On June 5th 2021, our community had a chance to welcome Mr. Ashwin Yardi and Mr. Tejas Chitnis – CTO and CEO of Cryption Network to join in an AMA to give fruitful information about the key features and roadmap of Cryption Network – an Elastic Farming and Partner Farms platform with PolyDEX Layer-2, Seer Prediction Market No-Code with DefiStack. Swap, Farm, Invest and Predict with Cryption's unique and user friendly DeFi 2.0 products.
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the lastest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
At this AMA, the guests directly greeted the community and provided detailed information on Cryption Network as well as some key products and future plans.
Time: 08:00 PM (UTC + 7) on Saturday, June 5th, 2021
Airdrop 200 USDT for the best questions in the AMA.
Below are some main points of this AMA:
Question for Part 1- Project overview
Question 1: Please introduce briefly about your team and the key products of Cryption Network.
Mr. Tejas: We started the company with buying ethereum in USA and selling it in india in 2017 when there wasn’t any portal to buy Ethereum. After the RBI regulation came we had to stop, but we pivoted to creating a crypto-to-crypto exchange.
I got into development of solidity by that time, started freelancing and slowly building a strong team. We have worked for many notable companies in the top 200 marketcap and built up a company of a strength of 10 developers and have gained an experience of over 2 years in DeFi.
Cryption Network project is a long time in the making and we have been working on all the products for months now. Quite early we realized that the high gas fees were a big issue and we’re gonna be an even bigger problem in the future. There is no point for retail investors to use any dApps at such exorbitant gas fees. dApps on Ethereum have become unusable at the moment. We intend to solve this problem.
Mr. Ashwin: Basically, we started out as a services company. Heloped lot of quality clients with technical stuffa and get their product on mainnet. Now we think, its time we should build something of our own
Mr. Ashwin: "Cryption Network is built by a team who has been building DeFi products for the last 2 year. They have built their products while bootstrapping and so there was no seed round.
Cryption Network is build a suite of products, most of which are on testnet, on the Polygon L2 blockchain.
💥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.
🔮Seer Prediction Market - The Seer Prediction market will be a layer 2 solution which will allow reading and creating predictions on virtually any topic. Matic will allow us to enable
high frequency trades gaslessly. Other prediction markets do not allow high frequency of trades because of the high gas fees on Ethereum. Seer can also be used for insurance.
📚Defi Stack - There are a few staples that all projects need when thinking about tokenomics, liquidity and circulating supply. Many projects create their own which means projects need to allocate resources away from their central mission. By creating a sno-code platform for these projects we save them time and money. Examples: Staking, Farming, IVCO, timelock, vesting, etc
Mr. Ashwin: About the products and formal intro ☝️
Question 2: Could you please tell me some of your major partnerships and what value they bring to the ecosystem?
Mr. Ashwin: List of partnerships:
- The dapp list
And this is just the start
Mr. Tejas: Argo will allow us to but to put our Fronted on the blockchain so there will be no censorship and 100% uptime and cannot be removes.
Mr. Ashwin: Once we launch our DEX, lot of interesting projects will get a platform for adding liquidity and lisiting thier token. Biconomy will help us in making our products gasless. The Dapp List: Our DeFi stack will be used to incubate lot of exciting projects in L2 ecosystem.
Mr. Tejas: Polygon is also a partner who will help us in becoming completely gasless
Question 3: Could you share with us your marketing plans to attract more users in both the local and global market?
Mr. Tejas: We have been working with different telegram groups in different countries. We are also marketing on a global scale with the help of partnership, Youtubers, influencers, paid marketing and much more. We will be providing economic incentives such as farming and staking so get users to use our platform
CF: 💥We’re thrilled to announce that @CryptionNetwork will be launching its #Ignition IDO on Tuesday, June 8th, 2021.Fire
Details & instructions: https://bit.ly/3g899DF
🏆 Winners: https://bit.ly/3cjNGGR
👉Winners will be notified via email soon E-mail symbol
One more IDO on poolz!
CF: I believe all the members here would love to hear more about the project, and they have many questions submitted on Twitter today. Just can't believe it, almost 700 questions and a lot of likes, retweets from our 12.5K followers ❤️❤️❤️
As the dual IDOs are coming close, there must be a lot of works for your team these days, right?
That's why I really appreciated your presence here at Crypto Family Group to give us a valuable chance to learn more about Cryption Network
Questions for Part 2 - Pre-collected questions from Twitter:
Question 1: Today there is a need for an ecosystem that simplifies investing without taking away all that cryptocurrencies have to offer. What tools is #Cryption creating for the user who wants to invest in the DeFi but is intimidated by its complexity? How will $CNT remove barriers to entry? @Harrype007
Mr. Ashwin: Hey so, we are aiming to solve this exact problem. All of our products are going to be gasless. This enables us to use these applications without having to hold particular crypto for doing trades or participting in DeFi. Plus we have an android and ios applications. Imagine using web3 application with UX of web 2.0 . We are trying to deliever this experience via our mobile apps and all the complexities of sending transactions and everything will be hidden from the user
Mr. Tejas: There are 3 main pain points that we will solve to make its super easy to use.
1. On-Off fiat conversion: Users will easily be able to convert fiat into crypto>
2. Gasless experience: Users can use ALL our dapps gaslessly. With no gas fess. Just like a normal website or mobile app.
