Krystal App — Telegram AMA — June 08
On Tuesday, June 08, we had the pleasure to welcome to our Telegram chat:
Sunny Jain, CEO, and
Jason, Head of Marketing.
We asked them questions about the development of Krystal App.
Some sentences have been slightly edited for readability but the meaning has been conserved.
Summary
Krystal is a brand new non-custodial app with an immersive and frictionless DeFi user experience that will save users time, money, and effort by consolidating the best DeFi services under one roof.
Krystal Point is the Point-Based Reward system on Krystal which allows the user to convert to ETH and transfer to his wallet. Krystal Point is not an ERC-20 token. It is also neither transferable nor tradable.
Krystal will provide convenient portfolio management tools so that users can easily monitor and track their assets across multiple platforms. Users can easily source for DeFi opportunities, rebalance their portfolio, and manage their liquidity pools and yield farms all within one intuitive, user-friendly interface.
All Krystal smart contracts have been fully audited by external third parties. These smart contracts are basically wrappers for multiple DeFi services such as Uniswap, Kyber Network, Aave, Compound, Sushiswap etc. Krystal only integrates projects which have also undergone smart contract audits.
Introduction
Q — Ayeley from GAINS: What did you do before crypto and did you have any other previous venture in crypto? What is your role at Krystal App?
A — Sunny from Krystal: I’m Sunny, CEO of Krystal. Before Krystal, I had led the development of multiple Fintech products from ideation to execution for major players in the market like Apple, Global Blue, and Alipay. Having since expanded my expertise to the DeFi market. I now dedicate my time to developing Krystal to achieve its aim of being every user’s go-to for everything DeFi.
A — Jason from Krystal: My name is Jason — Head of Marketing at Krystal. Prior to Krystal, I have worked at one Forex company, then KyberSwap — a DEX utilizing Kyber Network protocol. I only dove down into blockchain/crypto in the middle of 2019, when I was looking for some of the most suitable ways to invest my money. The more I researched, the more interested I am in this industry. In a stroke of luck, KyberSwap was recruiting a Marketing Manager at that time & of course, I couldn’t miss that chance. After 1.5 years, we decided to revamp KyberSwap to a totally new full-fledged platform called Krystal. That’s why I’m here today.
About Krystal App
Q — Ayeley from GAINS: What is the project about in a few simple sentences? For how long have you been working on the project? And how many people are on the team?
A — Sunny from Krystal: Krystal is a brand new non-custodial app with a frictionless DeFi (decentralized finance) user experience that will save users time, money, and effort by consolidating the best DeFi services under one roof.
Additionally, the main goals we are heading to are:
— A simple UI/UX for all Defi touchpoints. Protocols are integrated directly so users can access them straight from the app, such as Uniswap, Kyber, SushiSwap (on Ethereum), PancakeSwap (on BSC), and other protocols on other chains in the future.
— The easiest place for users of all levels can earn passive income from lending via AAVE/Compound/Venus, liquidity mining, and commission from referral codes
We’ve been working for the last 6–7 months. However, the app was launched 2 months ago. We are a team of over 20 people.
Q — Ayeley from GAINS: Simple UI/UX is very important for mass adoption, is this what you are aiming to achieve?
A — Sunny from Krystal: Yes, of course. As DeFi is growing day by day, there are many advanced actions users can do such as liquidity mining, and yield farming. However, in order to access these different features, users currently have to navigate through complicated UI from multiple platforms, learn the nuances of directly using each of them, and compare rates and gas costs before making a final decision. We call it a “multiple tab problem” For instance, if someone wants to earn a yield on USDC, he has to decide — if he wants to deposit it on Compound, AAVE, or another platform, — OR provide liquidity in an AMM pool, — OR perhaps even deposit it at a centralized exchange. Each option provides different yield returns and has different risks involved, and it is challenging to track assets across different platforms using multiple tabs. Overall, this could be overwhelming and frustrating. We believe that we can reduce these complexities and greatly simplify the DeFi experience so we can attract more users of all levels to the DeFi world.
Q — Ayeley from GAINS: You also talked about the possibility of earning commission from referral codes. Usually, I only see referral programs on centralized exchanges but I haven’t seen it on a Decentralized wallet before. Could you give me more details about how Krystal’s referral program works?
A — Jason from Krystal: So in a nutshell, Krystal allows you to be an affiliate and refer the Krystal app to your friends to earn rewards. We’ve built a comprehensive point-based reward system that we call Krystal Points. As a user, you can earn Krystal Points through multiple avenues (e.g. a referral link) and redeem all your Krystal Points. Then the interesting thing is you can convert Krystal Points to ETH (on Ethereum), to BNB (on BSC) with one single tap on the app.
The ways to earn Krystal points may include (among others):
— Joining Bonus — Any users upon successfully installing and importing a wallet in the Krystal app will get certain Krystal points. — Streak — Any users who successfully complete 100 swap transactions at Krystal will get some Krystal points.
