JDI Yield X PolyCrystal 08/08 AMA Recap
Hey Crystal Crew! Jimmy and KingD had an awesome AMA on 08/08/21 with the team at JDI Yield! It was so much fun, we wanted to put together a little summary for those that missed it, or wanted to reference back to something.
The AMA took place in their telegram chat, and consisted of 3 major components, the first was a series of questions set out by the JDI team, then a series of questions from Twitter, and lastly, an open table style question time within their Telegram group.
For easy digestion, we’ll break them down into the 3 major chunks!
JDI Introductory Q+A
Q)Could you please introduce PolyCrystal and give us a brief overview of how it works?
- KingD: PolyCrystal is a premiere Yield Farm and official ApeSwap partner. We offer many farms and pools to passively earn income and maximize gains. One of our best features is our $CRYSTL Pools where you can stake our native token, $CRYSTL, to earn non-native tokens and major Cryptocurrencies such as BTC, ETH, and USDC with High APRs, as well as cool partner tokens like JDI ;)
Q) How does the team look for PolyCrystal? Who are the key players and what are their roles?
- King of Crystals is our business development lead
- I am our Community and Marketing Lead
- Richard Konnor is our graphic design lead
- Obie Dobo and Harambe Nakamoto are Technical Advisors and core members of the ApeSwap Team
- KingD is our Community and Marketing Director
- Gjolund is our Lead Developer
We are also taking applications currently if anyone is interested in joining PolyCrystal :) https://docs.google.com/forms/d/e/1FAIpQLSc3tbxn1V3Pl26CJJUcSyQruwLPgOcUKirWBykrI4AePmpeKA/viewform
Q)Could you explain what the purpose of the $CRYSTL token is within your ecosystem?
A) KingD: The $CRYSTL token is given as a reward for contributing liquidity to Mines(yield farms for LP tokens), and can be staked in our pools to earn a variety of mainstream tokens (WBTC, ETH, USDC etc.) and partner tokens (JDI, PWINGS, BSCGIRL, etc.).In this regard, it operates as somewhat of a profit sharing tool, where you earn Crystl or buy it from the open market, and use it to extract value from the PolyCrystal ecosystem in the form of partner/mainstream token.This is neat because we allow you to take profit in the form of ETH/BTC/stables, so as to not negatively impact the price of $CRYSTL, neat huh?
Q)We heard you have recently reached one month old! Want to tell us about what PolyCrystal have achieved so far?
A) Jimmy:We’ve achieved a lot! We’ve hired on some incredible team members, made some significant upgrades to the user interface of our webpage to differentiate ourselves from other farms, as well as add lots of partner tokens.
We’ve also begun taking applicants for our PolyCrystal Portal program, working to bridge projects from BSC. You can find a detailed summary of our first month in this Medium article here; https://polycrystalfinance.medium.com/polycrystal-july-2021-recap-e8060ed56161
Q)From @mosharaf12115: For a project development first of all main priority is having enough fund. Does your team financially capable to run this project? and Do you have enough fund for it is developement Can you tell us that how your project generate the profit?
A)KingD: That’s an awesome question, ties into how the Crystal token works in general which we just talked about!
It’s important to highlight how projects are funded, because it’s rather confusing, and that leads to speculation and that’s never a good thing, transparency is key. Projects are usually funded by emissions, meaning that a portion of tokens are minted to the developer wallet. Like most projects, these funds are used for pools, community engagement, and partnership and platform development!
The funds for the CRYSTL pools where you can earn ETH, DAI, USDC and all of those non partner tokens are funded by deposit fees from farms, so no crystal is sold to provide those funds :)
You can read more in our docs. https://polycrystal.gitbook.io/polycrystal-finance/
Q)From @asahisan789: What competitive advantage does the #PolyCrystal platform have that makes you feel most confident? Does #PolyCrystal have plans to recruit ambassador programs for different countries to raise awareness of your project at global level and non-English speaking countries?
