a range of +1%-3% if NFT boost becomes a thing). See it for yourself here
If the protocol continues to grow i will do a follow up , exploring in depth the roadmap, the protocol, fees, etc etc. Feel free to drop some comments and show some support.
· Crocodile Nest is high risk and high reward.
· The contract has an anti-whale mechanism which is standard in all the best miners.
· This article contains affiliate links.
· I only speak about projects that I have personally invested in.
· I’m not a financial advisor. This is not a financial advice, whatever you read in my articles are strictly for educational purposes.
· Remember that you cannot take your initial deposit out; you lock up your initial investment, but you receive rewards every hour.
· Most of these projects you can get back your initial investment within 6–8 weeks if you follow the system of 6 days replanting and 1 day harvesting.