Crystl Governance Results & Recap
The latest Governance vote in the #CrystlCourt for proposals 6, 7, & 8 is now over. In this article you’ll find a summary of the results as well as find out what to expect next. Keep on reading!…
- Proposal 6: Use Excess Revenue Sharing Allocation from Previous Months to Increase Polygon Revenue Sharing Pool
Outcome: For the first of the three proposals, Option A had a unanimous vote in the community with a count of 1.9M CRYSTL (100%)!
What To Expect: The initial launch of our revenue sharing pool this Monday 03/14/2022 will proceed with a minimum of allocation of ~$5,000 in MATIC rewards for the month of March on Polygon (3,356 MATIC). These dividends will be paid to CRYSTL-MATIC liquidity providers on this chain (ApeSwap LP). A portion of the revenue accumulated on Cronos will be used to top up the allocation to that $5k figure in the coming months until the TVL on Polygon grows and rev share can become self sustaining on this chain.
On Cronos, revenue sharing will be available to CRYSTL-CRO liquidity providers in CRO rewards (12,500 CRO) for the next 30 days as well!
Overall, the main benefit of the outcome of this proposal is that it allows us to incentivize CRYSTL to be a liquid & tradable token on both Cronos AND Polygon without having to rely on 3rd party incentives. This is crucial for the longevity & strength of our platform.
- Proposal 7: How to Use the $CRYSTL from Buybacks for V3 Vaults
Outcome: For Proposal 7, Option A had the majority vote with 1.7M CRYSTL (90.3%).
What To Expect: As we proceed with the release of V3 Vaults (Q1~Q2) we will use $100,000 worth of $CRYSTL buybacks from January in our Boosted Vaults feature. Doing so will allow us to strategically increase the APY of our Vaults on various chains to give us edge against the competition!
Vault users will be able to enjoy higher APYs on Crystl.Finance than anywhere else, attracting higher TVL to our platform. With higher TVL, this will of course mean bigger revenue sharing allocations for CRYSTL liquidity providers. This is also a great opportunity for CRYSTL lovers to accumulate even more CRYSTL simply by using Vaults. Exciting times 🤩!
- Proposal 8: Expand V3 Vaults and Maximizers to BNB Chain
Outcome: 1.9M CRYSTL (99.77%) worth of votes are on board to expand to BNB Chain with Option A.
What To Expect: With the upcoming release of V3 Vaults, BNB Chain will be the next chain that we target for our next cross-chain expansion. What does that mean? Get ready to see Boosted Vaults and Maximizers on BNB Chain! Home of our favorite ape friends from ApeSwap, BNB Chain is a thriving ecosystem with many opportunities and partnerships to be discovered. Who knows, maybe we’ll even catch the eye of CZ 😉!