Crystl Finance: Yield Maximization

APPLICATION INTRODUCTION
In this section, please provide a brief overview of your project providing the following information.
Name of your project
Crystl Finance
Are you an incorporated startup?
DAO is not incorporated, but a consulting group of contributors are an LLC.
Describe your project and how your products or service works for the user.
Crystl Finance is a Yield Maximizer & Vaulting Platform on the Cronos & Polygon (Matic) blockchains. We offer Vaulting as a Service to DeFi and Blockchain projects as well as users in order to help them maximize their liquidity and earnings. Crystl Finance is listed on the Crypto.com DeFi Wallet app and we have partnered with multiple large partners including ApeSwap and Relay Chain to provide Vaults and build liquidity and we plan to do the same with the leading projects on Conflux.

Crystl Finance will bring new users and continued marketing to the Conflux Ecosystem. We have had over 180,000 site users in the past 3 months, and over 25,000 community members across our social media sites. These numbers will increase even further as we expand to multiple new blockchains. We will heavily market both the launch and all partnerships and updates we have on Conflux in order to bring as many new users as possible.

We are working on releasing our own unique Vaulting and Yield Maximizing Strategies through our V3 Vaults and Ultra Farms (details in the pitch deck). With V3, we are able to streamline the user experience with our Zap Functionality which allows users to go from a single token to an LP deposited in the Vault in one transaction. We can also “Boost” our Vaults with additional rewards in order to build greater liquidity and attract new users. These will also allow further maximization of liquidity on Conflux as well as reduce sell pressure on projects’ tokens which will help native token prices increase overtime.

What is the long-term vision of your project?
Our long-term vision of Crystl Cross-chain expansion and development comes in 3 phases (full presentation here https://www.beautiful.ai/player/-N2lG199RfAngm_3flmn/Crystl-Vision):

Phase 1: Novel Yield Integration

This comes in the form of our V3 Vaults and Ultra Farms which support and build DEXes and DeFi projects. Our novel code will give users numerous ways to invest as well as allow for smart contracts to be built on top of one another creating innovative chains for yield maximization and wealth management.

Phase 2: Cross-Chain Strategy

Crystl will expand to multiple new blockchains with marketing support, protocol introductions, strong grants & incentives, and aligned visions to ensure an effective launch.
With our expansion, we incorporate our in-depth website analytics to create agile marketing dashboards to consistently improve and optimize the user journey and experience.

Phase 3: Cross-Chain Smart Yield Aggregation

Our final phase will introduce revolutionary new ways for users to seamlessly maximize their yields across multiple chains.

Simplified User Flow - Users are able to deposit the tokens that they own, choose the earning token that they want, and select their risk tolerance to achieve the ultimate personalized strategy
Off-chain Machine Learning and Graph Algorithms - Based on the selected criteria, an off-chain database uses ML and graph database algorithms to route the optimal path of yield aggregation across different chains and earning opportunities.

Cross-chain Compatibility - Using the algorithms, users’ funds are sent or leveraged across multiple chains without them having to worry about or using new chains.

Links to the project’s webpage, DApp, project social handles, and chat groups.



https://twitter.com/CrystlFinance

TEAM
This section describes the team of the project, their skills and roles. Please include the following information for all team members:
Crystl Team Info - https://docs.google.com/document/d/1Dw4-kiNVijEhUjG8Hkh43At7iCu6O2JyQUZmdqD4V00/edit#heading=h.u2qj2uvo5air

TOTAL BUDGET AND FUNDING TIER
In this section specify the budget needed for the project and your funding Tier.
Our funding Tier will be Tier 3 as we are looking for $25,000 in total funding with all milestones being achievable within 6 months of launching on Conflux

PROJECT INFORMATION
In this section, please describe the current state of your project and the problems currently facing your community. Please include the following information:

Audience: For whom is the protocol creating value? Who are the protocol’s most important users? What is your main value proposition for the audience? Why would they use your product?
Our main audiences are users and DeFi projects. We give users the best means to maximize their token earnings for both LP and single token holdings. For DeFi projects, our Vaults allow them to deepen their token liquidity and our Ultra Farms lead to reduced sell pressure which in turn helps them keep their token prices high.