A) Jimmy:Funny you should ask! Good one, it’s really important to think about how to attract people from everywhere. DeFi is growing, and we want to grow with it!We are actually making a big effort to expand our community to other countries and communities!
We’re actively seeking out people to help us make PolyCrystal more accessible, and enjoyable to everyone, so if you’ve got some great ideas or would like to help out, feel free to hop in the chat if you aren’t already and give @King_D3 or I a PM :)
Q)From @soncrypto1992: Currently, @PolyCrystal_ only focus on the pools and yield farming. In the future, will it have anything new like lotte, some mini games or price prediction on website?
A) KingD: At this moment in time, we’re constantly think tanking new ideas to expand the product, obviously focusing on safety 🔒!
Right now, we’re focusing on building up a strong financial footing, and ensuring we can deliver good returns to our community and building value in $CRYSTL as an asset, so that we can make more secure and meaningful steps in other more experimental directions like games and other really cool stuff!
Q) From @dishankcrypto: Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party
A) Jimmy: It’s no secret that DeFi exploits have been very common these days, and the question of security is on everyone’s mind.
The security of our users funds is so important to us. A big part of the reason we’ve initiated the education series, is we want to help protect people from losses!
Every single new feature that is implemented is scrutinized, and we will ensure it has been audited, and checked thoroughly. We do have an audit by CryptEx. Here’s a link to that audit. https://polycrystal.gitbook.io/polycrystal-finance/security/audits
Q)From @dishankcrypto: Community support is one of the biggest aspects of a project’s success. Most projects have programs that interact with their users. Does your protocol have any special plans to attract and expand the community and improve the user experience?
A) KingD: Absolutely! We’re always trying to make PolyCrystal a better place to invest your money. Our web developers are constantly building up the user experience. We are always happy to hear community input on what everyone wants to see!
Personally, A large portion of my role within PolyCrystal is listening and engaging with the amazing people who use our platform, finding out what they like, and what they want!
All of us also make a really vested interest to be active in our communities, and are ensuring we connect with as many audiences as possible, the world over 😌💎💙 if you have suggestions on how to better connect, please let us know! We’re nothing if not humble and all suggestions are welcome and appreciated 💙
Q)From @maestrozm: $Crystal is such a gem! How can one buy crystal tokens?
A) Jimmy: You can buy $CRYSTL on our website, https://polycrystal.finance, or on ApeSwap at app.apeswap.finance :)
Q)From @JM_500: Can you tell us about “Crystal Clear Educational Series” in PolyCrystal? Was it only created for educational purposes? It’s very interesting
I really like this one from you sir. We believe that communities work well together when everyone knows what’s going on. Crystal Clear is designed to allow those with little to no defi knowledge to enter the space and feel comfortable. We’ve all been in your average telegram chat, we believe in fostering and nurturing people’s want to learn more, as they feel more a part of the project than just an investor.
Q)From @marjerlinB How does PolyCrystal feel working with a variety of partners to further innovate your ecosystem in Polygon? What is the biggest advantage of having partners like Apeswap?
A)KingD: We believe in strength in numbers.
In my personal experience, I’ve worked in competitive corporate structures where people are pitted against one another. It doesn’t work. The more ideas, the more liquid those ideas (ability to be shared) and the quality of those ideas, the better!
The way forward is together!
Q)From @JM_500 : DeFi, NFT and GameFi, will PolyCrystal work together with these three aspects and increase the partners to innovate and further develop the ecosystem in Polygon and other chains?
A) Jimmy: NFTs and GameFi are great parts of the DeFi and Crypto ecosystem. We plan on partnering with many great NFT and Gaming platforms and have already partnered with several including: PolyPunks, TreasureKey, and PolyRoll :)
That concludes all of the amazing questions asked by the JDIYield Community! This was so much fun and we can’t wait for the opportunity to do another. If you’d like us to do an AMA for a project you’re involved in, please feel free to reach out to Jimmy or KingD on Telegram or Twitter!
A big thank you to the JDI Community for having us on to talk about PolyCrystal, and we hope to do more stuff like this in the future!