Cryption Network AMA Recap.
The session of AMA (Ask Me Anything) with Cryption Network was conducted on 29th July 2021 at 6:00 PM IST. (12:30 PM UTC)
AMA at @CrytoPlayers started with a brief introduction by Ashwin & Tejas. Here are some highlights of the AMA.
INTRODUCTION
Ashwin Yardi | Cryption.Network
Sure! So I started as a software developer in a services startup. Helped clients build end to end lbockchain products. Started freelancing, met @tejas0x , we did couple of projects together. Realised its not time to start our own thing and build things. Thats how cryption network was born. The project is long in the making. Over the period in time, we have now around 15 team members.
Tejas | cryption.network
We have been into services for the last 3 years, going from freelancing to creating a team, to finally designing a product!
We have worked with many notable coins in the past and have made good connections.
ADMIN ROUND
Jonty|Host
Could you please briefly explain the original purpose of creating cryption.Network?
Tejas | cryption.network
This project is a loong time in the making and we have been working on all the products for months now. Quite early we realized that the high gas fees were a big issue and we’re gonna be in even bigger problem in the future. There is no point for retail investors to use any dApps at such exorbitant gas fees. dApps on Ethereum have become unusable at the moment.
Ashwin Yardi | Cryption.Network
Yes, also we are motivated by crypto and its ability to connect the mass population with access to a more transparent money system.
Always wanted to bridge this gap and we realised the solution is to create a suite of DeFi and Crypto products.
which are easily accessible, will give familiar UX and will help more people get into crypto.
That's why Crpytion Network was started :)
Natz|Host
how will CNT help ? will it be used as gas fee(which is kinda 0 ) whats the best use case of CNT here?? will u get into gaming ? plus the cross bridge ?? and the fee collected will it be given to CNT hodlers??
i have been using the wallet for sometime — why is it not showing CNT related items or things directly ??
sorry i guess i went ahead with CNT .
Ashwin Yardi | Cryption.Network
Today, we are updating few things and then in your wallet app if you go to dapp browser, you will directly be able to trade / farm on PolyDEX.
We are also working to integrate the PolyDEX extensively in the entire app. Our dApps will be completely gasless you will not have to use CNT for this. It will be completely free. We are going to start with mini-games for CNT burning mechanisms. We have a cross-chain staker like no one else that lets you stake from ethereum to Polygon.
💥PolyDEX — “PancakeSwap of Ethereum using L2 solution having zero gas fees”
1. PolyDEX is a gasless AMM on the Polygon L2 Solution. PolyDEX will have faeature like Partner pools, elastic farms, IFOs, quick exits to ETH layer 1, as well as community farms.
🔮Seer Prediction Market — The Seer Prediction market will be a layer 2 solution which will allow reading and creating predictions on virtually any topic. Matic will allow us to enable
high frequency trades gaslessly. Other prediction markets do not allow high frequency of trades because of the high gas fees on Ethereum. Seer can also be used for insurance.
📚Defi Stack — There are a few staples that all projects need when thinking about tokenomics, liquidity and circulating supply. Many projects create their own which means projects need to allocate resources away from their central mission. By creating a sno-code platform for these projects we save them time and money. Examples: Staking, Farming, IVCO, timelock, vesting, etc
🔷 About investors
CMS holdings, Sandeep Nailwal (Angel investor- Co-founder of Polygon formerly Matic Network), GravityX capital, Master ventures, Ascensive Assets, X21 Digital, Waterdrip ventures, M AU21, GenBlock, Humayun Sheikh (CEO of Fetch.ai)
Produt and investor info.
Tejas | cryption.network
We have done a partnership with them. In about 2 hours we will be starting dual farms. where you stake CNT-MAHA LP and get both CNT and MAHA as rewards. It has over 1k% APR. We have the certiK audit, an on going bug bounty and this.
Jonty|Host
Congratulations on your successful launch on Dex.
Could you please tell us about PolyDex?
