Bitcoin.com Paying Up To 290% APY On FarmsExternal - Press Release
Newly Launched “Real Yield” Token Gives Upside of OG Crypto Platform
By: Graham Stone •Sponsored
Bitcoin.com is offering up to 290% APY on its decentralized exchange, Verse DEX. The farming rewards, which are available on ETH-USDC (151.53%% APY), ETH-DAI (136.39% APY), and ETH-VERSE (291.89% APY), are designed to bootstrap the DEX and build an early community around the platform’s ecosystem token VERSE.
VERSE, which launched in December as an ERC-20 token after a $50 million public/private pre-sale, has so far flown under the radar. It has accumulated at or below the average pre-sale price of $0.0015 and the market cap only recently surpassed $4 million.
“People are sleeping on VERSE, and I think it’s because they don’t understand the potential,” wrote pseudonymous Verse Community Ambassador Lord DeFi in the token’s 12,000 strong Telegram group. “This token is backed by one of the biggest names in crypto, Bitcoin.com – and the company has committed to directing a portion of its revenue to buyback and burn the token. Since Bitcoin.com is a profitable business – with millions of monthly active users across its self-custodial wallet, industry-leading news site, and other business lines – this puts VERSE in the frankly ‘unicorn’ category of being a real yield token with an already-proven business model.”
Bitcoin.com CEO and former Apple management Dennis Jarvis says endowing VERSE with “real yield” characteristics is all about creating incentives and building moats.
“Bitcoin.com is one of the most visited crypto websites that exists,” said Jarvis. “By virtue of our domain name, award-winning news portal, and user-friendly self-custodial products, we attract millions of newcomers to the space. The problem is, real crypto – by which I mean crypto in the self-custodial model – is hard. And while we are steadily chipping away at the UX, this token provides much needed incentives to guide newcomers down the rabbit hole where they can leverage more of the opportunities enabled by smart-contract platforms. At the same time, the loyalty features of the token and its utility in our ecosystem will give people additional reasons to stay.”
According to the project’s white paper, VERSE will enable anyone to receive rewards for buying, selling, spending, swapping, and staying informed about crypto. This will include cashback for using Bitcoin.com’s soon-to-be-released debit card. At the same time, VERSE tokens will provide utility within and beyond Bitcoin.com’s ecosystem. Use cases will include unlocking rewards along tiers, method of payment, access to discounts, exclusive platform services, and more.
But that’s all in the future. For now, Bitcoin.com is focusing on core infrastructure, integrations, and community.
“VERSE farming helps grow liquidity on the Verse DEX, which improves the trading experience on this important piece of decentralized infrastructure. This is a critical early step towards providing VERSE with broad utility in the Bitcoin.com ecosystem and beyond. The rewards are also important for building awareness of the token and creating an early community of advocates,” added Jarvis.
Tapping Into Crypto
Bitcoin.com might not be the first company that comes to mind in the world of DeFi and non-bitcoin assets. But according to the company’s Head of Financial Services Corbin Fraser, that’s about to change.
“Bitcoin.com has long been the world’s gateway to Bitcoin, but in line with our vision to maximize economic freedom in the world, our strategy is to also be the world’s gateway to DeFi,” said Fraser. “We took the first steps on that journey in 2021 with the launch of Ethereum and ERC-20 tokens in our mobile wallet. Since then we’ve added WalletConnect, Avalanche, Polygon, our own DEX on two chains, and of course our own token – but all that is just the beginning. In the near term, we have our sights set on more chains for both the DEX and the Wallet, and we’re particularly focussed on developments in the ZK space. Long-term, we want to provide the best-in-class experience for anyone looking to leverage the power of decentralized finance.”
Echoing Fraser’s comments, the Bitcoin.com team has been hard at work cultivating partnerships, collaborations, and integrations across Web3/DeFi. The company’s official blog lists at least 42 deals for the token so far. These are mostly integrations on aggregators like 1inch, analytical tools like DefiLlama, and DeFi wallets like Coinbase Wallet. Strategic partnerships such as with Chainlink BUILD to provide dev tooling and MoonPay for fiat onboarding to the token gives users a wider range of options to buy VERSE and interact with the smart contract layer.
According to Verse Development Fund Lead Lizzie Eng, building a strong community of contributors is paramount.
“With 34% of the VERSE token supply dedicated to the Fund, we have a lot of ammunition,” said Eng. “That being said, at this early stage, we’re being conservative and we’re focusing on grants that can galvanize an early community, which, as everyone in crypto knows, is critical for unlocking sustainable growth. I’m most excited about our upcoming hackathon with Moralis and a yet-to-be-announced partnership that will enable people to start earning VERSE by completing Web3 quests.”
For more information about Bitcoin.com and it’s newly launched token VERSE, visit the official blog, https://blog.bitcoin.com/ and check out the Telegram and Discord:
The currently available Farms at https://verse.bitcoin.com are:
VERSE-ETH – 291.89%*
ETH-USDC – 151.53%% APY*
ETH-DAI – 136.39% APY*