The Carnomaly Ecosystem
Carnomaly is an end-to-end online vehicle purchase solution that helps you complete the entire process with cryptocurrency. You can find your vehicle from a range of options, including truck, coupe, sedan, SUV, Convertible, and hatchback. To pay for the purchase, you can choose from any of the following cryptocurrencies: Bitcoin, Ethereum, LTC, and Carr tokens.
With the CarrDefi solution, you get all the benefits of decentralized finance in your automotive lending process. It helps you secure an auto loan without having to go through the cumbersome process of traditional banks. Moreover, if you leverage Carr Tokens to fund loans, you will earn a higher rate of return. The solution empowers you to borrow crypto-secured loans for your vehicle purchase while ensuring that your assets are secure in a blockchain database. If you participate as a lender in the system, you will qualify for best-in-class interest rates on your crypto assets by contributing to a loan pool. The Carnomaly underwriting team optimizes these pools by minimizing the risk and maximizing the earning potential. CarrDefi is a win-win proposition for both the lender and the borrower. While, as a lender, you stand to earn guaranteed income on your assets by investing in these loan pools, a borrower gets car loans at a rate that is cheaper than the traditional lending avenues.
Finally, the CarrChain solution serves as a web-based application, where it is easy to manage and update any vehicle’s complete online profile. In a few taps, CarrChain can populate the most comprehensive vehicle report for you, including the car’s maintenance details, registration status, claim information, and many other aspects. The records include even the most regular maintenance activities to the car, such as oil changes or tire replacements. All you need to do is input your Vehicle Identification Number (VIN) and get a corresponding DVIN. The exclusive DVIN helps identify each detail of the vehicle, stored within the database. CarrChain also helps get real-time updates on the current market value of the vehicle and sends personalized recommendations for engine oil, local repair shops, and more.
Staking Carr Tokens is possible now on the Carnomaly platform. All you need to have is a chrome desktop browser with a metamask extension. Staking Carr has a range of benefits.
You can earn 20% APR on the tokens you stake. However, the advantage is available for a limited amount of time. Staking of Carr also follows automated smart contract compounding. While staking, you do not need to lock up your tokens and you are free to withdraw any amount any time you want. The staked Carr Tokens will earn you rewards by the minute and you can stake as much and whenever you want.
How to Participate in CarrStaking?
Once you have your chrome desktop browser and metamask extension ready, you can start staking your coins. First, you need to visit staking.carnomaly.io. The next step is to connect your wallet and confirm the connection in the Metamask pop-up. These two steps will help you see the wallet’s token balance. Next, you need to enter the amount you want to stake and click on the stake button.
However, clicking on the stake button would not necessarily begin the process until you confirm two things. The first would be to confirm your transfer. The second is to confirm the actual stake. Going back to your Metamask account, you need to review your pending transaction and ETH gas fee. The next would be clicking confirm for the first approval. It will lead to the Metamask window closing automatically. Once you open it again, it will ask for the second confirmation.
Once both these confirmations are done, you are all set to move to the staking portal again. Once you refresh the portal, you can see your prevailing staking balance. With your transaction confirmed, you can keep refreshing the portal and see your earned balance grow. You can deposit more whenever you want to. All you need to do is click on the “deposit more” button. Withdrawal of any amount, any time you want, is possible. If you want to withdraw all your funds, you can click on the “withdraw all” button. All your funds will come back to your Metamask wallet.
In CarrStaking, it is vital to follow some words of caution. You must stake your funds from Metamask. Staking funds directly from an exchange, like Probit or Kucoin will result in losing your funds. You won’t be able to recover them anymore.
With a total supply of 530 million tokens and the current market cap hovering around US$12 million, Carr Tokens are valuable to any participant of the Carnomaly ecosystem, the first-ever digital vehicle marketplace based on blockchain technology. The Carnomaly future, as it appears from the currency traction it has been gaining, seems to be that of a platform ready to revolutionize automotive lending. Having Carr Tokens help you leverage the most of the platform. If you are holding idle Carr Tokens, you can fund loans to earn a higher rate of return. At the same time, without letting any third-party access your crypto, the platform will manage the process for you from the first investment to the final payout. The platform will also protect you from volatility by deploying digital financing experts who would continuously review your standings and prevent value loss from the fluctuations.
CarrStaking adds a new layer to this list of advantages. Through a hassle-free process, you can stake as much you want and whenever you want, without having to lock up your holdings. While you get exciting returns, Carr holdings also keep you eligible for rewards for servicing and purchasing new and used vehicles. You stay continually updated on your vehicle profile with the first option on prime DeFi pools.