Krystal welcomes newest protocol integrations, bringing users access to 9 new DeFi services
TL;DR
- Users can now swap tokens on the Polygon network via KyberDMM, SushiSwap & QuickSwap, and earn interest on Polygon by supplying tokens on Aave V2.
- Users can now earn interest on Binance Smart Chain by supplying stablecoins on Venus Protocol — BSC’s top marketplace for lenders and borrowers. For token swaps, SushiSwap has been integrated as a new DEX to provide users with even more token options and rates.
- With our newest integrations with KyberDMM, Uniswap V3 and SushiSwap DEXes, Krystal continues to provide the best rates and limitless options for token swaps on Ethereum.
It is no secret that Krystal’s long-time endeavour is to be THE multi-chain platform for users to easily access all popular decentralized finance (DeFi) services. This past week, Krystal has steadily rolled out a series of new updates — a major step forward in our crusade.
Table of Content 📖
1. Krystal expands to Polygon
At launch, Krystal first supported the most popular DeFi services on Ethereum — token swapping and earning passive income. Soon after, we brought to users the benefits of fast & cheap transactions in our next major update — integrating with PancakeSwap to enable token swaps on Binance Smart Chain (BSC).
We are now happy to announce that Krystal has expanded to the Polygon network (known formerly as Matic), a popular platform for Ethereum scaling and infrastructure development. Polygon has been gaining traction in the DeFi-sphere; its transaction speed and extremely low transaction cost have made it a popular alternative to Ethereum. Its scaling solutions have seen widespread adoption, with ~200 million USD in trade volume and over 1.3 million unique users.
Krystal users will now gain access to multiple liquidity sources on Polygon via integrated DEX protocols KyberDMM, SushiSwap & QuickSwap, and can earn interest by supplying tokens on Aave V2.
Support for Polygon network is available on all platforms — iOS, Android and Krystal Web.
i. Users enjoy lower slippage on token swaps with Krystal’s native integration of KyberDMM
KyberDMM is the world’s first Dynamic Market Maker on DeFi with extremely high capital efficiency and flexibility.
When you swap tokens via KyberDMM, it automatically goes through all its liquidity pools available to find the pool with the best price (that also supports the trade size). As trades go through amplified pools, you enjoy lower slippage due to much higher capital efficiency.
With KyberDMM’s recent deployment on the Polygon network, Krystal users can now query KyberDMM for the best token swap rates on both Ethereum & Polygon.
ii. Users can swap tokens exclusive to SushiSwap across all our supported blockchains, with Krystal’s native integration of SushiSwap
SushiSwap is one of DeFi’s top Automatic Market Maker (AMM) available on top blockchains and layer-2 solutions.
With Krystal’s integration of SushiSwap, users can now enjoy swapping a variety of popular tokens that are not available on other AMMs. Available on all three of our supported blockchains — Ethereum, BSC and Polygon, you can choose your preferred network to transact on!
iii. Krystal brings you access to QuickSwap, a top DEX on Polygon
QuickSwap is one of the leading DEXes powered by Polygon Network’s layer-2 scalability infrastructure. With Krystal’s integration of QuickSwap, you can trade any ERC20 asset at lightning-fast speeds with near-zero gas costs.
iv. Earn passive interest by interacting with Aave V2
Aave is the leading liquidity protocol for earning interest on deposits and borrowing assets on Ethereum and Polygon. If you have previously deposited tokens on Aave (on Ethereum), we’re sure this new update will be much welcomed.
With Krystal’s expansion to Polygon, you can now:
- Switch to the Polygon network
- Access the “Earn” tab
- Start depositing tokens and generating interest with Aave V2, whilst enjoying lower gas fees
v. Earn Krystal Points on Polygon
And of course, Krystal’s exclusive rewards program does include trade activities on Polygon.
- Import your wallet on Krystal.
- Go to the “Krystal Points” tab. You will be able to see the referral codes assigned to your wallet address.
- If your wallet supports more than 1 network, the same referral codes will be applied to your wallets on the other networks.
- For example: Metamask supports all 3 networks. I have the same wallet address across Ethereum, BSC and Polygon, so I have the same referral codes across all 3 networks.
- Krystal Points will differ based on the blockchain you earn it on. This means for trades on Ethereum you earn eKP, and trades on BSC earns you bKP.
- For trade activity on Polygon, you earn pKP, which you can then redeem to MATIC.
To learn more about Krystal Points and the Referral Program, you can read about it here.
2. Earn interest on Binance Smart Chain with Venus Protocol, now supported natively on Krystal
Since Krystal’s expansion to BSC in late May 2021, it has been long anticipated for Krystal to support earning tokens on BSC as well.
We heard you! With Krystal’s integration of Venus Protocol, you can now supply BEP-20 tokens on Venus to earn interest. Venus is the biggest decentralized marketplace for lenders and borrowers on Binance Smart Chain. It currently supports 16 cryptocurrencies, including stablecoins like USDT and BUSD.
To start earning passive income:
- On your preferred Krystal interface (iOS, Android or Desktop), switch to Binance Smart Chain
- Access the “Earn” tab
- Select the token you wish to deposit to Venus, and start earning interest!
3. Three new Ethereum DEXs now available on Krystal for the best rates and seamless trading experience
In addition to KyberDMM and SushiSwap, we would also like to welcome Uniswap V3 into our Ethereum ecosystem. V3 comes with unique features like concentrated liquidity and multiple fee tiers, which benefit both market makers with fee optimization and traders with low slippage trades and slightly cheaper gas!
4. What’s next?
This is only the beginning. We aim to be the gateway for everyone in DeFi and crypto, so it is vital for Krystal to keep moving forward by introducing features that are market-fit and support the latest trends in crypto. Our next initiative includes providing access to non-fungible tokens (NFTs) and staking on Krystal soon.
In our recent $6.6M fundraising announcement, Sunny Jain (CEO at Krystal), mentions the plans for these features. He shares in a piece with The Block Crypto,
“[p]lans are still in initial stages, as Krystal’s research and development team is still working on concrete steps on development and implementation. By end-August, we expect to start rolling out elementary features at these fronts.”
Expect more news regarding these features soon!
Navigate the DeFi Space now with Krystal!
Start your journey NOW on Desktop, iOS or Android
Social Media
- Main website: https://krystal.app
- Twitter: https://twitter.com/KrystalDefi
- Telegram: https://t.me/KrystalDefi
- YouTube: https://www.youtube.com/channel/UC716IG8wwq-hWWn4157EQ-Q/featured
