How’s it going #CrystalCrew? With the recent partnership between Crystl and CafeSwap — earlier today on October 1, 2021, Crystl.Finance had the opportunity to visit the Telegram chat of CafeSwap to answer some questions from their community! Follow along in this article for a transcript of what went down!
Greeted by none other than DON PETER (@Donpeter12), xCryptoTurnip (@TurnipCrypt), and Caffeine (@CafeCM) from CafeSwap, Jimmy (@jimmythehypnotist) and Crypto Light (@xCryptoLight) started off with an introduction of Crystl.Finance.
DON PETER: So lets start ama with some introduction. Shall we?
Jimmy: Just a quick intro of Crystl Finance and our team, we are a premier Vaulting Platform and Yield Farm on Polygon and an official ApeSwap Partner 💎💪!
DON PETER: Interesting
Jimmy: Our main features are our Crystl Pools where you can stake $CRYSTL to earn over 35 different major and non-native Cryptocurrencies including $pBREW, $BTC, $USDC, and $MATIC with a High Vibe APY ❤️🤩
We also have our Crystl Vaults which have High Vibe APY rewards and also automatically buyback and burn $CRYSTL to keep constant buy pressure and keep out circulating supply low 🥰
Our goal is to allow users to Explore the #DeFiUniverse at Crystl.Finance 💎❤️
DON PETER: Wow. This is huge
I hope our all community will join with your project soon with this great introduction
Jimmy: Definitely, I think our communities would get together very well ❤️ I know the Crystal Crew has been loving the $pBREW pool on our platform 😁
DON PETER: Thats great. ❤️❤️❤️
Light: Just to add on to what Jimmy has said, besides our functional features — we’re also really passionate about educating users about DeFi as a whole and towards this end we have our Crystal Clear Education project for various articles and videos! 🤓📕
One of the goals of Crystl Finance is to educate users about DeFi, especially since there are just so many people who are new to this space. Mass adoption is impossible without mass education. Everyone needs to be educated and know how to get started, how to invest safely and so on! Its something we are really passionate about and is a big part of our vision for Crystl Finance being a tool to explore DeFi and generate income safely. 😎💪
DON PETER: Thats cool
Light: One of the goals of Crystl Finance is to educate users about DeFi, especially since there are just so many people who are new to this space. Mass adoption is impossible without mass education. Everyone needs to be educated and know how to get started, how to invest safely and so on! Its something we are really passionate about and is a big part of our vision for Crystl Finance being a tool to explore DeFi and generate income safely. 😎💪
xCryptoTurnip: That’s pretty important. As more people hop onboard DeFi, many of them do not fully understand what they’re getting into and make some really bad decisions some time.
Light: Definitely! That’s exactly why we believe education needs to go hand in hand with using dApps and investing in DeFi. To help people make the right decisions and empower them with the right kind of thinking needed for this space.
DON PETER: Wow! I bet you guys can get a general overview about crystal finance!
Let’s continue with this question:
Can you give us some updates recently?
Jimmy: Definitely 😁 we have had some really exciting updates, the biggest has been our rebrand to Crystl Finance 💎 We decided to do this and lose the “Poly” in our name as we start to consider future cross-chain options
We have also started our Crystl Vault #StarCycle where we are adding over 30 new Vault pairs in the coming weeks, so be on the lookout for amazing new Crystl Vaults coming every week 😊🥰
DON PETER: That sounds amazing 🤩🤩🥳🥳
Light: One of our major updates is that we have evolved from being just a yield farm to also being a yield optimizer. We introduced our Crystl Vaults which essentially accept LP tokens from various exchanges around Polygon, and then we take those LP tokens to various farms on different projects, earn tokens from those farms, and automatically compound those earnings into more LP. This way we can achieve a high compounding interest rate. 😎
DON PETER: I like this. This way we can earn more
Light: Like Jimmy said we have our #StarCycle program to release lots of new Vaults. We have smaller updates every week — constantly working to build more partnerships and expand our network, not only by introducing Vaults but also Pools to Stake $CRYSTL and earn various tokens like $pBREW! As well as Mines to stake LP and earn $CRYSTL.
DON PETER: 🤩🤩🤩🤩
Jimmy: Here is a graphic of our #StarCycle :)
DON PETER: Now, let’s get to some Twitter questions that users have made for you.
Twitter winners and Live winners will be announced after AMA 🙌
Jimmy: Let’s do it :) very excited!
Light: READY 😎👍
DON PETER: Here is the first question
Jimmy: Very great question :)
We love having great partnerships, such as CafeSwap, these partnerships allow us to give our users great pools, farms, and vaults for them to earn High Vibe APY rewards ❤️💎 Partnerships also allow us to cross-promote and help build up both of our platforms so we can all grow together 😊
DON PETER: Impressive! That’s really great for both community members!
This is the second question picked from twitter.
