Crystl Finance
| Website | https://www.crystl.finance/ |
|---|---|
| Launched | June 21, 2021 |
Crystl Finance is a decentralized application (dApp) operating on a number of decentralized network protocols; including Cronos, the official blockchain of Crypto.com as well as Polygon, a layer-2 scaling solution on Ethereum. Using smart contracts, the Crystl Finance application facilitates transactions between cryptocurrency tokens to provide passive income as a service.
History
Crystl Finance and the CRYSTL cryptocurrency token were created on the Ethereum layer-2 Polygon network on June 21, 2021[1] under the name PolyCrystal Finance. One of ten projects in a strategic partnership with ApeSwap[2], PolyCrystal Finance initially launched as a yield farm aiming to incentivize liquidity[3] for the ApeSwap decentralized exchange & automated market maker.
In September 2021, PolyCrystal Finance was rebranded[4] to Crystl Finance to better align with the ambition to be available on blockchain networks other than Polygon.
Overview
Crystl Finance provides passive income as a service through the use of "Vaults", smart contracts that allow investors to utilize "yield farming" rewards earned on third party platforms to achieve compound interest on their cryptocurrencies. Vaults maximize the total yield accumulated through interest in the form of fees, as well as the value of additional tokens received as rewards.
Changes to the Crystl Finance protocol are voted on by owners of the native governance cryptocurrency token called CRYSTL.[5] The token also serves a purpose in giving holders a right to a portion of the revenue generated by the protocol. By providing liquidity for the CRYSTL token on a decentralized exchange application recognized by the Crystl Finance protocol, holders have the ability to continuously earn dividends paid out in the form of the native blockchain's token.
References
- ↑ polygonscan.com. "Polygon Transaction Hash (Txhash) Details | PolygonScan". Polygon (MATIC) Blockchain Explorer. Retrieved 2022-02-28.
- ↑ "ApeSwap Gears up For Ecosystem Launch on Polygon (MATIC) Bringing Along 10 Projects". www.bsc.news. Retrieved 2022-02-28.
- ↑ cxsteam (2021-07-23). "PolyCrystal — The Polygon Yield Farm for DeFi Veterans and Newcomers Alike". Polygon Times. Retrieved 2022-02-28.
- ↑ metehan (2021-09-29). "Crystl Finance: New Gen. Premier Vaulting Yield Optimization Platform - BSC NEWS". Retrieved 2022-02-28.
- ↑ "Snapshot". vote.crystl.finance. Retrieved 2022-02-28.
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