What is Avarice crypto and is it safe?

4 min read | July 20, 2022 02:44 PM AEST | By Ankit Sethi

What is Avarice crypto?

Avarice is a project within the decentralised app (DApp) sub-category of cryptocurrencies. It is largely concentrated on the Binance Smart Chain and the BNB token. BNB is one of the top five cryptoassets, with a market cap of over US$40 billion, as of writing. Avarice’s DeFi is inviting users to partake in auctions, where the BNB crypto can be staked for Avarice’s native AVC token.

The next step is the staking of the AVC token, which Avarice claims, helps earn "daily interest". It is also stated that the duration of staking can increase the staking bonus of the user. Additionally, it says that BNB “dividends” are paid in proportion to the quantum of staked tokens. The process, it is claimed, is automated using smart contracts.

The platform can be accessed using a smartphone. Avarice also has a lucrative referral system. The entire process of staking can be understood as buying the native AVC token using the BNB crypto.

Also read: Why is Ether up 40% in 7 days? Is Bitcoin’s dominance fading?

Is Avarice crypto safe?

Avarice is a very new entrant in a field that is already teeming with tens of thousands of cryptoassets. The crypto has its hopes pinned on users’ staking their BNB holding to buy the native AVC token, with a view to earn interest and bonus. A few days back, the project tweeted about rewarding YouTubers for posting videos promoting the project.

A DeFi protocol, which Avarice claims to be, can be complicated. It is being touted as a new way of finance where lenders and borrowers function without an intermediary like a bank. To put things in perspective, Celsius Network, which is considered a DeFi platform, grew big before crashing, and it has now filed for bankruptcy.

The AVC token is neither listed on major price tracking platforms like CoinMarketCap nor on any major exchanges like Binance. Even though such listings do not have much to do with the authenticity of any cryptocurrency, they at least bring in some positive sentiments.

7-day price gains in percentage

Data provided by CoinMarketCap.com

Bottom line

Avarice is a new crypto project in the field of DeFi. The native token, AVC, is yet to list on major exchanges. Additionally, how the interest and bonus parts would work will become clear only with the passage of time. For now, it is inviting crypto enthusiasts to buy the AVC token by using BNB.

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