Known Scams: Rug Pull / Honeypot
Crypto has opened up new and revolutionary ways of investing, but along with the potential for great returns comes great risk of losing money to scams. Investors can increase their security by avoiding the red flags of crypto scams and rug pulls. Common warning signs of crypto scams are fake testimonials, unlicensed or unregistered sellers,promises of guaranteed high returns, websites or messages having many spelling/grammar errors and depicting rapidly increasing investment accounts, among others.
Rug pulls are inherently more difficult to spot as there are various ways in which the founders/team members of a project are able to do that. Most frequently used method is by using smart contract functions maliciously. Investors can mitigate some of these risks by taking the time to do proper research on various aspects such as scanning the smart contract for malicious functions (audits), research team members (KYC), search the website and project documentations such as gitbook or whitepaper.
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Crypto has opened up new and revolutionary ways of investing, but along with the potential for great returns comes great risk of losing money to scams. Investors can increase their security by avoiding the red flags of crypto scams and rug pulls. Common warning signs of crypto scams are fake testimonials, unlicensed or unregistered sellers,promises of guaranteed high returns, websites or messages having many spelling/grammar errors and depicting rapidly increasing investment accounts, among others.
Rug pulls are inherently more difficult to spot as there are various ways in which the founders/team members of a project are able to do that. Most frequently used method is by using smart contract functions maliciously. Investors can mitigate some of these risks by taking the time to do proper research on various aspects such as scanning the smart contract for malicious functions (audits), research team members (KYC), search the website and project documentations such as gitbook or whitepaper.
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How to move funds from a CEX onto a DEX.
Any centralized exchange offers the withdrawal and deposit of cryptocurrencies, however, when moving funds from a centralized exchange onto a decentralized exchange, it is imperative to know which network you want to move onto. For instance, if you want to move funds from any exchange onto the Binance Smart Chain, the user must send cryptocurrencies which are supported on that network, in this case BEP-20 tokens. For the Cronos chain, users must send Cronos compatible tokens and this is applicable for any other network such as Ethereum, Avalanche, Fantom, Tron and so on.
Each centralized exchange varies in what networks they support and not all cryptocurrencies are available in any network. For instance, certain Cronos chain tokens such as CRO and USDC are supported by Crypto.com whereas Cronos chain network is not supported on Binance.
In comparison, Bep-20 tokens such as BNB, USDC and USDT are not only supported by Binance but also on Crypto.com
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Any centralized exchange offers the withdrawal and deposit of cryptocurrencies, however, when moving funds from a centralized exchange onto a decentralized exchange, it is imperative to know which network you want to move onto. For instance, if you want to move funds from any exchange onto the Binance Smart Chain, the user must send cryptocurrencies which are supported on that network, in this case BEP-20 tokens. For the Cronos chain, users must send Cronos compatible tokens and this is applicable for any other network such as Ethereum, Avalanche, Fantom, Tron and so on.
Each centralized exchange varies in what networks they support and not all cryptocurrencies are available in any network. For instance, certain Cronos chain tokens such as CRO and USDC are supported by Crypto.com whereas Cronos chain network is not supported on Binance.
In comparison, Bep-20 tokens such as BNB, USDC and USDT are not only supported by Binance but also on Crypto.com
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What are gas/gas fees?
Gas is essentially a fee that is required to execute a transaction on the blockchain. Fees vary according to blockchain and are paid in native tokens. For instance, CRO is the native token for the Cronos chain and thus all gas fees are paid in CRO.
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Gas is essentially a fee that is required to execute a transaction on the blockchain. Fees vary according to blockchain and are paid in native tokens. For instance, CRO is the native token for the Cronos chain and thus all gas fees are paid in CRO.
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What is a blockchain explorer?
A blockchain explorer is an online tool for exploring the blockchain of a cryptocurrency, where you can watch and follow all the transactions happening on the blockchain in real time. Block explorers can serve as blockchain analysis and provide information such as total network hash rate, coin supply, transaction growth, etc.
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A blockchain explorer is an online tool for exploring the blockchain of a cryptocurrency, where you can watch and follow all the transactions happening on the blockchain in real time. Block explorers can serve as blockchain analysis and provide information such as total network hash rate, coin supply, transaction growth, etc.