— Learn & Earn — Any users who successfully learn about any blockchain projects via the Krystal app will be entitled to Krystal points.
— Retweet campaign — Users are motivated to retweet a specific tweet and some users are randomly picked by the Krystal team and are given Krystal points. Users can redeem these points for ETH.
— Referral — Users can invite their friends to use the Krystal app and earn rewards in Krystal points. Reward amount may vary depending on how much and what activities their friends perform on Krystal.
And here how our Referral Program works:
When creating or importing a wallet in Krystal, 05 Referral Codes will be automatically generated for the User (Referrer) to send to the friends (Referees).
If a new User creates/imports a wallet and perform a digital asset swap in Krystal via a Referral Code, the Referee’s Trade Volume will be used to calculate Tiers for the Referrer and the Referee following the structure given below:
— Referral Code 1: 100% for the Referrer’s Tier — 0% for the Referee’s Tier.
— Referral Code 2: 75% for the Referrer’s Tier
— 25% for the Referee’s Tier.
— Referral Code 3: 50% for the Referrer’s Tier
— 50% for the Referee’s Tier.
— Referral Code 4: 25% for the Referrer’s Tier
— 75% for the Referee’s Tier.
— Referral Code 5: 0% for the Referrer’s Tier
— 100% for the Referee’s Tier.
Each wallet of a Referee is associated with one Referral Code generated by a Referrer. Neither the wallet nor the Referral Code can be replaced. In order to get 05 Referral Codes, the User needs to import a wallet (or create a new wallet) to Krystal, then access the Explore → Krystal Point → Referral tab. The User can find 05 Referral Codes associated with his wallet on this screen. Each Referral Code can be used to introduce multiple Referees.
So for example, if Alan downloads the Krystal app and imports his Ethereum wallet, Alan will be given 5 Referral Codes which he can share with anyone. Alan shares Referral Code 3 (50%-50%) with Jake. Switching to Jake, he refers Alice with Referral Code 2 (75%-25%) and Bob with Referral Code 3 (50%-50%) to Krystal. Both Alice and Bob don’t refer anyone to Krystal. Suppose during a month, the Trade Volume of Jake, Alice, and Bob is 50 ETH, 100 ETH, and 30 ETH respectively. Thus, the Confirmed Volume to calculate their Tiers will look like this:
Confirmed Volume of Alan = 50% * (Trade Volume of Jake) = 50% * 50 = 25 ETH
Confirmed Volume of Jake = 50% * (Trade Volume of Jake) + 75% * (Trade Volume of Alice) + 50% * (Trade Volume of Bob) = 50% * 50 + 75% * 100 + 50% * 30 = 25 + 75 + 15 = 115 ETH
Confirmed Volume of Alice = 25% * (Trade Volume of Alice) = 25% * 100 = 25 ETH
Confirmed Volume of Bob = 50% * (Trade Volume of Bob) = 50% * 30 = 15 ETH
Q — Ayeley from GAINS: And is there a minimum amount of KPs you have to accumulate before you can convert to ETH or BNB?
A — Jason from Krystal: We don’t set the minimum requirement. However, the user needs to interact with our contract to claim ETH & BNB (so please make sure that the number of ETH & BNB should be worth enough to claim it).
In addition, when we support Polygon Matic & Solana, so people also can earn fees in Matic & Sol as well
Q — Ayeley from GAINS: Ok, so the thing you might want to announce to GAINS members: the strategic partnership between GAINS <Krystal. We already had a teaser announced some minutes ago and the group was already being flooded with questions about that. It would be reasonable if the official words come from you. So, what is it?
A — Jason from Krystal: We’re happy to announce the Strategic Partnership between GAINS Associates and Krystal. Krystal app is known as a hub connecting all Defi projects to end-users, and GAINS is the World’s First Decentralized VC & Ultra High Return Deals for Everyone, so we think we can collaborate to create a mutual benefit for both two communities. Krystal team will get back to GAINS with various activities such as:
- Welcome bonus for users from GAINS (announced GAINS admins right after this AMA)
- More AMAs & Airdrops, Learn & Earn from partners of Krystal (we have a good reputation in the crypto space)
- Exclusive trading contests for GAINS users.
- And other exciting co-marketing campaigns will be announced.
Ayeley from GAINS: So here are the details of the Welcome bonus — an exclusive campaign for GAINS members: The first 3,000 wallets under the GAINS code will be eligible to receive 10 eKPs (~ 0.001 ETH) & 5 bKPs (~0.0005 BNB) when installing Krystal app & importing this code: DHUDKQFW 🎉 In order to get the bonus, all you need to do is:
- Step 1: Install Krystal app (available on both Google Play Store & App Store, or you can find the download links here: https://krystal.app/
- Step 2: Create/Import your wallet into the app
- Step 3: (Very important) You need to enter the ref code = DHUDKQFW
Then you can see 10 eKsP on your Ethereum wallet & 5 bKPs on your BSC wallet right away. However, the claim function will be enabled later. During that time, you still can accrue more Krystal Points with referral programs & other promotional activities in the app. For full information on this Welcome Bonus, please read this article.
