The $CRYSTL Token is Coming to the Cronos Network 💎
Exciting times are upon Crystl Finance!🤩 If you haven’t heard, our protocol was recently expanded to Cronos — the official blockchain of Crypto.com, backed by one of the largest cryptocurrency exchanges in the world! Crystl Vaults are now available on Cronos and offer users astronomical returns with compound interest rates on liquidity tokens.🚀
Relay and Crodex Join the #CronosCrew
Today, we are thrilled to officially reveal that Vaults are only the beginning to our ambitions on the Cronos chain. To accelerate the development of the Cronos ecosystem, Crystl Finance has partnered up with Relay — a leading provider of cross-chain BaaS (Bridging as a Service), and Crodex — a decentralized exchange and automated market maker on Cronos. Together forming the #CronosCrew, Crystl Finance, Relay, and Crodex have agreed on a strategic collaboration to streamline the process for onboarding projects onto the Cronos blockchain.
Crystl Finance will work closely with both Relay and Crodex towards the objective of bringing value to our partnership while supporting new projects coming into the Cronos network! Firstly, Crystl will take the lead in locating and establishing relationships with leading projects on Polygon (and potentially other chains) that have the potential to bring value into the Cronos ecosystem. This includes the array of projects already in an established partnership between us on Polygon, such as Polydoge! In fact, Polydoge is the first of our existing partners to take the leap with us to explore the DeFi universe on Cronos.
With the help of Relay, each onboarded partner will have the chance for their token to be made available on the Relay cross-chain bridge to the Cronos network, simplifying their transition of their token from the original chain and onto Cronos.
To bootstrap liquidity for onboarded projects — once on Cronos, Crodex has agreed to incentivize the liquidity for partner tokens coming into the Cronos ecosystem. Crodex will launch a farm for onboarded tokens paired with $CRO, to earn $CRX — the native token of the Crodex exchange.
Finally, Crystl Finance will take things to the next level by implementing auto-compounding Vaults for every onboarded partner to automatically compound $CRX token rewards for $PARTNER-$CRO liquidity to encourage users to explore the DeFi Universe on Cronos while earning exponential interest on some of the best tokens available in the space.
💎 Crystal Insights: What Does the #CronosCrew Partnership Mean for $CRYSTL Holders?🤔
$CRYSTL holders can look forward to many more potential Vaults available on Cronos. Why is that so great? Remember, our Vaults collect a 5% performance fee on all rewards accumulated by an underlying farm as those rewards are compounded into more LP. This performance fee can then be used to support the price of the $CRYSTL token. How? Well, there are many possibilities; buybacks to burn, using those funds to create new Pools on Polygon, and more! Being a $CRYSTL holder means you will be the first to benefit from these fees! In other words, you can use our Vaults and enjoy high interest rates, all while contributing to your $CRYSTL bags!
Furthermore, we would like to tease that we are considering an improvement to this model with an aim to have the biggest & healthiest impact and benefits to $CRYSTL! It’s high time for $CRYSTL token holders to tap into real revenue and value that is not rooted in emissions. Our project is maturing, and our business model will soon take its next evolution. We will be sharing some news on this very, very soon!😉 Speaking of news…
$CRYSTL is Coming to Cronos!
Bet you didn’t expect that!😁 Or maybe you did? Either way, we are thrilled to announce that we have decided to make the $CRYSTL token available on Cronos for purchase and staking!
Your first concern is likely whether we are launching a brand new token. After some deliberation we have decided that this would not benefit our existing community. And so, you’ll be glad to hear that we aren’t! Instead, it will be possible to bridge $CRYSTL from Polygon to Cronos (or back) through the Relay bridge.
Once on Cronos, users will be able to create $CRYSTL-$CRO LP on Crodex and stake those LP tokens to earn $CRX — or even better, we will implement an auto-compounding Vault built on top of this farm to offer astronomical returns and positive buy pressure for the $CRYSTL token.
💎 Crystal Insights: What Will Making $CRYSTL Available on Cronos Mean for $CRYSTL Holders?🤔
With $CRYSTL becoming available for trading and staking with LP on Crodex, this brings an enormous opportunity in terms of exposure and visibility for our token on two separate networks (Polygon and Cronos). The more eyes that are on $CRYSTL, the better! Remember, Cronos is the official blockchain of Crypto.com — a massive exchange that is constantly marketing towards crypto mass adoption and acting as a channel allowing fiat currency to enter into crypto. Is it possible that being in the right place, at the right time could result in more demand for the $CRYSTL token? Absolutely!😎 But at the very least, $CRYSTL holders can look forward to some attractive returns thanks to our friends from Crodex. Our upcoming Vault for $CRYSTL-$CRO Crodex LP is sure to stir things up!🚀
The Future is $CRYSTL Clear
With Polygon being the first stepping stone for Crystl Finance, the time is now more than ever for our platform to evolve into a leading, premier Vaulting platform. We look forward to working closely with both Relay and Crodex to grow ourselves as well as our network of partnerships on the Cronos chain. Be sure to remain updated with our latest Medium articles! Many things are on the way for Crystl Finance in the coming weeks. Get ready to rock the DeFi world and explore the DeFi Universe!