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Vires Finance reviews

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Reviewed by Yunis
27 May 2023 (Updated 23 July 2024)

Vires Finance Crypto Platform

Vires Finance, a decentralized finance platform and liquidity protocol built on the Waves blockchain, presents an exciting opportunity for users to unlock the potential of their crypto assets. While specific details about the founder, investors, and team members may not be readily available on their website, the platform's commitment to user empowerment and generating yield is evident.

It's worth noting that Vires Finance operates on the Waves network, which has faced financial damages and hack problems in the past. While this may raise concerns, it's important to consider the measures and precautions taken by Vires Finance to ensure the security and integrity of its platform.

With Vires Finance, users can tap into the power of decentralized finance to earn passive income and maximize their crypto holdings' yield potential. By participating as depositors, users can provide liquidity to the platform and passively earn interest on their assets. The common pool-based mechanics ensure that all deposited funds contribute equally to interest-bearing activities, allowing users to capitalize on the borrowing demand in the market.

Comparing crypto exchanges and their respective yields is a vital aspect of navigating the decentralized finance landscape. Vires Finance, with its innovative features and user-centric approach, stands out as a platform that offers attractive yields on deposited assets. By leveraging the Waves blockchain, Vires Finance minimizes transaction fees to just a few cents, making it a cost-effective choice for both high-volume and low-volume deposits and loans.

Security is a paramount concern for users, and Vires Finance prioritizes the safety of funds. The platform utilizes a system of smart contracts, with the code being public and open-source. While risks associated with smart contracts and collateral liquidation processes exist, Vires Finance strives to mitigate these risks and provides detailed information about them in the Terms of Use section. Additionally, the platform proudly showcases an audit report on its website, conducted by Dmitrii Pichulin. Having an audit report and sharing it on the website is a good sign about a crypto platform but Dmitrii Pichulin is not a well-known security expert in the industry.

Vires Finance's native token, VIRES, plays a vital role within the ecosystem. Token stakers actively participate in governance, proposing and voting on system parameters, ensuring that the community has a say in shaping the platform's future. Furthermore, stakers receive a portion of the interest paid by borrowers, incentivizing token holders to actively contribute to the growth and success of the platform.

When it comes to comparing crypto yields, Vires Finance offers a compelling proposition. The platform's intuitive interface allows users to easily deposit their preferred assets and start earning passive income. By utilizing their deposited assets as collateral, users can access borrowing opportunities within the platform. The flexibility of the platform enables users to manage their accounts, repay debts, and adjust collateral according to their specific needs.

While the Waves network's history of financial damages and hack problems may raise concerns, it's important to approach Vires Finance with caution and conduct thorough research. By considering the security measures, transparency, and audit reports provided by Vires Finance, users can make informed decisions regarding their participation on the platform.

Vires Finance aims to provide a seamless and rewarding experience, making decentralized finance accessible to all. Whether you are a seasoned crypto investor or new to the world of digital assets, Vires Finance offers a platform where you can harness the potential of your crypto holdings and earn passive income with confidence.

Pros

tick $34,462,976 USD currently invested (TVL)
tick Investments in 1 coin pair available
tick Operating on Waves protocol

Cons

cross Investments in liquidity pools can be higher risk
cross Liquidity pool investments are only suitable for advanced crypto users

Vires Finance Savings Accounts

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  Yield Tokens Term Yield Yield Trend
5.1%
XTN 5.1% APY
Instant Access
5.1%
XTN 5.1% APY
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Vires Finance Key Data

Company
Open source tick Yes
Products
Savings accounts tick Yes
Loans tick Yes
Crypto to crypto exchange cross No
Fiat to crypto exchange cross No
Pro exchange marketplace cross No
Peer to peer exchange tick Yes
Margin trading cross No
Crypto withdrawals to private wallet tick Yes
Futures exchange cross No
Chain agnostic cross No
Security
Know your customer cross No
Credit check cross No
Investment Strategy
Liquidity pools tick Yes
Unsecured loans cross No

Useful Links

Vires Finance Contact Details

https://vires.finance/

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