Ashwin Yardi | Cryption.Network
Hey yes! So polyDEX is Cryption’s flagship product.
Its an instant, completely gasless and cross-chain AMM DEX
- Attractive but sustainable APRs ensures that LPs are getting compensated but supply is not diluted too much, given the long term plans and vision of the Cryption.
- No gas fees for users
- There is a bridge that will help to bring liquidity from Ethereum to Matic (cross-chain).
- PolyDex is highly scalable (2-second block time).
- There will be an initial farm offering (IFO) created for partner projects.
- All existing products of Cryption Network will be integrated into the PolyDex system once it is launched.
Tejas | cryption.network
PolyDEX is not like your traditional DEX we have many features which together make it quite unique.
1. Completely gasless. Including farms. This hasnt been done before.
2. Partner IFOs with multi rewards functionality
3. SIngle sided liquidity
4. easy access via crytion wallet app
we also have high aprs stablecoin pairs have over 300% APR.
Jonty|Host
What are $CNT utilities, real life use cases and total supply?
Ashwin Yardi | Cryption.Network
Total supply = 100 M which is also the MAX supply. However, we will be burning CNTs weekly. How do we burn? So the revenue generated by DEX is splitted in three parts. One part is given to CNT stakr, where you get CNT for staking CNT. one part is burned and the smallest part is platform fees. Basically, you are incentivised perpetually to hold CNT, CNT is also a governance token. btw 🙂BuyBack + Burns make CNT deflationary
Tejas | cryption.network
right now we are burning 55% of the fees
and giving 35% to the stakers.
Jonty|Host
Are you working on any partnerships or marketing initiatives to help build awareness for your platform?
Ashwin Yardi | Cryption.Network
Hey so actually we have already partnered with lot of notable proejcts. Mahadao, Unilend, Frax, Knit, B21, The Dapp list
Tejas | cryption.network
We have a lot of marketing activities lined up. We are going to add our partners (Maha, Frax, UniLend, pools, argo etc) to our DEX and offer farming rewards, some are long term partnerships. some you will see unfold in upcoming days. we will also work with yield aggregators to increase liquidity.
Jonty|Host
Could you please provide some progress on your Roadmap and what results Cryption.Network has achieved so far?
Tejas | cryption.network
We had launched in June and we have worked on PolyDEX and have launched that as well as an app. Made quite a few partnerships, including polygon, and created a community of over 20k Twitter followers and are on track with our roadmap.
Ashwin Yardi | Cryption.Network
- Successful IDO in bearish market conditions. One of the projects who perform well in that period
- Staking / Farming Launch
- MObile app launch on android
- PolyDEX launch.
Twitter Round:
@GopeshOjha
Argo, Biconomia, Frax, Mahadao, The dapp list join the list of your partners among others from Cryption Network Can you tell us about what contribution these companies have made to the development of Cryption Network and what roles do they now play as investors and partners?
Tejas | cryption.network
we are making a decentralized front end with argo, the dapp list will list partner projects on polydex and we will give them farms.
biconomy is being used to create gasless products.
Ashwin Yardi | Cryption.Network
1. We are in talks with Argo to deploy one of our apps to their deccentralised deployment system.
2. Biconomy -> Has made our entire dex gasless. Thats what we promised right?
3. Frax: Soon, we will be in touch with Frax community to consider our proposal for using PolyDEX
4. Mahadao, already can see. More in coming days
5. The dapp list fits perfectly with DeFi stack.
@QuachNgoc
Within the repertoire of Cryption Network products, Cryption Capital, a decentralized hedge fund that implements diversified investment strategies, caught my attention. Could you explain the requirements to participate in it? Will the investments be only in $CNT?
Ashwin Yardi | Cryption.Network
it will heavily use CNT for sure
but how we have thought about making a hedge fund is, anyone, can create the buckets and provide info and relevant data community can see and verify and then choose to invest in the bucket, part of the capital gains genereated by that bucket will be given to the bucket creator that's how we make mutual funds decentralised 😉
@NguyenKhang
I read on your website that, part of the profits from each Cryption Network product will be used to maintain a constant buying pressure on CNT, what percentage exactly of each product or will it depend on the total amount of profits from each product?