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What is a bridge and how to use it?
A cryptocurrency bridge is an interoperability protocol which allows the transfer of tokens or data from one network to another. Bridges generally use a mint-and-burn protocol to keep the tokens supply constant on all platforms. When a token leaves one blockchain, said token is burned or locked and an equivalent token is minted on the opposite blockchain. When said token is moved back to its original network, the newly minted equivalent token is burned or locked. Thus keeping a constant supply across all platforms.
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A cryptocurrency bridge is an interoperability protocol which allows the transfer of tokens or data from one network to another. Bridges generally use a mint-and-burn protocol to keep the tokens supply constant on all platforms. When a token leaves one blockchain, said token is burned or locked and an equivalent token is minted on the opposite blockchain. When said token is moved back to its original network, the newly minted equivalent token is burned or locked. Thus keeping a constant supply across all platforms.
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What is staking?
The concept of Crypto staking is primarily used in proof-of-stake blockchain and it involves committing holdings to support a proof-of-stake blockchain network and confirm the transactions. For their contribution to the network, participants are rewarded with tokens and thus earn passive income on their holdings. As the technology evolves, however, more applications have been making use of this concept such as launchpads, NFT's and most notably in the DeFi sector. For instance, most launchpads have adapted a staking system where participants are required to stake a set amount of tokens to be eligible for a guaranteed allocation in projects using said launchpad.
Compared to traditional markets, staking cryptocurrencies offer much higher returns mainly because there are no third party fees and a portion of all transaction rewards go directly to the staking pool as rewards to participants.
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The concept of Crypto staking is primarily used in proof-of-stake blockchain and it involves committing holdings to support a proof-of-stake blockchain network and confirm the transactions. For their contribution to the network, participants are rewarded with tokens and thus earn passive income on their holdings. As the technology evolves, however, more applications have been making use of this concept such as launchpads, NFT's and most notably in the DeFi sector. For instance, most launchpads have adapted a staking system where participants are required to stake a set amount of tokens to be eligible for a guaranteed allocation in projects using said launchpad.
Compared to traditional markets, staking cryptocurrencies offer much higher returns mainly because there are no third party fees and a portion of all transaction rewards go directly to the staking pool as rewards to participants.
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What are liquidity tokens?
For decentralized exchanges (DEX) that offer an automated market makers protocol (AMMs) like Uniswap, Sushi, and Crow Finance, crypto liquidity providers must contribute/stake assets to crypto liquidity pools (LP). When tokens are deposited into a crypto liquidity pool, the platform automatically generates a new token that represents the share the depositor owns of that pool. This is called liquidity provider tokens (LPT) . Liquidity pool tokens are held in providers' DeFi wallet until they are removed from the Liquidity Pool. In that case, the LPT's are reverted back to the pair of assets provided according to the participants share of the pool.
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For decentralized exchanges (DEX) that offer an automated market makers protocol (AMMs) like Uniswap, Sushi, and Crow Finance, crypto liquidity providers must contribute/stake assets to crypto liquidity pools (LP). When tokens are deposited into a crypto liquidity pool, the platform automatically generates a new token that represents the share the depositor owns of that pool. This is called liquidity provider tokens (LPT) . Liquidity pool tokens are held in providers' DeFi wallet until they are removed from the Liquidity Pool. In that case, the LPT's are reverted back to the pair of assets provided according to the participants share of the pool.
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What is farming?
Farming is the practice where a liquidity provider stakes or lends a pair of crypto assets to a smart contract based liquidity pool which can generate rewards in the form of additional cryptocurrency for the provider. The rewards paid are normally a percentage of the transaction fees paid by traders.
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Farming is the practice where a liquidity provider stakes or lends a pair of crypto assets to a smart contract based liquidity pool which can generate rewards in the form of additional cryptocurrency for the provider. The rewards paid are normally a percentage of the transaction fees paid by traders.
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What is liquidity farming?
Funds are locked, or staked, into smart contracts that control the liquidity pools DeFi lending protocols rely on. These are simply pooled funds from which borrowers draw funds. Pool members earn a share of the interest received based on how much they have locked.
