Phoenix x PolyCrystal AMA 08/18: Round 2
Hey Crystal Crew! The second part of our AMA with Phoenix finance was held on 08/18, and we wanted to bring a recap to anyone who might have missed it!
As per usual, Jimmy and KingD had a great conversation with Andrew (@Andrew_KB), answering lots of questions about the future of PolyCrystal, as well as lots of hype around the launch of our very own vaults!
We began by taking some questions from their team, and then opened the floor for some amazing community questions as well. Here’s the recap of that conversation:
We were wondering if we could begin our AMA today with a brief introduction of PolyCrystal. What is your project all about?
Happy to answer that!
PolyCrystal is all about high vibes and high aprs. We aim to create a community of investors and partners that are educated, vocal, and involved in the creation and curation of the PolyCrystal ecosystem and beyond.
From a “financial products” side of things, we offer yield farms, to incentivize liquidity for ApeSwap (as we launched with them back in mid July as their primary liquidity provider), and some really impressive pools where you can stake crystal and earn a multitude of blue chip and partner tokens with high APRs! On top of this, we’ve got our vaults dropping today. We’re positioning ourselves to be the premier vaulting platform on polygon not just for users, but for other projects too, to build deep and stable liquidity for their tokens :)
Great thank you for the detailed response! I will move on the the next question
If you were asked to explain what PolyCrystal does, what would be the first items to come to mind?
To kind of boil it down, with the risk of being a little reductive, polycrystal creates a network of profit sharing. The system takes in funds through deposit fees on farms, vaults and dealings with partner projects, and redistributes them through pools!
But big picture, we’re shooting to be a genuine piece of network infrastructure and a staple in the polygon space, for projects new and old to really build their projects, using our vaults, farms, and pools as a way to build liquidity, and gain exposure to some of the most vocal and informed investors in the space
Great! Thank you for that! Taking the Polygon space by storm!
A little bird told us that PolyCrystal is launching new vaults. Could you explain the rationale behind this decision? How do they work?
Oh heck yes, I’m so so sexy for our vaults.
The rationale behind this decision is that vaulting is a significant part of the space right now, and it unlocks a whole ton of new partnership opportunities and ways that we can help projects build and grow, as their success is our success! We’re all about building that #goodvibetribe!
Our vaults, in their current form about to launch today (dude i literally CANNOT contain my excitement it’s a little embarrassing tbh) will be auto compounding vaults that auto compound LP Tokens for the user, meaning that you deposit your LPs, and simply earn more LPs, no selling rewards, no rebuilding liquidity pool tokens to compound, just simple, easy to use, fire and forget! This is awesome because it tends to make liquidity quite sticky, which benefits projects who spin up vaults with us, as people don’t wanna leave the vault and give up that sexy high vibe APY
Jimmy The Hypnotist
To echo King D’s excitement, we are so pumped for the Vault launch today :)
Goodvibetribe… I love it! You guys have an amazing vibrant community i must say!
Sounds awesome! Speaking of products, at the moment there are both a pool and farm, Phoenix Finance and PolyCrystal are cooperating on. Could you comment on this a bit perhaps?
Jimmy The Hypnotist
Thank you, we like to keep the APYs high and the Vibes even higher :)
Of course, 😊 since our partnership, we have implemented a $PHX — $MATIC LP farm where you can stake the LP and be rewarded in $CRYSTL. The farm is great because it allows $PHX holders a chance to earn $CRYSTL
You can then take your earned $CRYSTL and stake it in the $PHX Pool to earn even more $PHX and maximize your returns 😊
Wow that sounds awesome. Vibey indeed😉
Can you tell us about the market you are trying to conquer and your competitors?
Jimmy The Hypnotist
Oh yes very vibey :)
The market in the Polygon Network is growing larger by the day as Polygon continues to grow. This has given us the great opportunity to connect with and partner with innovative and exciting projects, such as Phoenix Finance 😊 Our platform is centered around the #GoodVibeTribe we have created with ApeSwap
Our goal is to gain great partners in this space and cross promote so we can all grow together and help each other out. We are also implementing our PolyCrystal Portal program which will bridge projects from Binance Smart Chain to Polygon and help expand the #GoodVibeTribe even further!
yeah, the true beauty of defi is all of these amazing people and their ideas, we want to make sure that these projects get to realize their dreams, and help make their vision … Crystal clear lel.
