What is VYNK Chain (VYNC)?
Cryptocurrency has been around for over a decade, but it’s still difficult to use it to pay for everyday items. Projects have launched attempting to solve this problem to varying degrees of success. One project that launched and attempted to solve this crypto payment problem is VYNK Chain – the goal of this project is to create a payment system that allows users to send cryptocurrency using their mobile number or a QR code through the VYNK wallet.
Unfortunately, VYNK Chain has not really taken off and become a wallet that anyone actually uses. It has some fundamental problems to it that caused this, which we will examine in this article.
What is VYNK Chain (VYNC)?
VYNK Chain is a fairly standard blockchain that provides “lightning-speed transactions at an unbelievable gas fee.”
That sounds amazing – they should inform Vitalik Buterin that they have solved the blockchain trilemma.
So, this VYNK Chain (it’s called ULTRACHAIN in the whitepaper) sounds a little good to be true. Now, the name of the token is VYNK CHAIN, but this is not actually the native of the ULTRACHAIN. Why is this the case?
It appears that the ULTRACHAIN does not actually exist.
Instead, VYNC is a BEP-20 token on the Binance Smart Chain. It’s actually humorous that the developers talk about how great the ULTRACHAIN is in the whitepaper and then have the token be a BEP-20 token on the Binance Smart Chain.
Anyway, the big selling point of VYNK Chain is something called VYNKPay, which is basically just a mobile cryptocurrency wallet. It does allow users to send cryptocurrency using their mobile number or a QR code. The developers claim this is the first cryptocurrency wallet that allows users to send transactions via a QR code, which is definitely not true.
Most transactions on the Lightning Network are done with QR codes. Most of the major cryptocurrencies have a “Send/Receive by QR code” feature, so we really do not understand this point by the developers.
Now, that’s what the developers say is the big draw to VYNK Chain, but that’s not really the case. No one really cares about this wallet that offers the same features as every other mobile cryptocurrency wallet.
People invest in VYNC because they use it to stake in the staking pools on the website. They also offer something called VYNCSAFE, which is just a yield farm. It also has a Launchpad in it meant to invest in early stage projects.
Is VYNK Chain Legit?
We will not say for certain whether or not VYNK Chain is legit. However, we will say that this project looks very bad. It has red flags all over the place.
The first red flag is that this project is all over the place. It has a wallet, a blockchain, staking pools, and a launchpad.
This is not a good sign from a project. It really feels like the developers simply threw out a bunch of words to make the project sound like it’s doing something. In reality, this project is nothing more than a yield farm on the Binance Smart Chain. Everything else is just filler in the whitepaper to make the project sound more important.
As we mentioned earlier, why would a project with its own blockchain have its native token be on the Binance Smart Chain as a BEP-20 token? Would it not make more sense for this project to have its native token be on its own blockchain? Especially considering that this blockchain is fast with low transaction fees?
One thing we do like about this project is that it has doxxed developers. It’s rare to see that with projects that look this bad. Of course, the developers could be paid actors – it’s happened before with projects, but we will give this team the benefit of the doubt.
Is VYNK Chain a Good Investment?
No, VYNK Chain is not a good investment. The red flags we listed above should be enough to dissuade any reasonable investor from investing in this project.
Our recommendation is to avoid projects on the Binance Smart Chain. There are just too many scams on it. We cannot think of a truly successful project on Binance Smart Chain other than PancakeSwap.
If you have faith in projects on the Binance Smart Chain, then you should at least avoid yield farm projects. Yield farms always end up collapsing because they are essentially just Ponzi schemes.
Finally, you can look at the price chart of VYNC.
It’s not a price chart that inspires much confidence. Projects like this typically have a big spike in the beginning when the developers do a big PR push and then decline to zero as investors interest in the project.
To summarize, VYNK Chain is a cryptocurrency that you should avoid. Yield farms, especially those on the Binance Smart Chain, tend to have a short lifespan. The lifespan is typically about as long as they can keep drawing investors into the yield farm. Once the investors dry up, then the project disappears.