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Funds are locked, or staked, into smart contracts that control the liquidity pools DeFi lending protocols rely on. These are simply pooled funds from which borrowers draw funds. Pool members earn a share of the interest received based on how much they have locked.
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What is liquidity mining?
Liquidity mining is a process in which crypto holders lend assets to a decentralized exchange in return for rewards. These rewards commonly stem from trading fees that are accrued from traders swapping tokens.
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Liquidity mining is a process in which crypto holders lend assets to a decentralized exchange in return for rewards. These rewards commonly stem from trading fees that are accrued from traders swapping tokens.
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Terminologies
DYOR
Acronym for “Do Your Own Research”
NFA
Acronym for “Not Financial Advice”
KYC
Acronym for “Know Your Customer”.
DOX
Dox or Doxing is the act of publicly revealing private and personal information about an individual or organization
HODL
Acronym for "Hold On for Dear Life"
ATH
Acronym for "All-Time High"
TVL
Acronym for "Total Value Locked"
DAPP
Acronym for "Decentralized Application"
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DYOR
Acronym for “Do Your Own Research”
NFA
Acronym for “Not Financial Advice”
KYC
Acronym for “Know Your Customer”.
DOX
Dox or Doxing is the act of publicly revealing private and personal information about an individual or organization
HODL
Acronym for "Hold On for Dear Life"
ATH
Acronym for "All-Time High"
TVL
Acronym for "Total Value Locked"
DAPP
Acronym for "Decentralized Application"
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Farming and Risks
Farming is a little bit different than single staking. Farming has impermanent losses to be taken into consideration. The idea is that the longer you stake LP, not only do you earn Crow but you also earn a small portion of the transaction rewards within that farm, which over time outweigh, the impermanent losses as long as the fees over time outweigh the gains or losses within the token price action.
Single staking is definitely safer as it doesn't have Impermanent losses and you are basically using your crow to farm more crow, but it's not as lucrative.
Please study this article by heart before jumping on the bandwagon!
https://academy.binance.com/en/articles/impermanent-loss-explained
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Farming is a little bit different than single staking. Farming has impermanent losses to be taken into consideration. The idea is that the longer you stake LP, not only do you earn Crow but you also earn a small portion of the transaction rewards within that farm, which over time outweigh, the impermanent losses as long as the fees over time outweigh the gains or losses within the token price action.
Single staking is definitely safer as it doesn't have Impermanent losses and you are basically using your crow to farm more crow, but it's not as lucrative.
Please study this article by heart before jumping on the bandwagon!
https://academy.binance.com/en/articles/impermanent-loss-explained
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HOW TO SINGLE STAKE
This is how you can single stake your $CROW tokens:
1️⃣ Go to our single stake website: crowfi.app/pools and connect your wallet to the dApp.
2️⃣ Choose which Pool do you want to stake your $CROW tokens (Auto CROW vs Manual CROW)
3️⃣ Enable the chosen pool by pressing "Enable".
You will see your DeFi-Wallet window asking for approval. Press "Confirm".
4️⃣ After the contract is approved, you can add the amount of $CROW tokens you wish to stake.
This can be done either manually, or by using the SLIDER with different % -amounts of YOUR CURRENT HOLDINGS
[25%] [50%] [75%] [MAX]
5️⃣ When you have filled in your preferred staking amount, press the [CONFIRM] -button.
6️⃣ After you have done all this, you should see a pop-up message saying that you have successfully staked your tokens.
7️⃣ Congratulations! You have now successfully staked your $CROW tokens!
From now on you can start following your profits from the chosen pool information window.
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This is how you can single stake your $CROW tokens:
1️⃣ Go to our single stake website: crowfi.app/pools and connect your wallet to the dApp.
2️⃣ Choose which Pool do you want to stake your $CROW tokens (Auto CROW vs Manual CROW)
3️⃣ Enable the chosen pool by pressing "Enable".
You will see your DeFi-Wallet window asking for approval. Press "Confirm".
4️⃣ After the contract is approved, you can add the amount of $CROW tokens you wish to stake.