3.No metamask installation: Users can login through google, facebook.
You can just download the app and start using it
Question 2: You said that all Cryption Network products will be seamlessly integrated across the entire ecosystem and will be included in a single, easy-to-use app. When do you expect to have this app available? Will it be available for Android and iOS? Will there also be a desktop version? @RandyNava21
Mr. Ashwin: Yes, we have started the developement of these native apps already! Soon we will share the sneak peaks. Expect the Beta version of the app by June end or early July 🙂
Mr. Tejas: Ofcourse normal web interface will be there with the normal metamask integration
Question 3: Launching projects in a bull run is obviously much profitable than during the bear cycle. In a bear run where most of the projects fail and sometimes gone into oblivion, how will Cryption Network stand the test of times? What strategies do the project employ to mitigate possible losses? @lolibb45
Mr. Ashwin: First of all, no one can say if bull run is over yet. Secondly, our tokenomics! Our tokenomics is our strength. We have received a lot of positive feedback. From our revenue, 50% will be used to buyback the CNT tokens from the market. Also some part will go stakers as a reward and some will be burn! So this creates upaward price pressure
Mr. Tejas: We are a team of builders who have been working for the last 2 years and have see the worst of the bear cycle.
The bear cycle is when you build and the fruits of labor come in the bull market.
Tokenomics for the community
Question 4: High gas fees, transaction times, and liquidity are problems for many current exchanges. As we know, it costs about 50$ to swap assets on traditional AMMs like Uniswap, etc. Does Cryption Network have any new solutions to these problems? @Dragon_winner1
Mr. Tejas: Matic (Polygon) will allow our AMM to work gaslessly with 2 second trx times.
Mr. Ashwin: Oh yes! This is one of the core problems that we will be solving indeed! We have partnered with Biconomy for this! Biconomy enables us to make our all the products completely gasless! And the veru fact that we are on Polygon, that means , 2 sec transaction time without compromising thr security!
Question 5: Could you briefly list the risks when we make a purchase $CNT, holding $CNT, and using $CNT for participation in Cryption Network? Do you have any advice for us to minimize the risks? @Rayson777
Mr. Ashwin: 1. Buy from authrised links and apps. We will be sharing the links on our TG and twitter. Make sure you don't get scammed.
2. Make sure that you are staking your CNT so that, you can get the staking rewards to minimise the price fluctutations risks
3. Participate in yield farming activities. Thats the best way to hedge
Mr. Tejas: Even though our smart contracts are verified by CertiK there is always a chance of getting hacked in DeFi. That being said we will have insurance of our products.
CF: The information you provided in Part 2 was really fruitful. Before we move on to the next segment, please join Cryption community to get more info about this quality project:
👉 Telegram Ann: https://t.me/CryptionNetworkAnn
👉 Telegram Discussion: https://t.me/CryptionNetwork
PART 3: BEST LIVE QUESTIONS IN CRYPTOFAMILY GROUP
Question 1: A big problem for a lot of Defi projects seems to be that when farming starts, the price goes down because people unload to put liquidity into the farm. Will there be an incentive to hold and not just farm and dump?
Mr. Tejas: We have a special kind of farming called Elastic Farming.
Elastic Farming is a conceptually new way farming with a controlled dilution. Elastic farming changes the blockrate as a function of the CNT price. If the price of the token increase so does the value being given out in farms. Elastic farming puts emphasis on the value being given out to the users as opposed to the amount of tokens. When the price of the token increased we can give out less token which would keep the value close to constant but reduce the amount of token entering into the circulating supply.
Question 2: So many projects just like to speak about the "long term vision and mission" but what are your short terms objectives? What are you focusing right now?
Mr. Ashwin: In short term:
- IDO on 8th. Check @CryptionNetwork tg for more details
- Uniswap Listing on 8th
- Staking launch
- PolyDex launch
- Cryption App launch
All in June
Question 3: Token burning is beneficial to any project because it can control the number of tokens in circulation and provide investors with greater incentives. Does your great project have a plan for token burning?
Mr. Tejas: All the profits we accrue will be converted in to CNT. 50% of this CNT will be distributed to the community the other 50% will be burned. 🔥
Question 4: Your foundation idea is very new, so it takes a lot of formula and takes a long time to develop. This must have a tricky point for you? Do you agree that the strength of the community will lead your project to grow globally?
Mr. Ashwin: Hey indeed!! We have been working on this for long time indeed! Its not something that we have built in a month. The project is community oriented. Our tokenomics relfect that correct? 60% oof the supply to community! Lot of campaings for giving poortunity to early community members. And so much more to coome!
Question 5: What is your most ambitious goal of your project? We would appreciate it if you could share with us any Upcoming Updates?
Mr. Tejas: The main goal and the company mission is to bring MASS ADOPTION in DeFi.
CF: Thank you so much for taking your time to join our AMA today, as well as thanks for hundreds of good questions from our community.
Seems like there're many things to exchange, but I'm afraid the time is up now.
For all of the questions that have not been answered yet, guys feel free to search for more information on the links provided below:
Telegram Ann: https://t.me/CryptionNetworkAnn
Telegram Group: https://t.me/CryptionNetwork