ACryptoS is a group of protocols running on the Binance Smart Chain that enable users to earn higher interests on their crypto assets through Advanced Crypto Strategies.
Taking its core concept from widely loved “yearn.finance”, ACryptoS offers three distinct products on the Binance Smart Chain. Each ACryptoS product is designed to grow your assets by using automated yield strategies.
Binance Smart Chains’ ACryptoS incorporates all features of Ethereum’s yearn.finance. It also includes many other features that will let you earn more rewards.
You must be wondering what are those extra features? Is it better than Ethereum’s yearn.finance? And most important, is it safe?
Well, don’t worry. Be with me till the end and you will have the answer to all your queries.
It’s time to understand more about ACryptoS offerings to the crypto world.
What is ACryptoS?
ACryptoS provides a gateway to advanced yield farming strategies through its distinct products that are made on the top of the Binance Smart Chain.
ACryptoS Vaults – Vaults allow users to hold an asset they like while earning yield on it. ACryptoS vaults are designed to save users time and effort while providing higher returns. They eliminate the need to manually harvest the vault as your holdings in the vault will be compounded automatically.
Vaults available on ACryptoS:
- ACS and ACSI Vaults
- Venus Vaults
- CAKE Vault
- PancakeSwap LP Vaults
ACryptoS StableSwap – Like Etheruem’s Uniswap, ACryptoS StableSwap is an Automated Market Maker (AMM) (See FAQs for detail on AMM) for stable coins developed on the Binance Smart Chain. ACryptoS StableSwap enables the trading of stable coins on the Binance Smart Chain with approximately 100x less slippage, 5x faster speed, and 10x less trading fees than on the Ethereum chain.
Binance Smart Chain also lets users take their ERC-20 tokens to BSC via Binance Bridge and hence increases scalability.
ACryptoS Farms – ACryptoS Farms is designed to distribute ACS and ACSI tokens, ACryptoS native tokens to Liquidity Providers.
Depositing, Staking and Harvesting on ACryptoS
ACryptoS allows you to farm its native token ACS and ACSI.
On https://app.acryptos.com/ you can lock your assets in Vaults and can immediately start earning interest on it.
Before moving further, I am assuming that you have some BNB available in your wallet. Also, I am using the MetaMask wallet for illustration purposes. If you want to know “How to use Metamask” please refer to https://frontierprotocols.com/how-to-use-metamask/.
Also, Please note that MetaMask is an Ethereum wallet and we are going to use it on Binance Smart Chain. Surprised? Well, the Binance Smart Chain structure is designed in a way that lets users use MetaMask to interact with BSC-based DApps.
All set? Let’s get started.
- Open MetaMask
- Set up BSC Mainnet Network by clicking on the Hamburger icon in the top right corner and select settings
- Go to Network → Add Network
- Fill in the details
Network Name – BSC Mainnet
New RPC URL – https://bsc-dataseed1.binance.org/
Chain ID – 56
Currency Symbol – BNB
Block Explorer URL – https://bscscan.com/
- Go to https://app.acryptos.com/
- Click “Connect Wallet” to connect MetaMask.
- Once to tap “Connect Wallet”, MetaMask will open up asking you to connect with app.acryptos.com/
- Click Next → Connect.
- You will see that ACryptoS is successfully connected to your MetaMask Wallet.
- Now, once you will be on the ACryptoS website you will see several Vaults available namely Core, Venus, StableSwap, and Pancake.
- Select the asset for example Cake-BNB, that you want to deposit and grow.
- Accept the transaction fee.
- Click Deposit followed by entering the amount and then hit “Deposit”.
- The currency you deposit will auto compound and grow your token daily.
- Once Deposit is done, you will see two choices against the currency you deposit. one says Withdraw and another is Stake.
- Click on Stake, if you want to Farm Additional ACS while earning interest on your deposited assets.
- Your ACS will grow based on the APR (Refers to the simple interest accrued from a particular investment over a 1 year period.).
- Once your ACS will start to grow you can Harvest them by clicking on the Harvest Button.
- You can now Harvest ACS token without unstaking your assets.
- Once you grow enough ACS to Harvest. You can deposit them into ACS Vault for further compounding.