Stakeholders: Outline each of the different stakeholders involved and how they interact with the product/service.

Users: as individual stakeholders, users can interact directly with our service by depositing their funds into a Vault or Ultra Farm. Their earnings are then automatically compounded giving them the best hands-free means to yield farming and maximization as they don’t have to pay gas fees to compound, and they are free to withdraw their funds at any time. If we bridge our $CRYSTL token to Conflux, token holders can deposit into our revenue sharing feature to receive consistent earnings from a percentage of Crystl Finance’s earnings. Our V3 Vaults also have Zap Functionality which gives users the freedom to go from a single token holding to an LP pair and deposited into a Vault or Ultra Farm in just 1 transaction.

DeFi projects: DeFi projects can invest their own liquidity or treasury into Vaults in order to automatically compound and grow them, and also market Vaults or Ultra Farms to their community to help their users do the same. Upon request, we can create a specific Vault for projects as well if the desired LP pair isn’t currently available giving them unparalleled flexibility in maximizing the tokens they desire.

Market: What are alternative or competing protocols? Pick a competitor and describe a main difference/competitive advantage. Is the competitor a substitute or complement?

The main competitors are Beefy Finance and AutoFarm. They offer an identical product in standard Vaults, but Crystl Finance stands out from the competition with our novel V3 Vaults and Ultra Farms. We are the only product on the market offering these features which give brand new ways of yield aggregation and optimization, as well as in terms of technology infrastructure. V3 is much more efficient and effective at expanding and deploying new contracts than standard vaulting platforms like Beefy and AutoFarm.

Technology: What is your project’s core technology, explained in non-technical terms.
Vaults: Vaults work on top of yield farming strategies and take earnings from farms and automatically compound them back into more LP tokens and stake them for holders. This allows for exponentially higher earnings over time compared to standard yield farming.

Zap Functionality: Zap streamlines the liquidity creation and staking process allowing users to go from a single token holding to an LP token staked in a Vault or Ultra Farm in just one transaction on our front end. Users can also unstake LP tokens into the underlying assets in just one transaction on our front end.

Ultra Farms: Ultra Farms auto-compound similar to Vaults, but keep the earrings in the earned token. Instead of converting the earned token to additional LPs, the earned token is staked in a single token auto-compounding pool allowing for maximization of single token holdings and reducing sell pressure on that token.

Community Overview: An overview of your current community.
We currently have over 50,000 active site users across the Polygon, Cronos, and BNB Networks. We have over 26,000 community members on Twitter, Telegram and Discord.
Stage of the project.

Crystl Finance is fully deployed on Polygon, Cronos, and BNB and can expand to new networks within 2-3 weeks. We have released V3 Vaults and Ultra Farms on BNB and will have them live on Polygon and Cronos in the next couple of weeks.

GROWTH PROPOSAL
The section describes your plans and how they will be tracked and measured. Please provide the following information:
Community Growth Plans: Your plans for scaling your community.
Proposal OKRs: Set ambitious goals for your project.

Have 150,000 active monthly site users & 50,000 community members
We plan to grow our monthly users by expanding our product offering to multiple new chains, as well as offer it to partner products on the chains we are already on. As we partner with more projects, we engage in multiple marketing and community events to showcase what Crystl Finance can offer as well as grow our existing community.

We have multiple marketing partnerships with leading news and media sites and use these to market our updates and releases. We plan to do the same on any new blockchains we expand to so that we can have regular press for all of our announcements and consistently gain new users and community members.

We also have our own DeFi & Crypto Education series through which we help users learn about the intricacies of the landscape and be better informed investors. This helps with any partnerships as when projects partner with Crystl Finance, they know they are showcasing their platform to an active and engaged community.

Grow Crystl Finance’s Total Value Locked on our platform to $5,000,000
We aim to achieve this goal by expanding to new and emerging blockchains and by having an unique product offering. By launching on new blockchains, we can successfully be first movers as a Yield Aggregation platform and provide a brand new service to that blockchain. With the TVL we acquire, our Vaults and Ultra Farms consistently auto-compound meaning that our TVL will grow as well over time.
By having our own novel code and strategies with V3 Vaults and Ultra Farms, we have a brand new competitive edge in the market as we are the only platform that can provide these services. This will allow us to stand out from competing platforms and exceed them as our service offering aligns incentives across users, DeFi projects, and blockchains.

