Each week, Crypto.com Syndicate offers a new crypto assets at 50% discount. I staked 10000 CRO tokens on July 14 and kept another 10000 CRO tokens on exchange to participate in The Syndicate event every week. Here’s how it is going.
Crypto.com uses an innovative way to list new tokens where the exchange users can buy that token at upto 50% discount. The program is called “The Syndicate”. However, most of the times in order to participate in the program, users have to stake the native token CRO for six months and have certain trading volume in the past 30 days.
The minimum amount of CRO tokens required to stake is 5000 (when I started the experiment it was 10000). Users receive interest at 20% APR for staking CRO tokens.
The experiment is to determine, at the end of three months, what will be the total CRO profits made from participating in The Syndicate every week without fail.
Crypto.com Syndicate – Long Term Experiment
On July 14, 2020. I deposited 20000 CRO in my Crypto.com exchange account. All new users pay 0% trading fee for the first 90 days, and hence I started enjoying the same privilege.
I staked 10000 CRO for six months on the exchange. The interest rate is 20% APR, so I receive 5.48 CRO every day as interest in my account. At the end of six months, I would have received roughly 986 CRO tokens in interest.
With the other 10000 CRO tokens, I started participating in every Syndicate event since July 14.
While your maximum allocation differs based on the staked CRO, the Syndicate often gets oversubscribed by 50-70x. This means, that users receive proportionate amount of Syndicate tokens and not all of the allocation. This is calculated with the below formula
I participate with the maximum allocation ($1000) for me. Once the Syndicate token distribution is completed, I immediately sell the received tokens on the CRO market and calculate my profits in CRO. Here’s how they look.
In roughly one month, I have made around 928 CRO tokens from participating in The Syndicate every week and from the interest received everyday by staking CRO.
New users can Start with 8000 CRO Tokens Now
When I started the experiment CRO tokens were not at the price they are at currently. Thereby in the beginning of the experiment I had to stake 10000 CRO tokens and participate by allocating 8000 CRO tokens as you can see in the above table.
The rules keep on changing to accommodate more participation. As of now, a user can stake 5000 CRO tokens and participate in the Syndicate with 500 USD i.e. 3000 CRO tokens as well. So to start an experiment like mine, new users may only need 8000 CRO tokens.
Another rule added to the equation is the minimum 30 day trading volume. The requirement at press time is at least 5000 USD. To participate in any syndicate, user must have traded atleast 5000 USD worth of crypto in the past 30 days.
The good news is that users enjoy 90 days free trading on the exchange so just buying and selling any crypto at the same price will not incur any losses for the user. You can sign up and earn $50 reward as well using this link.
The process of participating in Crypto.com Syndicate is divided in three stages with the condition to have completed the trading volume in past 30 days as required.
- Stake CRO tokens for six months. Receive 20% interest per year on staked CRO.
- Subscribe to on going Syndicate.
- Claim The Syndicate Tokens
To learn about each stage individually, check out this article on The Syndicate.
What do you think about the Crypto.com Syndicate events? Let us know in the comments below.
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