Get Ready For $CRYSTL Governance!

Join the #CrystalCourt to decide the future of $CRYSTL!

As you all know, the $CRYSTL token, as well as our flagship product “Crystl Vaults” are now officially available on the Cronos network. This puts us in a favorable position as one of the first movers on the blockchain backed by one of the largest cryptocurrency exchanges in the world — Crypto.com.

The time has come for Crystl Finance to take on the next phase of its evolution. To signal these changing times, we are thrilled to announce the biggest upcoming event of Crystl Finance to date — the introduction of $CRYSTL Governance and 4 major proposals!

What is $CRYSTL Governance?

$CRYSTL Governance is a way for $CRYSTL token holders to vote on important decisions pertaining to the future of our platform such as: tokenomics, changes in business strategy, and utility for $CRYSTL.

Why $CRYSTL Governance?

Ever since our launch in June 2021, our loyal community has been the most important aspect contributing to the growth and maturity of our project. Proudly recognizing this, we seek to elevate the relationship with our community to the next level. By introducing $CRYSTL Governance, every $CRYSTL holder will have a chance to directly influence the future of Crystl Finance in a democratic and decentralized manner.

How Will $CRYSTL Governance Work?

Governance will begin with a snapshot to determine the voting power associated with each wallet address that holds $CRYSTL, and will then be followed by a voting period on a number of proposals. Voting power will be directly proportional to the number of $CRYSTL held by each wallet address. In the days following the snapshot, 4 proposals will be put to a vote, allowing the community of $CRYSTL holders to decide on the outcome of the proposals.

To be clear, in order to participate in Governance then you must adhere to the rules below at the time of the snapshot:

  • Hold $CRYSTL in your wallet
  • Stake $CRYSTL in the Auto OR Manual $CRYSTL Pool
  • Stake $CRYSTL — $MATIC LP in the Mines
  • $CRYSTL on Cronos is ineligible, only Polygon $CRYSTL is valid

After the snapshot is taken, you are free to resume your farming activities and await the upcoming proposals. Once the proposals are live, simply visit the provided link, connect your wallet, and vote!

When Will $CRYSTL Governance Begin?

On Sunday November 28, 2021 at 2200 UTC we will take a snapshot of every wallet that holds $CRYSTL tokens. In the week that follows, a total of 4 proposals will be put to vote as outlined by the summaries in the following section. Voting will close on Sunday, December 5 at 1700 UTC. Every significant date and time, as well as directions about where to vote will be clearly communicated through all social media channels including Twitter, Telegram, as well as Discord.

The Future of Crystl Finance

With $CRYSTL Governance on the way, it’s time to consider the proposals on the table for the future of our platform! The upcoming Governance voting period will revolve around 4 key proposals as summarized below.

Proposal 1: Implement Vault Revenue Dividends

  • Option A: Use a portion of Vault performance fees to pay out revenue dividends.
  • Option B: Do not use performance fees for revenue sharing dividends. If passed, we will obtain community input and create a new proposal for use of performance fees.

With this proposal, we are positioning ourselves as a premier Vaulting platform. In doing so, we wish to align incentives to best reward our users. The current projected annual revenue from the performance fees earned on ~4M TVL on our Cronos Vaults is approximately 1,000,000 $USD. With Proposal 1, if Option A is passed, revenue sharing will be implemented to pay the active $CRYSTL-$CRO liquidity providers that stake their LP tokens in a new dedicated feature page. Otherwise, Option B would lead us to consider other avenues.

Proposal 2: Choose Vault Revenue Dividends

  • Option A:
    Stake $CRYSTL-(GAS TOKEN) LP → Earn (GAS TOKEN)
    Example:
    Stake $CRYSTL-$CRO LP → Earn $CRO
  • Option B:
    Stake $CRYSTL-(GAS TOKEN) LP → Earn $CRYSTL and
    Stake $CRYSTL-(GAS TOKEN) LP → Earn (GAS TOKEN)
    Example:
    Stake $CRYSTL-$CRO LP → Earn $CRYSTL
    Stake $CRYSTL-$CRO LP → Earn $CRO

If Proposal 1 Option A is passed then the community will be able to vote on Proposal 2 for one of the options above for any future chain with Crystl Vaults (including Cronos). A dedicated feature will be added where liquidity providers may stake $CRYSTL-(GAS TOKEN) LP to either (Option A) earn the native (GAS TOKEN) of that chain or (Option B) have two separate choices one to earn the $CRYSTL token and the other to earn the native (GAS TOKEN).

In other words, a portion of Vault performance fees will be accumulated and be used to purchase either the (GAS TOKEN) or $CRYSTL which is then used to pay liquidity providers. For example, on Cronos this (GAS TOKEN) would be $CRO. The community may vote to implement stake $CRYSTL-$CRO LP to earn $CRO with Option A, or stake $CRYSTL-$CRO LP to earn $CRYSTL as well as stake $CRYSTL-$CRO earn $CRO with Option B.

Please note that the introduction of Vault revenue dividends does not mean that single staking $CRYSTL in Pools is going away! We still plan to have plenty of Pools for users to stake $CRYSTL and earn various tokens.

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

Together, we need to decide whether or not to take the full leap into Cronos and use $CRYSTL emissions to help us succeed on that network. Proposal 3 will allow the community to choose whether $CRYSTL emissions should be moved to Cronos or remain on Polygon.

Proposal 4: Set 12.5M As The Maximum $CRYSTL Supply

  • Option A: Once the $CRYSTL supply reaches 12.5M tokens, all emissions will end and $CRYSTL will be hard capped.
  • Option B: Once the $CRYSTL supply reaches 12.5M tokens, emissions will proceed at 0.1 $CRYSTL per block.

With Crystl Finance maturing as a vibrant Vaulting platform, Proposal 4 will decide whether we want to implement a maximum supply hard cap for $CRYSTL or continue minting tokens.

What to Expect In The Coming Days

Be sure to keep an eye on our social media, Twitter, Telegram, Discord, as well as our Medium! We will be posting a number of articles that go into detail about each one of the proposals. It is critical that every $CRYSTL holder is aware about the upcoming changes and has all the information needed to make an educated voting decision after the snapshot on November 28, 2021 at 2200 UTC.

As the governance snapshot approaches, we highly encourage everyone to revisit each of the upcoming articles and make a careful consideration for each proposal. Making the right decision together as a community is both a freedom and a responsibility, and it works in favor of Crystl Finance when everyone involved understands and takes part in every decision being made for the future of the platform.

Together, we can make Crystl Finance become the greatest Vaulting platform in DeFi that benefits from multiple blockchains! It’s time for Crystl to evolve, and make that $CRYSTL clear future reality!

Thanks for reading! Take it easy, stake $CRYSTL, and enjoy life!💎

Read about Proposal 1

Read about Proposal 2

Read about Proposal 3

Read about Proposal 4

The future is $CRYSTL clear 🔮📈 Polygon decentralized yield farm 🧑‍🌾