ROADMAP
This section describes the milestones and the phases of the project. Breakdown your community growth plan into a number of milestones including the following information in each milestone:

Milestone 1: Launch Vaults on Conflux Chain

  • Duration (weeks): 2 weeks
  • Deliverables (make sure they can be easily verified): Launch and Deploy 10 Vaults
  • Funds request (USD): 5,000 USD and Conflux Marketing Support

Milestone 2: Launch V3 Vaults and Ultra Farms on Conflux Chain

  • Duration (weeks): 4-6 weeks
  • Deliverables (make sure they can be easily verified): Deploy V3 Vaults & Ultra Farms Contracts on Conflux and set them up for larger projects to help support and remove sell pressure.
  • Funds request (USD): 10,000 USD

Milestone 3: Bridge $CRYSTL Token to Conflux

  • Deliverables (make sure they can be easily verified): $CRYSTL bridged to Conflux with Revenue Sharing setup through Crystl Finance for liquidity.
  • Funds request (USD): 10,000 USD (5,000 USD used to boost Revenue Sharing)

MAINTENANCE CONSIDERATIONS
In this section, please specify any maintenance considerations and your plan to maintain the community activities post grant.

We have many regular community activities at Crystl Finance for both engagement and improvement. We hold regular podcasts, public team all hands calls, and have 24/7 customer service through Intercom on our site.

Crystl Finance incorporates community feedback to optimize both our features and user journey. We have a suggestion board for community suggestions, and have votes for Vaults the community would like added.

14 Likes

Great to have Crystl Finance entering in a new blockchain with Vaults V3 and Ultra Farms, those are new awesome products:

  • user friendly even for those new to DeFi through the ZAP feature;

  • possibility to invest and see rewards autocompounded and boosted from third-party projects;

  • avoiding sell pressure on those third-party projects’ tokens.

5 Likes

crystl finance is a great project the team is amazing this project is a hidden gem. love the v3 and ultra farms also max supply 12.5 million tokens. crystl is taking defi to the next level dare i say the next beefy.

5 Likes

Very interesting idea, the yield optimization would be a great addition to Conflux and the wave of new users could greatly benefit the ecosystem.

4 Likes

I would love to see Crystl Finance on another awesome block chain!:gem: It will be good for Conflux ecosystem for sure!!

3 Likes

Great proposal and really think we could add value to the ecosystem!

4 Likes

Crystl Finance’s product offering offers a holistic approach to yield farming that can set a sustainable precedent for DeFi on Conflux. Ultra Farms and V3 Vaults bring unprecedented flexibility for investment strategies and can serve to empower both protocols and users. Hoping to see Crystl come to this chain and be able to make as much of an impact as possible!

2 Likes

I have been following Crystl finance since Nov 2021. One of the best teams I came across in Defi.

  • They respond to every user issue, react to requests and suggestions on Telegram and Discord, publish updateds all the time on Twitter, Medium.
  • The utility of the Crystl token: it is not just for voting like many others, but with revenue sharing it is actually useful to hold.
  • On Cronos, they are always among the first to partner and come out with vaults for the new projects.
  • The new Ultra Farms, and V3 Vaults are completely unique products, and keep on developing despite the bear market.

It would be great to have them on Conflux, too!

4 Likes

Hi @JimmyTheHypnotist, thank you for applying for a Conflux Network grant! I have a few questions:

  1. Please provide some specific examples of the kinds of Vaults and Strategies that you will implement on Conflux eSpace.

  2. “Milestone 1” includes 10 Vaults. What are these vaults? Does this milestone also include frontend integration?

  3. “Zap Functionality which allows users to go from a single token to an LP deposited in the Vault in one transaction” Please provide a specific example to clarify this.

  4. “Cross-Chain Smart Yield Aggregation”: It sounds like this feature has significant centralization risk. Once Crystl Finance is able to move my funds from Conflux to other chains, what stops you from transferring it to a malicious contract?