This can be done either manually, or by using the SLIDER with different % -amounts of YOUR CURRENT HOLDINGS
[25%] [50%] [75%] [MAX]
5️⃣ When you have filled in your preferred staking amount, press the [CONFIRM] -button.
6️⃣ After you have done all this, you should see a pop-up message saying that you have successfully staked your tokens.
7️⃣ Congratulations! You have now successfully staked your $CROW tokens!
From now on you can start following your profits from the chosen pool information window.
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How to Farm
1️⃣ Provide a liquidity pair by going to crowfi.app/liquidity and connect your wallet to the dApp.
2️⃣ Click "+ Add Liquidity" and select two separate currencies you would like to pair. NOTE: You will need to provide equal $$ amount of each currency.
3️⃣ Enable the chosen LP token by pressing "Enable".
You will see your DeFi-Wallet window asking for approval. Press "Confirm".
4️⃣ After contract is Approved, go to crowfi.app/farm where you can add the amount of LP tokens you wish to farm. This can be done either manually, or by using the SLIDER with different % amounts of your current holdings [25%] [50%] [75%] [100%]
5️⃣ When you have filled in your preferred amount, press the [CONFIRM] button.
6️⃣ After you have done all this, you should see a pop-up message saying that you have successfully staked your tokens.
ℹ️ Congratulations! You have now successfully staked your $CROW LP tokens!
ℹ️ NOTE: Please understand the potential risk of impermanent loss before farming.
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1️⃣ Provide a liquidity pair by going to crowfi.app/liquidity and connect your wallet to the dApp.
2️⃣ Click "+ Add Liquidity" and select two separate currencies you would like to pair. NOTE: You will need to provide equal $$ amount of each currency.
3️⃣ Enable the chosen LP token by pressing "Enable".
You will see your DeFi-Wallet window asking for approval. Press "Confirm".
4️⃣ After contract is Approved, go to crowfi.app/farm where you can add the amount of LP tokens you wish to farm. This can be done either manually, or by using the SLIDER with different % amounts of your current holdings [25%] [50%] [75%] [100%]
5️⃣ When you have filled in your preferred amount, press the [CONFIRM] button.
6️⃣ After you have done all this, you should see a pop-up message saying that you have successfully staked your tokens.
ℹ️ Congratulations! You have now successfully staked your $CROW LP tokens!
ℹ️ NOTE: Please understand the potential risk of impermanent loss before farming.
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How to bridge USDC from BSC to Cronos Chain
1️⃣ Go on Poocoin, swap BNB for USDC 👉 LINK (at this point the USDC is still on BSC network).
2️⃣ Open Bridge 👉 LINK
3️⃣ Connect your metamask wallet.
Click on “Unlock wallet”. A prompt will let you choose which wallet on metamask.
4️⃣ Choose BSC to CRONOS bridge. Enter total amount of USDC to send. Enter your Cronos wallet address in the recipient line. Click approve then press send.
5️⃣ Now you have your USDC on the CRONOS network and you can send from there to the wallets above.
ℹ️ Alternatively use crypto.com to sell/buy and send USDC (Cronos chain) to your wallet and then to the wallet addresses above.
ℹ️ USDC Contract Address:
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1️⃣ Go on Poocoin, swap BNB for USDC 👉 LINK (at this point the USDC is still on BSC network).
2️⃣ Open Bridge 👉 LINK
3️⃣ Connect your metamask wallet.
Click on “Unlock wallet”. A prompt will let you choose which wallet on metamask.
4️⃣ Choose BSC to CRONOS bridge. Enter total amount of USDC to send. Enter your Cronos wallet address in the recipient line. Click approve then press send.
5️⃣ Now you have your USDC on the CRONOS network and you can send from there to the wallets above.
ℹ️ Alternatively use crypto.com to sell/buy and send USDC (Cronos chain) to your wallet and then to the wallet addresses above.
ℹ️ USDC Contract Address:
0xc21223249CA28397B4B6541dfFaEcC539BfF0c59
ℹ️ How to setup Metamask for Cronos network: 👉 LINKℹ️ Back To Menu
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NOTE: This is only for investors who participated in CrowFi Pre-Sale.
