BlockTalks x Cryption Network AMA Transcript!
We recently hosted an AMA with Cryption Network, on July 30th at 1.30 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Ashwin Yardi, CTO of Cryption Network & Tejas Chitnis, CEO of Cryption Network. So here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Introduction Questions Asked By Team BlockTalks!
Q1. Could you please introduce PolyDex to our audience? Is it audited?
Ans — Yes PolyDEX is audited by CertiK. We have also made our audit report live.
PolyDEX is a dex which is completely gasless, including the farms that we offer.
Peeps can find the audit report on app.polydex.org
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.
PolyDEX is determined to build liquidity by using partnerships. We want communities to trade on polydex.
Right now we have Mahadao on our IFO page.
- Attractive but sustainable APRs which 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 blocktime).
- 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.
Q2. How PolyDex is different from other alternatives available in the ecosystem?
Ans — Polydex is completly gasless,
We are giving out trading fees back to the stakers.
- Attractive but sustainable APRs which 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 blocktime).
- 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.
You can stake CNT to get xCNT which is a share of the protocol and trading fees.
The tokenomics is what sets he polydex apart.
Q3. Please tell us something about pools, Farms; how much APRs are available for farmers, liquidity providers.
Ans — So we have 13 core farms. Three farms with highest rewards are: CNT-MATIC, CNT-USDC, CNT-ETH
On our Dual farm which is a MAHA CNT pool you can get 2745% APR.
This gives you rewards in MAHA and CNT. Highest APR available overall in farms is around 1300 %.
Questions Asked on Twitter For Cryption Network Team!
Q1. What do you guys think is necessary to compete with the top tier projects offering similar products like yours? Like Functionalities , Use-cases, Marketing, etc. How will you achieve being a globally known project?
Ans — First of all, if a project lacks innovation, then its ddificult to survive in this constantly updating space.
So what is required and which of most important is innovation.
We will be adding quite a lot of innovative features like: single sided liquidity, social logins, cross chain interactions, integration within mobile app.
We will become a top tier project. We have a few things that make us differnt.
-Easy access from the Cryption Wallet app
-the UI/UX
- Gasless fees
- Easy on off fiat ramp.
Our foucus is on the users and ease of use.
Q2. Bear market will not be easy for a new project to survive. We have seen so many projects failed to survive in this bear market. Have you thought about this? What are CryptionNetwork’s plans on surviving through this bear market?
Ans — Indeed, impact of market is real. But we are builders and we will keep on buiding. You build in bear and be prepared for next bull.
We ar focused on the long term developement. So we are running the exchange with a lower block rate than the competition.
What this means is that. While others are heavily diluting there circ supply, we are moving along steadly.
Q3. Reading about the project they mention being a "Made In India" product which strongly caught my attention, so, do they plan to be a product exclusively for the Indian market? Or do you have aspirations to be global? How do you interact with international communities?
Ans — We are going be a global company. But being in India we will use that to our advanatage. We can get a lot of users by marketing here.
The cryption wallet app will also help in onboarding the, but the app work in all contires even in the USA.
Even though we are proud of the fact that we are Indian, crypto is global and for sure, cryption network is global as well.
e.g. our dex is equally accessible to people from different parts of the world. Plus we are also going to conduct marketing campaigns in different parts of the world.
Q4. I noticed recently that Cryption has released "Cryption Network Wallet". Can you explain more about it? how is it different from other multi-crypto wallets nowadays? what are the advantages of Cryption Wallet or what new features might attract users to use your wallet?
Ans — So Cryption network wallet is launced on android.
How is it different? It has polydex integrated already also has fiat on-off ramp via transack plus we have also integrated our partners e.g. Mahadao and Unilend.
Q5. You recently updated some features of your mobile DApp, including TheMahaDao's $ARTH triple reward farming. Could you explain the utilities and benefits this inclusion will bring to Cryption users? What exactly is this triple reward farming all about?
Ans — The triple rewards are not live yet and will be soon. Right now we have dual rewards with MAHA and CNT this puts buy pressure on the CNT and MAHA. As you need both to stake the LP.
Questions Asked by our BlockTalks Community Members during live Session to Cryption Network Team!!
Q1. Are you afraid some day there will be another project with more innovative technology can replace your project?
Ans — It’s the cycle and thats how world makes progress. Never afraid of being replaced. We will keep on innovating.
Q2. I realized that Cryption Network use the polygon 2 layer to operate, but apart of it, do you have plans to add more chain compatibility soon?
Ans — Yes for sure. We are already considering arbitrum. Layer 2 solutions provides much needed scalability and our ability to stay gasless.
Q3. What is Crption Network’s vision of the future and is there NFT in your product?
Ans — Our vision is to bridge the gap between normal retails users and DeFi. We want to bring more and more people in crypto. As for NFT, we are considering NFTs as membership tokens for Cryption Network ecosystems.
Q4. Cryption Network will only be in charge of simplifying the functions that are already common in the market? Or are they really innovating by creating better and simpler products?
Ans — We will be creating newer application as well as improving old ones.
Adding single sided liquidity cross chain staking gasless transaction etc.
Q5. The user community is what gives projects value and life. What are Cryption Network plans to attract the community? What kind of help does he expect from the community?
Ans — From the day 1, we have been saying that cryption is community oriented project. Our tokenomics reflect that. 60%of the supply is reserved for the community. Also when we launched yield farming, we didn’t give insane and difficult tot control block rewards.
Q6. Exactly which strategy does Cryption Network use to prevent your token from suffering inflation? How do you prevent the loss of value of your currency? And The goal of the DeFi is to create a new financial system that eliminates subjectivity, and inefficiency by relying on programmable terms, Does your project support this vision and how does it participate in the DeFI?
Ans — We have a very low block rate this means we have a low TVL but that gets compensated buy the volume and burning as well as staking.