Ashwin Yardi | Cryption.Network
Correct. Every product will be generating revenue. E.g. PolyDEX has 0.3 % trading fees which is standard. These profits will be used to buy CNTY from the open market. Now this CNT is distributed in three parts. 1. Goes to staker 2. Goes to Burner 3. Small per cent to the platform. 55% to burner
35% to staker
10% dev.
@AlbertJaison
How will cryption network deaI with the Current Limitations of AMMs: Leverage SIippage and Impermanent Loss (IL)? How cryption’s AMM structure different from other project? What are your competitive advantages which simiIar projects don’t have?
Ashwin Yardi | Cryption.Network
The biggest advantage is completely gasless
Literally, all the activities are gasless
and it also enables us to put the DEX in a mobile app with a UX which is very similar to the web 2.0 app our motto is to bring more and more people in DeFi
so we will be focussed on doing things which will make the cryption more accessible to normal people. For compensating IL, we are also doing yield farming. 6000% approx is the APR atm. We will be brining in new money into the DEX via tha app which will help in reducing slippage.
@MARC
What I know Cryption Network chooses Polygon network (Matic). Why do you choose polygon? Can polygon solve scalability, security and transaction speed issues? then Do you have any plans to cross chain in the future?
Ashwin Yardi | Cryption.Network
We already had launched cross-chain staking which was truly decentralised
and it is first of its kind, never before done. As for polygon, it is the best solution available out there which tries to solve the trilemma.
we are also considering Arbitrum because of its cross-chain capabilities tbh
Tejas | cryption.network
We choose polygon as it has very low gasfess so we can take away that burden from users. Polygon is also one of the top Indian projects so we wanted to build on that.
Community Round:
Shawn
Sir,Can you list 1–3 killer features of Your Project that makes it ahead of its competitors. What is the competitive advantage your platform has that you feel most confident about??
Ashwin Yardi | Cryption.Network
1. Completely gassless
2. Integrated within our mobile app
3. Cross chain capabilties which truly deccentralised.
Top King
CryptionNetwork is designed to bring the power of markets to individuals and communities. What strategy did #CryptionNetwork use to increase the Marketplace?
Tejas | cryption.network
We have high APR for tokens which low to no impermanent loss. USDC USDT has over 300% APR. USDC DAI has over 300% APR, even low IL pairs have high liquidity. BTC ETH has 1.800% APR.
Shiva
Crypto currencies are not so popular in Southeast Asia market, some countries like Vietnam, Philippines, Indonesia, etc. Do you have any plan to reach these potential crypto countries?
Ashwin Yardi | Cryption.Network
Hey yes, we are also working closely with a lot of Vietnamese and Japanese influencers. Crypto is global. Even if we are proud of the fact that we are Indian, Crypto should bot discriminate.
আব্দুল্লাহ
There isn’t much information about project on the website, so I would like to know about the development of the project. Can you share with us the most important goals you plan to accomplish this year?
Tejas | cryption.network
We are going to bring high TVL and high volume trades to PolyDEX. Bringing in new users using our cryption wallet app.
Amir Mahamud
Community is very important for a project. When you are creating your project, do you consider feedback and demands from the community?
Ashwin Yardi | Cryption.Network
Yes, from day one we are saying that we are a community-oriented project. ^0% of the tokens go to the community. The community will control the ecosystem in future.
CRYPTONECO
According to a study, many people see crypto as a complex and dark field, even though they want to invest in cryptocurrency. How can Cryption help this audience access a steady stream of assets to introduce new users to crypto and DeFi?
Tejas | cryption.network
We will give high APRs and low barrier to entry (app and gasless) https://play.google.com/store/apps/details?id=com.cryption.app
