In the crypto and blockchain marketplace, projects must innovate in order to remain relevant in the constantly evolving industry. Any project that fails in innovation will certainly be left behind. Projects like Cryption Network appear to understand the importance of evolving to stay relevant in the market.
Adding new features to the already existing ecosystem goes a long way to help retain your users as well as proffer solutions to the issues facing the industry. This is what only a few crypto and blockchain projects understand. The booming crypto industry has been attracting players who only want to make money without offering real value to the community. It is only a matter of time before such projects will be identified and abandoned by the crypto community.
Cryption Network is gearing up to launch POLYDEX on polygon Mainnet. What does it hold for the DeFi marketplace in general and the Polygon community in particular? First, let’s take a look at what Cryption Network is all about.
The Cryption Network Ecosystem
Cryption network is an ecosystem with different DeFi products for retail users. According to the Cryption whitepaper, the goal of the project is to increase the adoption of crypto products by helping retail crypto users enjoy the marketplace. It is a cross-chain automated money maker (AMM) decentralized exchange that also allows users access to yield farming activities.
With the high cost of gas fees on most traditional AMMs, a high number of retail users find it economically unwise to trade on such platforms. For instance, it costs about a $50 swap on Uniswap, thus making it practically impossible for community users to benefit from the most DeFi derivatives.
Cryption Network revealed three major issues hindering the mass adoption of crypto and DeFi products. These issues include:
Lack of good user interface (UI)
Poor user experience has made it difficult for less tech-savvy individuals to embrace cryptocurrency and other DeFi products.
Decentralized, Scalable & Secure
Also known as the Blockchain Trilemma, we do not compromise on any of these three facets and have opted to build on Layer 2 for scalability.
High transaction cost and scalability
With the high gas fees on the Ethereum network, most people find it difficult to use any of these products.
To solve the problems highlighted above, the Cryption blockchain network decides to launch and utilize the robust Matic blockchain (now known as Polygon).
Cryption Network seeks to leverage the Polygon blockchain in following ways:
Building on Layer 2 minimizes the transaction fees which are then born by Cryption Network, thus enabling zero gas fee for users.
All Cryption Network Products will be seamlessly integrated across the entire ecosystem and bundled into a single user friendly app.
Incentivizing a strong & sustainable development of the entire ecosystem by following industry best practices. Protocol fees will be used to reward CNT token holders and also to burn CNT from the circulating supply.
The Cryption Network hopes to utilize these features to simplify the transition from fiat to crypto assets for retail investors. Cryption Network also has its Cryption Wallet , which will be alongside POLYDEX. The app has a dApp browser for both the Polygon and Ethereum blockchain protocols which will make Cryption products more accessible. However, the major goal of the Cryption App is to onboard non-crypto users into using decentralized applications (dApps).
PolyDEX is an AMM decentralized finance exchange that utilizes a special yield farming model known as elastic yield farming. Elastic farming is a special approach whereby the farm token can be changed dynamically following a given formula. The farm token distribution will either increase or decrease, depending on the price of the token. If the token value decreases, the number of farm tokens given out will increase in order to incentivize liquidity providers to provide liquidity. The features of PolyDex include the following:
- 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.
According to the Cryption Network roadmap, the PolyDex launch will usher in a new era in the DeFi marketplace. It is also the beginning of something great for the Polygon blockchain protocol.