Cronosphere Vaults
You can even stake them on Mars…
Hey Earthies, it’s Matt again. Coming to you from Mars this time while waiting for Jessica to come by and pick me up for the trip back home. Since it might be a long wait, let me share what a poor ol’ Martian astronaut does while spending time alone on a deserted planet.
My pal at Cronosphere, specifically jpmoregain, told me recently over the radio that the project’s staking vaults have come online and are already yielding crazy returns on investment.
In case you don’t already know, in space, the best mode of communication is via radio since signals can travel as fast as 2.998 x 10⁸ m/sec. That helps to maintain as much of a proper conversation as possible and helps to keep me sane too!
And thus, I found some time amongst my “busy” schedule to prepare a staking guide for those who are itching to get in on the action at the Cronosphere vaults and get hold of some “duty-free” $SPHERE. Yes, you read that right. All rewards obtained via this method is not subject to the 16% tax. Of course, after claiming rewards, subsequent transactions will be subject to it.
Here’s how to start. I would also recommend using Metamask as the wallet of choice instead of the DeFi Wallet from crypto.com.
Now before you berate me for this decision, I would like to bring your attention to this piece of news.
It’s not a 100% guarantee, but the whispers on the grapevine says that there could be possibly an airdrop of Metamask tokens to users of the wallet.
Now since Metamask functions as well as the DeFi Wallet anyway, it is a no-brainer to import your wallet into Metamask and start using it with the hope that the airdrop becomes reality and you will get a portion of the airdropped tokens.
Getting Ready to create LP Tokens
There are numerous Cronosphere vaults and they can be a little bit daunting for a new user. Most times, folks are unsure which protocol to create LP tokens on but there is an easy way to find out and be linked to the appropriate protocol.
At the bottom of every vault, there is a section titled “LP and Contracts”. Click on it to expand it and the first link will direct you to the correct protocol to provide liquidity to and get yourself the correct LP tokens.
Let’s use the example above, which is the SVN-MMF LP pair. Clicking on “Get SVN-MMF LP” will immediately direct you to the MM.finance Liquidity page.
Create the LP tokens that you desire and return to Cronosphere vaults to stake them. Do note that if this is the first deposit you are making, you will need to “Enable” the vault first, followed by the actual “Staking” of the LP tokens.
That’s all that is needed to begin accumulating $SPHERE that isn’t subjected to taxation. Simple? I thought so.
There are, however, certain “undocumented features” that you will need to know about with regards to the vaults. They aren’t a big enough issue but I’ve seen some folks asking the same questions over and over in Telegram. Since I’ve a lot of free time anyways, here’s a short FAQ on vault use and it’s purpose.
Can I add more to an existing stake in the Cronosphere Vaults?
No you cannot. Once you have an existing stake in a vault and would like to add on to it, the only way now is to “Unstake” to remove all staked LP tokens & rewards and then “Staking” the new amount.
I am having trouble unstaking, clicking “MAX” doesn’t fill up the values for the unstaking operation.
Manually type in the amount in the dialog box and then hit “Unstake” to remove staked LP tokens as well as all accrued rewards.
My staked amount nor earnings doesn’t show up! What should I do?
Try these steps in this order — Refresh the webpage, reboot your device, connect to the Ethereum chain and back to Cronos chain again and refresh the webpage once done. If all fails, you may need to reinstall & reimport the wallet or try this alternative RPC setting below.
How often does the APR values update?
According to the Cronosphere main developer, Criptoe, the vault APRs update every few hours so it will change throughout the day.
What’s the “Expanding” and “Collapsing” options at the top of the screen?
Expanding vaults are active vaults where staked LP tokens will earn rewards. Collapsing vaults are past vaults that aren’t active anymore. If you are staked in these vaults, make sure you redeem whatever deposits you have made.
Why should I stake in Cronosphere Vaults instead of the actual protocol vaults?
The Cronosphere vaults were designed as a periodic buyback mechanism to boost the value of the $SPHERE token. What happens when you stake at Cronosphere vaults instead of the native vaults is that the Cronosphere vaults will stake on the native protocol on your behalf and convert the earned rewards to $SPHERE and issue it to you.
This conversion process is actually Cronosphere vaults buying back $SPHERE from the open market (and pushing up prices up) and generating trading volume, which is essential for a reward token that thrives on it.
The answer above is a simple overview of what generally happens. Should you need an in-depth explanation of what goes on behind the scenes, ask in the Telegram channel or even better, send a DM to https://t.me/jpmoregain. He is always ready to help clarify any doubts you have.
So there you have it, a simple summary of the Cronosphere vaults that hopefully helps you in the $SPHERE experience. Feel free to share this Medium link to anyone whom you might think will find it useful.
Ya’ know what’s the first thing I want to do when I’m back on Earth? Driving a Ferrari to a baseball game and having pizza while watching it. Those are 3 of my favorites. How about you?