Light: DeFi → This is the biggest focus for Crystl Finance, obviously for the most part we are a decentralized application provider, allowing people a way to use $CRYSTL and explore DeFi by having a passive income in various tokens, bluechips, stablecoins, or tokens of projects. As well as allowing users to auto-compound these earnings with our Vaults. We’re also working on a cross-chain bridge to align with our agenda for being a successful DeFi project and make sure that our user base has all the tools that they need to explore the #DeFiUniverse
NFT → This is definitely a big part of the market right now with a lot of opportunities! We are planning to release our very own NFTs, or as we call them: NFCS -Non Fungible Crystals. Currently some drafts are being made internally and while we’re not ready to share specifics yet, its certainly an avenue we are exploring and working on in the meantime!
GameFi → Play to earn is a really interesting concept, and a lot of projects are doing it! Not something we’re getting into at this time ourselves (but certainly possible down the line, we’ll have to think about it) — however, we’re open to partnerships and cooperation on this end. For example we partnered with PolyRoll, TreasureKey for decentralized gambling games with our $CRYSTL token and another recent partnership was with DokiDoki which allow people to play with Gacha machines to obtain NFTs. 😊
With our cross-chain agenda we really aim to expand on all fronts, not only on Polygon but other chains as well by partnering with as many projects as possible!
DeFi is a collaborative space, no one really survives alone, and everyone benefits from working together ❤️ — we follow this kind of thinking 😉
DON PETER: Wow. What a answer
Now we’ve got to the last question of Part 2:
Jimmy: Very smart question :) at Crystl Finance, safety and security is our number one priority 😊 and we take every possible measure to ensure funds are 100% SAFU 🔓
We have been audited by CryptEx and have been rated as low risk :)
We also have made minimal changes to our forked Vault code and you can check the safety in our Vaults on our website :)
DON PETER: Great answers
Now is the most awaited moment!!
I’ll open the chat in 1–2 minutes for our community to ask you question! Are you ready guys??
Jimmy: We’re ready :) can’t wait for all the great answers
Question from @Gyanipapa: Q) What is your plan about globalization? Do you have local Communities for those user who don’t understand English well?What can we expect to see from your platform in the short-term (at some point in 2021) & 2022 ? And beyond (long-term goals) ???
Jimmy: We love our international Communities at Crystl Finance 😊❤️ We actually have over 13 international Telegram communities in the native language for those regions so the Crystal Crew can grow globally :)
We have a lot of exciting features in the future including our own line of NFTs and even cross-chain features. We are working on a roadmap that will be out soon so make sure to be on the lookout for it 😊💎💪
Question from @llrioll: Yield farming has really proven to be something that’s going to stay in the DeFi space. Can you tell us how PolyCrystal compares to other yield farms? In terms of APY or liquidity features.
Light: There are a few things that make us stand out as a yield farm with a focus on sustainability:
📌 $CRYSTL has a dynamic emission structure and a supply soft-cap of 10M. It doesn’t mean that its a max supply of 10M — rather, as supply reaches 10M, we reduce the frequency at which $CRYSTL is minted. So what that means is this will help price stability in the long term and combat inflation, since $CRYSTL will be scarcer over time. This allows us to continue using $CRYSTL as a token to reward liquidity providers (since we’ll continue to mint it) without sacrificing the value for existing holders since the printing frequency becomes more reasonable as time moves forward.
📌 We are very dedicated to building partnerships and having utility for $CRYSTL with our Pools page, rather than being a token that you just farm to sell — holders can benefit in the long term by using it as a tool for passive income generation. We are adding new Pools weekly, sometimes multiple times a week actually. For yield farms, partnerships are really the key for stability and long term survival.💪
📌 Our vaults buy back and burn $CRYSTL automatically, so this is another thing that will help with stability and sustainability in the long term. Combined with the dynamic emissions, its actually possible for the supply of $CRYSTL to start diminishing if the burns from the vaults is large enough and the emissions are really low.
📌 In terms of APR/APY we are focused on keeping those stable and competitive. Rather than having insane interest for a week or two, we would much rather have stability for a long term reliable passive income generation.
You can read about our emissions and other good information on our Gitbook :)
Caffeine: That’s very informative..!
now let’s move towards 3rd (last question)
Question from @cr_in4: What are your plans to list on centralized exchanges? As they give a big exposure
Light: At this time our focus is on building utility and functionality for our platform. While we do certainly want to list on CEXes down the line, usually these sorts of listings introduce a lot of volatility for tokens. At this time this goes against our vision for $CRYSTL being a stable source of income generation and a tool for exploring DeFi. We are still a young project, so we believe it is better to focus on fundamentals first and have natural growth and attain stable liquidity at this phase.
As we become bigger, then naturally CEX exchanges will want to co-operate with us for a listing, and of course we ourselves will also start to seek these sorts of opportunities as well.
DON PETER: Congratulations to the Live questions winners 🥳🥳🥳
Light: Thanks for all these great questions! I really hope the details were useful for all of you ❤️😊!
DON PETER: Thank you so much @jimmythehypnotist and @xCryptoLight for joining our AMA today and gave so many insightful information about the project Crystal Finance! I hope Crystal Finance will achieve its goals and grow further everyday
Caffeine: Thanks for spending your precious time with our Cafe community
Light: Its been a pleasure! Thank you for having us here! 😎☕️💎