Sounds great! DeFi is truly an amazing place where people can share ideas and just be themselves🤓
What are your plans for the future? Do you have any inside news you’d like to share with us?
Jimmy The Hypnotist
Yes we have awesome plans for the future and we are so excited for them! 💎😊
First and foremost are our aforementioned Vaults that are launching later today 😊 and we are going to be adding many great new Vaults over the next couple weeks. We are also looking to add new innovative features that give extra utility to $CRYSTL and even create our own NFTs 😊 We have a full Roadmap here: https://polycrystalfinance.medium.com/polycrystal-insights-on-the-crystl-clear-future-6274841af676
Awesome stuff guys! From Phoenix Finance and the team we wish you very best for the future! I will now open the chat for the community to ask their questions. 3 best questions will be chosen for a prize👀
@JM_500 asks: I have $CRYSTL in my portfolio, how can vaults help me as an investor in PolyCrystal?
This is an awesome question (you always rock these my guy, always asking the big hitter questions)
The biggest and most apparent benefit to holders of $CRYSTL that vaults bring is the automated buy back and burn mechanic. Every time the vault compounds rewards, 5% of the rewards buy $CRYSTL and send it to a dead address! This, combined with the compounding effect of vaults, allows deep liquidity, and a stable increase in price as more TVL is locked away in the vaults.
The other … Hidden gem to vaults is the increased amount of revenue the platform will generate, increased revenue means we can bring you guys even more awesome pools to earn great new tokens!
@btcsatoshii asks — Almost 4/5 of investors are focused purely on the price of token in short term instead of understanding the real value and health of the project. Could you tell us on motivations and benefits for investors to hold your token in long term?
Jimmy the Hypnotist
This is a very great question not just for PolyCrystal, but for Yield Farm tokens in general. While it is nice for a token to pump, or “Moon”, for short term profits, you can make so much more money and actual wealth from a stable, long term project :) that is why PolyCrystal has been focused on being a sustainable long term project from day 1 and we aim to reward our long term holders the most.
This is especially true with our Vaults coming out today. Not only will they offer great APRs, but they auto compound dozens of times a day to truly maximize your returns which is reflected in the APY of the Vault. This means the longer you stake, the higher your rewards will be :)
You can see an example of that here with the APY returns of our Auto-compounding $CR
@FudgeBlaster80 (I legitimately cackled when i read this user name) asks : Security & User Interface are the Most Important Aspect that Users see on a platform. How has Your Project worked on this? Is Platform suitable for Newbies in the crypto world?
This is a great question, and a cause near and dear to our hearts. We believe DeFi should be accessible and understandable for all! We’re currently putting together our Crystal Clear Education series, which can be found in our documentation! It’s got tons of handy guides not only on PolyCrystal, but helps to explain some of the deeper concepts of DeFi. We believe educated investors that are rich with knowledge will always beat out lazy ones that are rich with money in the long term!
Accompanying this, our crack web development team has been working tirelessly to improve the User Experience. We went from looking relatively similar to every other yield farm with less than opportune load times and other hiccups, to having a smooth, good looking UI. We really do owe them a huge round of applause, the UX has increased at least 100 times since the launch of our project, and we will continue to build and grow and make PolyCrystal an easy to use and aesthetically beautiful platform.
@King_D3 @jimmythehypnotist A big thank you from us for answering all the questions! What a lovely bunch you are! Really enjoyed your detailed answers! I will now reopen the chat!
We had so much fun chatting with Andrew from Phoenix Finance. We can’t wait for another AMA or joint community event like this in the future. These guys and their community really do come locked and loaded with the big questions, and we love to see that!
If you’re interested in doing some AMA activities, and would like to partner up with us, you can get at:
KingOfCrystals: @KingOfCrystals (Telegram) @KingCrystals (Twitter)
Jimmy The Hypnotist: @jimmythehypnotist (Telegram) @HypnotistJimmy (Twitter)
KingD: @KingD3 (Telegram) @KingD3lta (Twitter)