On June 17th 2021, our community had a chance to welcome Sunny - CEO & Jason Vu - Head of Marketing Of Krystal DeFi to join in an AMA to give fruitful information about the key features and roadmap of Krystal DeFi - you hold your own private key while having full control over your fund. Just connect your Ethereum wallet and you'll have access to all Krystal Services directly.
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the latest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
At this AMA, the Teddy Kozlowski directly greeted the community and provided detailed information on Glimpse as well as some key products and future plans.
Time: 09:00 PM (UTC + 7) on Thurday, June 14th, 2021
Venue: https://t.me/CryptoFamilyVn
Airdrop 100 USDT for the best questions in the AMA.
Below are some main points of this AMA:
Question for Part 1- Project overview
Question 1: Could you please give us a simple introduction of Krystal DeFi ? What’s the motivation for starting build Krystal DeFi ?
Sunny: Krystal is a new DeFi app from same team that previously built KyberSwap. Aim of Krystal is to provide access to famous DeFi protocols in a simple manner.
Krystal team is obsessed with -
A simple UI/UX: Built for noobs. We’ve integrated with many protocols - Kyber, Uniswap (v1 & v2), Pancake Swap (on BSC), Aave and Compound. You can access these 5 protocols from 1 single app - Krystal.
Availability: Krystal is available at Desktop website, native iPhone and Android app. We also have official test flight and apk. Unlike other DeFi application which supports mostly website, we are available wherever you go.
Features: You can use Krystal to create / manage wallets, swap tokens, and even earn interest on your tokens. We also support multiple blockchains.
We've a current ongoing $20,000 BNB campaign. 300 winners will win cash rewards :)
Motivation behind Krystal is to provide easy access to DeFi protocol at anywhere (desktop / Phone). You don't have to go multiple websites to access different applications.
Question 2: What features is Krystal DeFi developing for its products? What competitive features does the Krystal DeFi wallet have to attract users?
Jason Vu: Krystal was launched on 20 April & since then we have added a lot of new features. So let me brief you what we're building:
Platform - Krystal app is available on both Android & iOS. Our team is working very hard to launch 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 very near future we are going to support Polygon as well.
Features - Currently supporting Swap & Lending. We also offer referral as explained by Jason just now. We are also working with many DeFi Dapp to integrate them directly into the app.
Regarding competitive features, We believe that Krystal can reduce complexities and greatly simplify the DeFi experience so we can attract more users of all level to DeFi world.
As DeFi is growing day by day, there are many advanced action 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 cost before making a final decision. We call it "multiple tab problem"
For instance, if someone wants to earn 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.
Krystal was built to make all of these simple.
Question 3: Usually I only see referal program on centralized exchanges but I haven't seen it on a Decentralized wallet before. Could you give me more details about how Krystal's referal program work?
Sunny: First of all let me explain about our referral program
We often refer cool apps with our friend. Krystal’ve made this phenomenon a bit more interesting.
You can refer Krystal app to your friends and earn rewards in return
Krystal gives you a referral code when you successfully import/create wallet in Krystal wallet. Simply share this code with your friend. Once your friend input this code in Krystal app, its done. Now every time your friend use Krystal app, you will earn reward. It’s that simple.
In this whole process, You and your friend don’t have to share any private information. Everything is decentralized. As rewards, We normally give you Krystal points. You can convert Krystal points to ETH / BNB and redeem to receive real ETH/BNB in your wallet.
What makes things more exciting is - We make it possible for you to even share your rewards with your friends. We give you five options for that - You keep 100% and give 0% to your friend, keep 75% - give 25%, 50% - 50%, 25% - 75% or 0% - 100%. It’s as flexible as you can ask for.
So what are you waiting for - Just import your wallet in Krystal and start earning.
Refer to Krystal Youtube channel to see how to import / create wallet.
..an example
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 (Keep 50% - Give 50%) to Jake.
He also refers Charlie with Referral Code 2 (Keep 75% - give 25%)
Suppose during a month,
Jake swapped 50 ETH worth of tokens, Charlie swapped 100 ETH
Confirmed Volume of Alan = 50% * (Trade Volume of Jake) + 75% * (Trade Volume of Charlie) = (50% * 50) + (75% * 100) = 25 + 75 = 100 ETH
Confirmed Volume of Jake = 50% * (Trade Volume of Jake) = 50% * 50 = 25 ETH
Confirmed Volume of Charlie = 25% * (Trade Volume of Charlie) = 25% * 100 = 25 ETH
Alan will get Krystal point based on 100 ETH volume, Jake will get based on 25 ETH volume and Charlier will get for 25 ETH volume
Exact Krystal points are determined by this table.
so Alan will get 350 Krystal points. He can claim it to get 0.035 ETH
Jake and Charlie will get 100 Krystal point each.
You don't to save all this information. Whatever I said above is also available at our website https://krystal.app
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 Krystal creating for the user who wants to invest in the DeFi but is intimidated by its complexity? @hhynhdien
Sunny: If users intimidated by DeFi complexity then Krystal is definitely the app for you. As mentioned above, we focus on reducing complexities and greatly simplify the DeFi experience so we can attract more users of all level to DeFi world.
For instance, if someone wants to earn 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 for new DeFi users.
With Krystal, you can do all that with a few simple actions on 1 platform only. Joinning DeFi will be easier than ever
Question 2: How is the private key/mnemonic system in Krystal Wallet? does the PK/mnemonic from Krystal support to be imported to another wallet and from another wallet to be imported to the krystal wallet? @quachthingoc96
Sunny: - When a user create a new wallet, his private key/mnemonic system are stored safely in his mobile phone. Except user, no one has access to this data. We also encrypt user's private key with face ID or thumb print.