A — Jason from Krystal: Also, 0.001 ETH & 0.0005 BNB could sound not attractive anymore. But please keep in mind that just the bonus at the beginning to welcome you to Krystal App. After that, we will do multiple activities in a row for Krystal users & GAINS users to earn more Krystal Points in the app. So please enjoy the welcome bonus, stay tuned & bear with us! 😎
here’s the app interface
Q — Twitter user @meml97: “I saw that Krystal will have a feature called Krystal’s Earn made for users who don’t want to take risks from the volatility of the market. Can you explain to us more about this feature? How does it protect users from market risks? What do users need to do to use this feature?”
A — Jason from Krystal: Basically, Krystal offers a new feature to earn passive interest i.e. deposit tokens on different platforms to earn interest easily. You can deposit and withdraw at any time. Furthermore, there are no additional platform fees on deposits and withdrawals.
To offer this service, Krystal has natively integrated with popular money market protocols Aave and Compound on Ethereum (Venus on BSC is in our roadmap). Together, these protocols have over $23B worth of assets locked and used to help users earn interest. Users can decide which platform to deposit/lend tokens to earn interest. More specialized platforms will be integrated soon to make earning higher interest and maximizing the use of capital a seamless process for everyone!
32.9% interest on sUSD.
Q — Twitter user @DERRYN82: “Built by the same team behind KyberSwap and suggested to users of KyberSwap to migrate to Krystal. What were the main points you made in your new project (Krystal). Why not make more development for the KyberSwap platform, which one was more effective?”
A — Sunny from Krystal: Barely 2 years after the launch, the KyberSwap app became one of the most popular DeFi applications in the world and has facilitated token swaps for thousands of users. KyberSwap as the name indicates was limited to “swap” functionality, but we wanted to do a lot more. DeFi is very dynamic & in order to adapt to the fast-changing needs, we sought to build an app that is both inclusive and innovative, that could provide a wide range of exciting features that can be easily and securely accessed by users from all walks of life. The Krystal app gives us more freedom to pursue this purpose. 🙏
Q — Telegram user Kaulxp: Krystal aims to be the hub that connects many Defi projects to end-users. Are there any special requirements for the project you are connecting to?
A — Sunny from Krystal: Yes, we do look at the long-term sustainability of the project. We do have a framework that we use to measure the strategic fit of any project. We look from several dimensions :
1) Number of users using the project
2) ease of integration
3) sustainability
4) security of project
5) team behind the project
Token
Q — Telegram user Ariana🌷: What is the utility of Krystal Points and how can I trade them?
A — Sunny from Krystal: Currently Krystal points can be accumulated and converted to ETH (on ETH chain) and BNB (on BSC). You can’t trade Krystal points. Krystal points are a reward that you can earn. It’s actually a cool way to earn crypto without buying. I know a few people who look it through that lens.
Security
Q — Twitter user @KoltaMochiele: “Has any audit been done by your project? How secure is it to use your platform? Tell us about adopted security measures and what steps will you take so that your security can last in the long term?”
A — Jason from Krystal: Yeah, security is the top concern for us. All of our smart contracts have been audited carefully before they were published. We also test the contracts many times to make sure that there is no security issue for end-users
A — Sunny from Krystal: We do multiple rounds of testing. We have an internal department for testing that first tests extensively. Post this we pass it to our friends in other companies to do testing. Lastly, we get a proper 3rd party audit company to test the code. The audit report is available at our Github account.
Business Development
Q — Ayeley from GAINS: What stage is the project at?
A — Sunny from Krystal: Krystal was launched on 20 April & since then we have added a lot of new features, let me give you a glimpse of what all Krystal has to offer.
Platform — Krystal app is available on both Android & iOS. Our team is working very hard to launch the desktop version. Expect the good news in a week or so Supported Chains — Ethereum & Binance Smart Chain (BSC). Users can now swap their token through PancakeSwap on BSC or Uniswap on Ethereum. In the very near future, we are going to support Polygon as well. Features — Currently supporting Swap & Lending. We also offer a referral as explained by Jason just now. We are also working with many DeFi Dapp to integrate them directly into the app. We are very positive that Krystal will become the one-stop-shop for all DeFi users of all levels by the end of the year.
Thank you for coming in today, Sunny and Jason. It was a pleasure having you in our group today, and taking the time to answer our questions. Anything else you’d like to say? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS Associates
Thank @ACommodore & GAINS community for an interesting AMA. We hope you will enjoy the Welcome Bonus & we will meet you again in our app. Furthermore, we will come back to GAINS Community with other exciting activities in Q3 2021.
Don’t forget to learn more about Krystal & subscribe our channels for further infomation: — Website | Twitter | Official Telegram group | Announcement channel | Medium | Youtube — Jason Vu from Krystal App
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