ℹ️ If you participated in CrowFi pre-sale you were airdropped $PCROW (PreSale Crow):
1️⃣ Go to crowfi.app/privatesales and connect your DeFi wallet.
2️⃣ You will see three options (Seed Sale, Private Sale, and Public Pre-Sale). The sale you participated in will provide information under each sale category about your vested tokens.
3️⃣ Click "Enable Contract" after approval you can click "Claim" button.
4️⃣ After contract approval you will have received your vested $CROW!
ℹ️ Congratulations! You have now successfully claimed your $CROW tokens!
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ℹ️ If you participated in CrowFi pre-sale you were airdropped $PCROW (PreSale Crow):
0x6AA7C188E9b9C8006B4DAe6b7Dc72C2790789bC6$PCROW is used to swap for actual $CROW Tokens.
1️⃣ Go to crowfi.app/privatesales and connect your DeFi wallet.
2️⃣ You will see three options (Seed Sale, Private Sale, and Public Pre-Sale). The sale you participated in will provide information under each sale category about your vested tokens.
3️⃣ Click "Enable Contract" after approval you can click "Claim" button.
4️⃣ After contract approval you will have received your vested $CROW!
ℹ️ Congratulations! You have now successfully claimed your $CROW tokens!
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Basics
┌ What is Cryptocurrency
├ What is Fiat Currency
├ What is Blockchain
├ What is a CEX / CeFi
├ What is a DEX / DeFi
├ What is a crypto wallet (Hot / Cold)
├ What is a smart contract
├ What is Web 1/2/3
├ Known Scams: Rug Pull / Honeypot
└ Popular Terminologies
Buying Crypto
┌ Moving funds from a CEX to DEX
└ What are gas/gas fees
Trading Crypto
┌ What is a blockchain explorer
└ What is a bridge and how to use it
Earning Crypto
┌ What is staking
├ What are liquidity tokens
├ What is farming
├ Farming risks
├ What is liquidity farming
└ What is liquidity mining
How to with CrowFi
┌ How to Stake Crow Token
├ How to Farm
├ How to Claim Pre-Sale Tokens
└ How to Bridge USDC to Cronos
┌ What is Cryptocurrency
├ What is Fiat Currency
├ What is Blockchain
├ What is a CEX / CeFi
├ What is a DEX / DeFi
├ What is a crypto wallet (Hot / Cold)
├ What is a smart contract
├ What is Web 1/2/3
├ Known Scams: Rug Pull / Honeypot
└ Popular Terminologies
Buying Crypto
┌ Moving funds from a CEX to DEX
└ What are gas/gas fees
Trading Crypto
┌ What is a blockchain explorer
└ What is a bridge and how to use it
Earning Crypto
┌ What is staking
├ What are liquidity tokens
├ What is farming
├ Farming risks
├ What is liquidity farming
└ What is liquidity mining
How to with CrowFi
┌ How to Stake Crow Token
├ How to Farm
├ How to Claim Pre-Sale Tokens
└ How to Bridge USDC to Cronos
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What is Fiat Currency?
Fiat currency is a medium of exchange in the form of physical money, issued and backed by the government. Most modern currencies, such as the U.S. dollar, euro, pound, and yen, are all fiat currencies. The value of fiat money depends on supply and demand, which is controlled by central banks who gauge how much money is needed in the economy and print accordingly. The current fiat-money system came about during the 20th century when countries moved away from the gold standard. Because fiat money is not linked to physical reserves, such as a national stockpile of gold or silver, it risks losing value due to inflation or even becoming worthless in the event of hyperinflation. There are currently over 180 fiat currencies in the world today.
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Fiat currency is a medium of exchange in the form of physical money, issued and backed by the government. Most modern currencies, such as the U.S. dollar, euro, pound, and yen, are all fiat currencies. The value of fiat money depends on supply and demand, which is controlled by central banks who gauge how much money is needed in the economy and print accordingly. The current fiat-money system came about during the 20th century when countries moved away from the gold standard. Because fiat money is not linked to physical reserves, such as a national stockpile of gold or silver, it risks losing value due to inflation or even becoming worthless in the event of hyperinflation. There are currently over 180 fiat currencies in the world today.
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