What inspired you?
- Crystl Finance was launched in June 2021 on the Polygon (Matic) network as a yield farm. We launched alongside our partner, ApeSwap Finance, who is one of the leading Decentralized Exchanges on BNB and Polygon. We were inspired to create Crystl Finance as the team and I are long-time Crypto and DeFi users, and we wanted to create our own project to grow the DeFi Ecosystem.
What does it do?
- Crystl Finance is a Yield Maximizer & Vaulting Platform on the Cronos, Polygon (Matic), and BNB blockchains. We offer Vaulting as a Service to DeFi and Blockchain projects as well as users in order to help them maximize their liquidity and earnings.
How we built it
- We have released our own unique Vaulting and Yield Maximizing Strategies through our V3 Vaults and Ultra Farms which have been fully audited (link to audit: https://polycrystal.gitbook.io/polycrystal-finance/security/v3-vault-audit-by-hashex). With V3, we are able to streamline the user experience with our Zap Functionality which allows users to go from a single token to an LP deposited in the Vault in one transaction. We can also “Boost” our Vaults with additional rewards in order to build greater liquidity and attract new users. These will also allow further maximization of liquidity on BitTorrent Chain as well as reduce sell pressure on projects’ tokens which will help native token prices increase over time.
Challenges we ran into
- The main challenge we ran into was differentiating ourselves from other DeFi projects and yield aggregators. We solved these problems by building our own unique brand and creating our own novel code and features that are only on Crystl Finance. During Q1 of 2022, we worked with a professional branding consultant to shape what we wanted the Crystl brand, look, and feel to be. Since then, we have performed an entire site redesign and rebranding to give Crystl Finance a premiere, polished brand that sets us apart from the competition. Through the creation of our V3 Vaults and Ultra Farms, we were able to have our own novel features to set ourselves apart from other major yield aggregators such as Beefy and AutoFarm.
Accomplishments that we're proud of
Crypto.com DeFi Wallet - Crystl Finance was one of the first projects to be integrated into the Crypto.com DeFi Wallet App. Through this, Crypto.com users are able to directly interact with and invest in our Vaults.
- Received Grant from IoTeX to launch Vaults on their Network - IoTeX community voted for Crystl Finance with an initial allocation of $5,000 and total of $20,000 once TVL and user milestones are reached: https://community.iotex.io/t/accepted-crystl-finance-yield-maximization/8178
- Created, Audited, and Launched our own Novel Yield Aggregation Code - For the past 6 months, we have been working on our own innovative code which passed a full audit and has been launched on Polygon, Cronos, and BNB Networks: https://polycrystal.gitbook.io/polycrystal-finance/security/v3-vault-audit-by-hashex.
What we learned
Throughout the past year, we have primarily learned what it takes to be a successful DeFi protocol with a business model, create safe and novel contracts, and how to work with other projects productively to build up the entire DeFi Ecosystem.
Too many times over the past year have we seen projects fade away due to not planning their financial budgets effectively or deploying faulty & unaudited code which has resulted in vulnerabilities and loss of user funds. At Crystl Finance, we have created a business model that is effective and have regular reconciliations to ensure our protocol has adequate runway for the months ahead. With any new features we release that have novel code, we have run them through an extensive auditing process with a reputable auditing firm before deploying to production.
Many traditional Yield Aggregators can actually harm DeFi protocols and ecosystems by constantly selling inflationary tokens to form more LPs. This leads to TVL and token prices on a blockchain decreasing, which in turn can lead to lower numbers of users as well; however, with our new Ultra Farms, we are able to create new strategies that allow for token yield maximization without producing heavy sell pressure. This means users and protocols can earn more while keeping the Ecosystem healthy and thriving. Our V3 Vaults also allow for multiple contracts and strategies to be stacked on top of each other allowing Crystl Finance to create innovative strategies for all kinds of DeFi projects.
What's next for Crystl Finance
Our short term vision is to launch our novel code on multiple blockchains to expand our userbase and build up our platform. As we mover to new blockchains, we will partner with the leading Decentralized Exchanges to create V3 Vaulting and Ultra Farm strategies for their projects and strengthen their platforms. With our current projects, we aim to have over 100,000 active monthly users and $10,000,000 TVL in the next 6 months.
Our long-term vision of Crystl Cross-chain expansion and development comes in 3 phases (full presentation here:https://www.beautiful.ai/player/-N2lG199RfAngm_3flmn/Crystl-Vision) :
Phase 1: Novel Yield Integration
This comes in the form of our V3 Vaults and Ultra Farms which support and build DEXes and DeFi projects. Our novel code will give users numerous ways to invest as well as allow for smart contracts to be built on top of one another creating innovative chains for yield maximization and wealth management.
Phase 2: Cross-Chain Strategy
Crystl will expand to multiple new blockchains with marketing support, protocol introductions, strong grants & incentives, and aligned visions to ensure an effective launch. With our expansion, we incorporate our in-depth website analytics to create agile marketing dashboards to consistently improve and optimize the user journey and experience.
Phase 3: Cross-Chain Smart Yield Aggregation
Our final phase will introduce revolutionary new ways for users to seamlessly maximize their yields across multiple chains.
- Simplified User Flow - Users are able to deposit the tokens that they own, choose the earning token that they want, and select their risk tolerance to achieve the ultimate personalized strategy
- Off-chain Machine Learning and Graph Algorithms - Based on the selected criteria, an off-chain database uses ML and graph database algorithms to route the optimal path of yield aggregation across different chains and earning opportunities.
- Cross-chain Compatibility - Using the algorithms, users' funds are sent or leveraged across multiple chains without them having to worry about or using new chains.
Crystl Business Model
The Crystl Treasury & Runway are funded by performance fees on our Vaults and Ultra Farms; the current rate is 5%: 4% goes to the Treasury and 1% goes to our Revenue Sharing for our $CRYSTL token. We have built the Crystl Ecosystem to work in a positive, productive cycle so that as our TVL and platform increases, so does the demand for our governance token, $CRYSTL. In the same way, our Treasury, Marketing, and Business Development budgets increase as well.