$CRYSTL Governance: Insights on Proposal 3
The $CRYSTL Governance snapshot is just around the corner, coming on November 28 at 2200 UTC! It’s incredibly important that every member of our community prepares for the upcoming voting period by staying informed about each decision that could impact our beloved Crystl Finance platform. Every vote counts, and we truly encourage everyone to participate!
In this article series, we will dive into the reasoning behind each proposal, as well as distinguish the differences, benefits, and drawbacks between Option A and Option B in each proposal. With all of that being said, let’s get into Proposal 3!
Proposal 3: Move $CRYSTL Emissions to Cronos
- Option A: All $CRYSTL emissions will be moved to the Cronos network
- Option B: All $CRYSTL emissions will remain on the Polygon network
Proposal 3 is all about the evolution of our business model, which is currently built around our Mines page where liquidity providers for ApeSwap on Polygon are incentivized with $CRYSTL rewards. With our launch on Cronos, an opportunity presents itself for Crystl Finance to take the leap to a new business model that is all about our Vaults and Pools.
With Option A Crystl Finance will be able to boost the attractiveness of our platform on Cronos by utilizing emissions to reward $CRYSTL holders and liquidity providers as well as to establish new partnerships with projects on this new chain. In contrast, Option B would mean that we continue our efforts to sustain our Mines on Polygon.
Currently, $CRYSTL emissions on Polygon take on two forms. Firstly, $CRYSTL tokens are minted and used to reward users that stake $CRYSTL to earn $CRYSTL on our Polygon Pools page. Secondly, $CRYSTL tokens are used to reward liquidity providers on our Mines, also on Polygon. With Proposal 3 we would like to let the community decide whether we should continue running these emissions on Polygon or whether we should take the leap and move all the emissions over to Cronos.
There are many advantages to moving over emissions to Cronos, but really all of them have to do with the fact that Cronos is a brand new and promising ecosystem. With many eyes on Cronos, this could be a great opportunity to use $CRYSTL emissions to develop new partnerships, reward $CRYSTL token holders on Cronos, and use the emissions to give Crystl Finance a boost on this new chain and an edge amongst our competitors.
On the other hand, moving emissions out of Polygon means that the Crystl Mines as well as the stake $CRYSTL → earn $CRYSTL Pool on the Polygon network would have to be finished. However, this might not be such a bad thing. Especially considering the Crystl Mines which currently contribute to a majority of the sell pressure on the Crystl Token as many liquidity providers sell their $CRYSTL rewards to hedge themselves against the risks of providing liquidity. If we move emissions over to Cronos, we would ultimately step away from having a Mines page and use emissions to reward $CRYSTL holders or to establish partnerships on this chain.
Polygon Is Quiet
To be blunt, its pretty quiet on Polygon. We have already partnered with some of the leading projects, and it is becoming harder to find other capable long-term partners. Many projects on the Polygon network are suffering in price, debatably as a result of lacking proper backing or official funding & support from Polygon. Furthermore, AAVE dominance on Polygon is at 40%, with only a limited amount of organic funds going to projects in this ecosystem. From a business development perspective, it is becoming harder to find quality partners which are capable of surviving in this landscape on Polygon in the long run. In other words, the Polygon landscape is looking a little dry. By proceeding with Option A, we will have the opportunity to use $CRYSTL emissions to our advantage on Cronos to establish strong partnerships where the landscape has a much better prospective outlook.
From an opportunity standpoint, bringing Crystl Vaults to Cronos is already proving to be the right call, positioning us as early adopters of this ecosystem. Furthermore, Crypto.com can recently be noted for their aggressive marketing strategy that has resulted in the $CRO token breaking multiple all-time-highs. The landscape for the Crypto.com exchange, as well as the Cronos network is looking extremely promising for the coming future. Cronos has become a top 20 chain in under a week from launch and interest in Cronos only continues to rise. Transitioning the remaining $CRYSTL emissions from Polygon to Cronos with Option A could give us the boost needed to overcome our competitors while using these emissions to reward our loyal $CRYSTL holders.
Keep an eye on our Medium as well as our social media. We will be posting 1 more article over the coming days that get into the details for the remaining proposal. It is highly recommended that every community member revisits this article as the snapshot approaches on November 28 at 2200 UTC. Being well informed is how we can best come to a decision as a community. If you have any questions about the upcoming proposals, feel free to join our community to ask any questions on Telegram or Discord!