If user want to export his private key (which we recommend), he can do so easily wth app.
A user can also import his existing private key into app and it will be stored securely as well.
Tutorial on how to import wallet / create wallet / export wallet is available at our youtube channel. Please follow us here: https://www.youtube.com/channel/UC716IG8wwq-hWWn4157EQ-Q
Question 3: Does Krystal support staking? If yes, what are the conditions for participating in Staking pool? What are the risks and benefits of using a Krystal wallet? @Kbriefy
Sunny: Right now, we support depositing tokens in AAVE and Compound to earn interest rate. Both these platform have over $40B already deposited. So quite safe.
We support all the tokens supported by these protocols.
We are currently working to add more platform to support deposits token on Binance smart chain & Polygon. Venus integration will be out soon.
We are also looking at several staking platform to offer yield farming. Join our telegram channel to stay updated.
Question 4: What are the benefits of Krystal Points that the community can get through it? What are Krystal Points used for? I understand that there are different ways to accumulate them like Referral Program, RT Campaign, Learn & Earn, Stakes, Missions etc. @KienTra66223037
Jason Vu: So Krystal Points is our point-based system with 02 purposes: (1) Incentivize the existing users who refer their friends to Krystal; (2) Encourage users to interact more on our platform. Yeah and as you said, there are many ways to accrue Krystal Points like Referral Program, Retweet Campaign, Learn & Earn, Finish some Quests & other numerous activities on Krystal.
Furthermore, you can redeem those Krystal Points to real crypto assets: eKP to ETH; bKP to BNB. And when we support Polygon Matic & Solana, you can redeem mKP for MATIC & sKP for Sol as well.
One more thing
So right now we're offering Welcome Bonus Program for CryptoFarmily members: "First 1,000 wallets which imported/created in Krystal app under the ref code = NYIHQGYV will get 10 eKP (~0.001 ETH) on Ethereum and 5 bKP (~0.005 BNB) on Binance Smart Chain right away
Question 5: You have covered almost all the aspects of DeFi with wallet management, Swap, Lending etc upto now. Are you planning on integrating NFTs to your platform in the future? If not is there a specific reason?
Also why did you opt for Krystal points rather than a BSC/ERC token? @JakeMike112
Jason Vu: We perceive that NFT is quite trendy right now. However, we're still doing research about it, and if we see the demand of a NFT marketplace or NFT games is huge, yes we're willing to support NFT on our platform.
Regarding the question: "why we choose Krystal Points rather than a Bep20 or Erc20 token"
It's simply that Krystal doesn't have its own token right now (we can consider it in the future). And furthermore, we think that Krystal Points - an off-chain point system can have the flexibility. Basically, it allows us to implement many marketing ideas/campaigns associated to Krystal Points. And at the end, the users can redeem Krystal Points to the token as they want: ETH, BNB or other tokens.
Everybody wants to earn ETH on Ethereum, and BNB on BSC
So you can accrue more Krystal Points instead, then redeem them for ETH or BNB. 10,000 eKP = 1 ETH; and 10,000 bKP = 1 BNB.
PART 3: 5 LIVE QUESTION AT TELEGRAM GROUP BC BLUE SKY VENTURES
Question 1: Can anyone apply as an ambassador in Your project? What would be the incentives for ambassador in your platform? @butterfly872
Jason Vu: The answer is yes. We're looking for partners & ambassadors for our projects. Basically we can customize some packages that help partners/ambassadors to earn much more commission & other benefits. If you want to become one of our ambassadors, please DM @chelsea_ng - our Business Development Manager
Question 2: Could you really tell us exactly how many people have downloaded Krystal's digital wallet? And also, could you tell us from which locality is most of them and what are the products most required by them? @tv100029
Jason Vu: Krystal app was launched 1.5 months ago, and we have more than 10,000 individual wallets which are using our app on both desktop/mobile versions. Our users come from more than 46 countries all over the world. And the most desired feature of them are "staking service to earn passive income" --> so our team is working very hard on it
Question 3:. About Krystal DeFi security, how safe and reliable is the Krystal DeFi security system? @quachthingoc
Sunny: All Krystal Smart contract are fully audited by internal testing team and 3rd party professional auditors. So we are very safe. Funds are #SAFU.
Question 4: I am curious as to why you changed your name from KyberSwap to Krystal, any significance or benefits of this? @Plevnes
Sunny: KyberSwap = Kyber + Swap => It was limited in functionality to provide swap via Kyber protocol.
Krystal is NOT REBRANDED version of KyberSwap. It's a new project. It aim for different kind of users and has entirely different scope.
Question 5: Can you tell us about your team members? are they qualified and professional in their fields? what are the recruiting qualifications for team members for your extraordinary project? @batulboss154
Sunny: eam is our biggest assets. We are all OG of Crypto world. Average experience in crypto world > 2.5 years, which is quite a lot. Jason and I are here. You can check us out at LinkedIn. We have all the expertize: Product, Marketing, Off chain tech, smart contract, customer support, businesss development
For all of the questions that have not been answered yet, guys feel free to search for more information or ask directly to them on the links provided below:
- Twitter: https://twitter.com/KrystalDefi
- Telegram: https://t.me/KrystalDefi
- Announcement channel: https://t.me/Krystal_Announcement