- But what if you don’t have the required tokens available. Well, don’t worry. You can get LP tokens by providing the liquidity in the CAKE-BNB pool on PancakeSwap.
- Hit Get CAKE-BNB. It will redirect you to PancakeSwap.
- PancakeSwap will ask you to Unlock your wallet. Select any wallet of your choice. I am connecting Metamask and hit Unlock.
- Provide liquidity to the pool by entering the values and press Supply. You will receive LP tokens for providing liquidity to the CAKE-BNB pool.
- Now go to CAKE-BNB Stake at ACryptoS. Enter the amount that you wish to deposit. Hit Deposit.
- Confirm the transaction on Metamask for allowing ACruptoS to use our Cake-LP tokens. Also, confirm the transaction for LP deposit in the Cake-BNB vault.
- As soon as you will approve both the transactions, you can start earning the yield which is automatically compounded in the Vault.
- You can also farm the native ACS token by using AcsCake LP tokens received. Stake them in the Cake-BNB vault, confirm the transactions on the Metamask and it is done.
- You can now Harvest ACS.
Now, what if you don’t have BNB available with you. Then, how do you use Binance Smart Chain?
- You can buy BNB from Binance Exchange using Fiat.
- You can use Binance Bridge to bring your ETH to Binance Smart Chain Network.
- Go to https://www.binance.org/en/bridge and connect your preferred wallet.
- Select Asset as ETH and Network as Ethereum Network. Enter the ETH amount, adjust the gas value and Hit Next.
- Select the best-suited option from the pop-up list and click Next.
- Check details and confirm the transaction.
- Once you confirm the transaction you will receive ETH and BNB to your Metamask in BSC mainnet.
- You can now use the available BNB on ACryptoS for trading purposes.
Fees Associated with ACryptoS
Luckily, there are no fees associated with depositing tokens in the Vaults. But, when you withdraw assets from a vault, then yes there is a fee which is taken as a percentage of the amount that you withdraw.
For Venus and Pancake Vaults the withdrawal fee is 0.5% of the withdrawn amount while it is 10% for the other two core Vaults i.e., ACS and ACSI.
Fees associated with ACS harvesting is 0.5 ACS while it is 5 ACSI for ACSI farms.
Is it Safe?
ACryptoS have been audited by DefiYield.info and have been awarded with their low-risk rating. ACryptoS Farms V2 contracts have been successfully audited by Hackenclub recently. But that doesn’t mean that there are no risks involved. We highly recommend depositing only that amount which you can afford to lose.
Locking crypto in smart contracts and using them for growing yield is associated with a lot of risks from attackers and involves market risks too. Thus, it is highly recommended to gain sufficient information before stepping into the crypto ecosystem.
1. What is the difference between depositing and staking assets?
You can start by depositing the tokens in vaults to start earning compound interests right away. Depositing is associated with Vaults while Staking is associated with the farming of native tokens i.e., ACS and ACSI. You can use the same tokens to stake and earn ACS.
2. What are Liquidity providers?
Liquidity providers add funds to the pool. A liquidity pool can be assumed as a big pile of funds. Liquidity providers receive rewards for providing liquidity to the pool. Referring to the above scenario, we provide liquidity to the CAKE-BNB pool and receive CAKE-BNB LP and ACS LP for providing liquidity. The rewards are calculated using a protocol that is different for every Automated Market Maker.
For Binance Smart Chain Network, PancakeSwap emerges as a widely loved Automated Market maker. While most of the Ethereum Blockchain lovers use Uniswap and SushiSwap for providing liquidity to the pools and earn rewards.
Before You Go…
ACryptoS is an emerging De-Fi platform on the Binance Smart Chain. In a very short span of time, ACrypto has attracted numerous farmers with its Advanced crypto strategies to earn higher yields.
No doubt that Ethereum has a strong catch on the crypto ecosystem but BSC has started a totally new way to interact with DApps. Its cross-chain compatibility is attracting more users towards it. But, only time has the power to calculate the future of these blockchains in this vast crypto world.
NOTE: All the details provided in this article are for informational purposes only and are not intended to encourage anyone to invest. Make sure you gain sufficient knowledge before making any investment in the crypto space.