We featured a blog post explaining how to create a self-custody wallet address to tap the capabilities of Cryptocom DeFi Wallet and the uses of decentralized applications. In the previous post, we are going to break down the sections of Cryptocom DeFi Wallet’s wide varying of functionalities for an average user to take advantage of in this one.
If you are here, you are already an avid user of Crypto.com App & Exchange, or you want to become one. Cryptocom DeFi Wallet, even though it isn’t built for a company to directly profit from it, doesn’t fall short on the trilemma of capability, ease of use, and clean user interface retaining its decentralization features. Let’s explore the DeFi Wallet without further due.
In the wallet part of the application, the primary functionalities are SEND, RECEIVE, and BUY as you can see at the top middle of the screen. Utilizing SEND and RECEIVE is simply using transaction capabilities of the blockchain technologies enabled via Crypto.com DeFi App.
Let’s say, you just set your self custody wallet so it has no tokens there and you want to fund it. In this case, you are buying some Bitcoins(which is the first crypto that is the actual market maker of the whole crypto industry, don’t worry we will also learn how to fund your wallet with sweet sweet CROs in a Crypto.com native way! 😉). First, click on RECEIVE button:
You will see the list of tokens displayed as above. If they don’t show up, wait a couple of seconds. If a token you want to receive is not on the immediate list as we see here: either scroll down to find that token or click on the search button and enter the token name. You can also manually import tokens into the app but it is a bit more advanced than the scope of this post. Moving on with sending some Bitcoins:
Click on Bitcoin, this screen will show up:
This is a pretty weird-looking page for someone new to this. But fear not! We will get to learn this stuff like this easily with TheCronicle.com posts though.
You will see two addresses, the first picture labyrinth-like code is what is called QR code which is the native language of robots that humans suck to read or replicate. The second gibberish-like code/address is also what humans are pretty suck reading but is somewhat achievable to read and if you are crazy enough, even memorable. Both act as our public addresses where other people or we can directly send funds, in this case, Bitcoin.
Simply buy Bitcoin from an exchange of your liking, preferably Crypto.com, find the send button, and copy-paste the address you see on the Cryptocom DeFi Wallet screen. If convenient for you, you can also utilize the QR code as well which is optional and relatively better because the possibility of making a mistake is lower entering the code if you are not under attack by a scammer who is going after you to replace your QR code. This case is not probable but actively paying attention to using the right QR code is a plus.
When you are using the Crypto.com app for the first time and you also didn’t connect your external wallet to the Crypto.com Exchange & Application you will see the page above:
If you want to have the best of the two worlds which are: having your funds in your custody as crypto ethos suggests(do not have your funds in a centralized server like an exchange, saying goes: not your keys not your coins.) and buying crypto within the confinement of what traditional finance offers(like buying crypto with your credit card) you can achieve this easily by connecting your Crypto.com DeFi Wallet to Crypto.com Exchange & App.
The process is fairly straightforward. Here’s a link to the official crypto.com guide about how to connect Crypto.com Exchange & App to Crypto.com DeFi Wallet. You can just buy your CRO tokens(which is the native token of the Cronos Chain, the network that mainly caused Crypto.com DeFi App to be built) and utilize them in all kinds of opportunities. Swapping/trading, staking, using them on DApps.
You will see the DApp section below. DApp simply is an abbreviation for Decentralized Application which DApps come to mean Decentralised Applications.
On this page of the Crypto.com DeFi Wallet application, it is a web browser. Yes, a web browser like Google Chrome, Firefox Mozilla, or Brave. You can even log in to Facebook, or Twitter with it, just type the website on the top mid-place where it says Search or Type URL, and you are connected. But it is not built for that. So, you might ask as someone new to this, why do they have a browser on Crypto.com DeFi Wallet application? This browser differs from regular ones by one critical feature, it can detect Decentralized Applications and connects them with the crypto address on Crypto.com DeFi Wallet app user has thus users can interact and use those DApps.
You can see the Swap page of Crypto.com DeFi Wallet application below. It serves the function of exchanging tokens with each other.
Users can do two things on this page. Swapping tokens between each other on the same network like they are using an exchange, or they can bridge tokens within each other as particular tokens are live on more than one exchange. Examples: CRO token resides on Crypto.org Chain, Cronos Chain, and Ethereum. Those coins can be bridged(it is called bridge instead of swap when the switch between tokens is happening between networks) within each other to be used when they are needed on the intended network.
Last but not least, the Earn page. We all want our money to work when we are sleeping, earning us capital. Crypto.com DeFi Wallet also found a way to build a staking function into its application where users can stake their tokens to earn a yield on them.
You can see the APY(Annual Percentage Year) amounts, a the time of this writing there is a token called VVS that offers 60% APY which is pretty high. The user who has intentions for staking VVS should notice that the yield they will receive will be in the token they staked not in dollar terms. For example: if someone stakes 1000 VVS they would receive 1600 VVS at the end of the year which might be worth more than the dollar worth they paid for VVS or less. This is the same case for all token staking, so the future price of the token should be taken into account.
Another thing about the Earn is that except for CRO on Crypto.org Chain almost all tokens are available to staking on the Ethereum network at the moment because the demand for it is high on the Ethereum network. Earn for Cronos Chain is under development and is coming meanwhile applications being built on there improving meanwhile drawing more and more attention and resources.
Since the dominant network is still Ethereum, the congestion of the network is a metric that should be paid attention to. Crypto.com DeFi Wallet took care of even that. People who use the application can click on the top right corner of the application and see the screen above where they adjust their transactions according to the current transaction fees. This is not a trivial thing that checking for the current transaction fee and detecting the less congested hours can save a lot of money for everyday DApp and DeFi users. Even for those who use it sparingly!
Crypto.com DeFi Wallet app is an eloquent solution for beginners to deep dive into the crypto industry as a whole.
This wonderful app that is developed by Crypto.com provided users to become a crypto native without sacrificing ease of use. Users can use it as a basic Wallet. They can Buy crypto as if they are using a centralized exchange. Utilize DApps, by the built-in browser which also has bookmarks of the most popular decentralized applications. They can Swap tokens or even Bridge them from network to network and last but not least they can use the Earn to stake our crypto to work a little bit harder when they are asleep.
A great all-in-one solution for users who want to take their crypto adventure to the next level without a complicated road ahead.