Cronos Ecosystem Spotlight: Single Finance

Read on to find out about Single Finance and why they have chosen Cronos as their home chain to build on

Read on to find out about Single Finance and why they have chosen Cronos as their home chain to build on

In Q2 2022, we kicked off the Cronos Ecosystem Spotlight Series — a series of interview articles covering projects that are building on the Cronos Chain.

Today, we are excited to feature Single Finance, the first DeFi protocol on Cronos offering USD-based capital-protecting strategies for leveraged yield farmers.

1. Gm Team! Please share with us more about Single Finance.

Single Finance is a revolutionary yield farming protocol that offers capital protection in terms of USD value. What makes this protocol truly unique is its intuitive auto-rebalancing market neutral vault and historical farming database, offering investors security and flexibility previously unseen in the industry.

Recognizing that many yield farmers are being misled by the promise of sky-high APY during yield farming but are unaware of the corresponding risks, Single Finance was created to provide smooth yield farming experiences and protect users’ interests to the best of our ability.

Single Finance launched on Cronos in April 2022, achieving a tremendous Total Value Locked (TVL) of $30mil within its first month. We have maintained our 1st place for DefiLlama Yield categories on Cronos ever since and are proud to be audited by Certik and insured by InsurAce.

2. What are the recent exciting developments and upcoming roadmap that the #CROfam can look forward to?

We are at the final stage to launch the auto-rebalancing market neutral vault, an automated vault built on yield farming to allow users to generate a steady and real income stream and provide liquidity to the DeFi ecosystem securely. This revolutionary new vault has been tested through various simulations and backtests, proving its effectiveness in mitigating price risk and increasing yield by rebalancing the debt component of the leveraged yield farming position at optimal moments. We expect this vault to go live in mere weeks, with plenty of backtest data to support its legitimacy.

We are also thrilled to announce AutoTicket Collection is now listed on the major NFT marketplaces on Cronos. AutoTicket stakers can have access to perpetual investment quota in the newly available Auto Strategy Vaults which won’t be affected by any external factors.

3. It has been almost a year since you launched on Cronos, can you share with us how has your growth and the building experience been?

We had an incredible journey over the course of the year and we are incredibly grateful for all the support from #CROfam. We are delighted to see a rise in both the number of users and assets placed in Single Finance, but we are even happier when we see farmers becoming more aware of the potential downside risks associated with yield farming rather than simply focusing on high APYs.

To that end, Single Finance promises to everyone that we will make yield farming more meaningful, secure and transparent in our future steps. We are committed to ensuring all activities on Single Finance remain simple and accessible for all.

4. Why did you decide to choose Cronos to launch Single Finance?

When we initially assessed the potential of the chain, we were excited by the possibilities that were opened up by its centralized exchange, foundation backing, and strong community support. To our luck, we were chosen as the first project to be launched on VVS launchpad and exceeded expectations thanks to an enthusiastic community. It was with this grassroots beginning that our journey truly began.

5. For a user new to Single Finance, where can they learn more about your project?

Feel free to browse our website (https://singlefinance.io/) for more information and don’t hesitate to contact us through our social media channels.

TG: https://t.me/singlefinanceofficial

Twitter: https://twitter.com/single_finance

Medium: https://blog.singlefinance.io

Documentation: https://docs.singlefinance.io/home/

Additionally, there are plenty of review videos on Youtube that can help provide insight into our services.

About Cronos

Cronos (cronos.org) is the first EVM-compatible Layer 1 blockchain network built on the Cosmos SDK, supported by Crypto.com, Crypto.org, and more than 400+ app developers and partners. Cronos is building an open ecosystem where developers can create their own DeFi and GameFi applications, targeting a base of 70+ million users globally. Earlier this year, Cronos Labs launched a $100M Accelerator program to help developers build new projects and the future of Web3 within the Cronos ecosystem.

When developers build on Cronos, they can leverage all Ethereum developer tools (i.e. Solidity, Truffle, Hardhat, OpenZeppelin, Web3.js, ethers.js, ChainSafe Gaming SDK); leading crypto wallets (i.e. MetaMask, Crypto.com Defi Wallet, Trust Wallet); wrapped versions of the world’s top 50 cryptocurrencies; Cronos Play, a suite of developer tools for Unity, C++ and Unreal engine; and inter-blockchain communication (IBC) cross-chain connectivity to Cosmos chains; and as well as a rich ecosystem of composable DeFi and GameFi dApps.