VVS Finance Launches Auto Harvest Feature for Faster Fiat Conversion

VVS Finance, a leading decentralized exchange and yield farming protocol on Cronos, has introduced a new feature called Auto Harvest. This innovation allows Crypto.com Prepaid Card customers to convert some of their yields, earned through yield farming on the VVS Finance platform, into fiat currency. This fiat currency can then be used for daily expenses via a debit card, effectively bridging the gap between decentralized finance (DeFi) and traditional financial services.

The Auto Harvest feature is now available in all VVS farms and is clearly labeled as such. The rewards obtained through these farms are automatically harvested daily when the amount exceeds 6. These rewards are then exchanged into fiat currency using USDC or local currency equivalents, minus all applicable commissions. The converted amount is credited to the user's account, which is linked to their Crypto.com Prepaid Card, depending on the region of availability.

Esther Wong, Senior Vice President of Cards at Crypto.com, emphasized the significance of this integration. She stated that the Crypto.com Prepaid Card serves as a crucial link between the fiat and crypto worlds, facilitating participation in decentralized finance. The launch of Auto Harvest further reinforces this by enabling VVS Finance users to automatically claim their yield farming rewards and use them for everyday spending on goods and services.

Mirko Zhao, Lead at Cronos Labs, highlighted the flexibility that Auto Harvest brings to Cronos users. He noted that this feature allows users to claim their yield farming rewards and decide whether to use them for other DeFi purposes on-chain or to cash them out to their prepaid card. This integration provides users with the freedom to utilize their rewards as they see fit, enhancing the overall user experience.

Yotei, Product Lead at VVS Finance, described the launch of Auto Harvest as a breakthrough in making DeFi accessible to mainstream users. He explained that this feature seamlessly connects DeFi and centralized finance (CeFi), making it easy for VVS users to claim rewards and immediately allocate them for everyday spending. This innovation removes the typical obstacles encountered during onboarding and provides an easily understandable point of entry for novice users into decentralized finance.

In addition to its automatic features, users can manually claim harvests on Auto Harvest-enabled farms at any time, free of charge. This integration simplifies the process of off-ramping and crypto spending, eliminating delays and technical challenges that are usually encountered. Auto Harvest enhances the functionality of DeFi by providing a straightforward, frictionless interaction between blockchain-generated yield and real-world financial actions. It removes typical obstacles during onboarding and provides an easily understandable point of entry for novice users into decentralized finance.

VVS Finance is the leading DeFi protocol on Cronos, with a broad base of active users and a focus on user-friendly financial tools. It serves as the gateway to Cronos, empowering DeFi users to trade, stake, earn, and take control of their digital assets. With support for advanced order types and perpetual markets, VVS provides a diverse basket of services within a single platform.

Cronos is an innovative blockchain ecosystem with a large user base and numerous developer partners. The network includes Cronos EVM, Cronos POS, and the high-performance Cronos zkEVM, covering secure self-custody and applications in DeFi and gaming. Cronos Labs is leading a $100M accelerator to develop the ecosystem.

Crypto.com, founded in 2016, has a significant user base and is known for its regulatory compliance and innovation with the highest standards of security. The company offers a wide range of services with a mission of making cryptocurrency accessible in every wallet, including DeFi integrations and the Crypto.com Prepaid Card.