  5. Please elaborate on your business model. Are protocol revenues coming from performance fees?

  6. Who can deploy new strategies? Who can execute the auto-compounding step?

  7. Are you going to deploy your existing contracts on Conflux with no modification? Are these contracts audited?

Thanks in advance. Crystl Finance would be a great addition to the Conflux eSpace ecosystem. My suggestion to the Grants Committee is to approve Milestone 1 as an individual grant first, and then move on to the other milestones after that.

3 Likes

Hello @thegaram great questions :slight_smile: we are very excited to be part of the Conflux Ecosystem:

  1. For launching on new chains, we usually start with our standard Vaults as our new V3 Vaults and Ultra Farms are more advanced and require solid chain infrastructure as well as more testing. Our standard Vaults automatically compound earnings into more LP tokens and restake them for exponential earnings. You can find the full information here: https://polycrystal.gitbook.io/polycrystal-finance/product-information/usdcrystl-vaults

Our V3 Vaults and Ultra Farms allow for more varied and efficient strategies. This includes our Zap Functionality (information on that below) and boosting of Vaults and Ultra Farms. Essentially, boosts allow us to put additional rewards on top of Vaults and Ultra Farms to give even higher returns to users. Ultra Farms work similarly to Vaults but allow for the maximization of single token earnings; instead of converting your earnings into more LP tokens, Ultra Farms put the tokens into a single staking Vault which then auto-compounds as well to give you the highest single token returns possible. Full information and diagrams here: https://polycrystal.gitbook.io/polycrystal-finance/product-information/usdcrystl-vaults/ultra-farms

  1. If we are accepted in the grant program, we will reach out to the top Decentralized Exchanges and Projects on Conflux to set up partnerships and set up Vaults for their platforms. We also hold votes for Community Vaults, so if there is a vault we don’t currently have, the community can vote for it and we will add it in.
  1. Zap is an amazing feature that simplifies the LP creation process for users. With Zap, you can go from a single token to an LP token and deposited in a Vault in 1 transaction. So for example, if you have BTC and want to stake in BTC - ETH, you can click “Zap In” and select how much BTC you would like to Zap. Once confirmed, it converts half of the selected BTC amount to ETH, creates the LP, and deposits for you. We also have Zap Out which allows you to withdraw from a Vault and automatically converts your LP to the underlying assets.

  2. This is a great question. The Cross-Chain Smart Yield Integration is part of our long term roadmap and with any new feature we plan to release, it will go through rigorous auditing and testing before we release it to production. We believe in full transparency and security, and as with our new V3 Vaults, all of our code is verified on chain so that anyone can see how it works, where the funds are going, and that there aren’t any vulnerabilities or back-door functions that could be used maliciously.

  3. Our Vaults have a 5% performance fee. 4% of this fee goes to development, HR, and treasury expenses and 1% goes to our Revenue Sharing feature (full info on Revenue Sharing here: https://polycrystal.gitbook.io/polycrystal-finance/product-information/usdcrystl-vaults/revenue-sharing).

This split allows us to ensure Crystl’s runway and expansion, and also reward our $CRYSTL token holders while incentivizing our own liquidity. Our $CRYSTL token is limited to 12.5M tokens across all of the chains we have it on (currently on Polygon and Cronos). As we build up our Vault TVL on new chains, we plan to have $CRYSTL bridgeable to these chains and use the performance fee on that chain to incentivize liquidity by buying back and rewarding liquidity providers in the native gas tokens. So on Conflux, this would be stake $CRYSTL - $CFX to earn $CFX rewards.

  1. New strategies are deployed by the team as we create and test them to ensure functionality and security. The auto-compounding is called multiple times per day by the team, but as the contracts are verified and transparent on-chain, anyone is able to go in and call earn on the auto-compounding.

Additionally, our V3 Vaults and Ultra Farms code compounds on deposits and withdraws as well.

  1. Yes we will not modify our existing codebase for Conflux. Both our standard Vaults and V3 Vaults have been fully audited and you can find the audits here:

Standard Vaults - https://polycrystal.gitbook.io/polycrystal-finance/security/v2-vault-security

V3 Vaults - https://polycrystal.gitbook.io/polycrystal-finance/security/v3-vault-audit-by-hashex

I hope this answered all of your questions and let me know if there’s anything else I can help clear up.

4 Likes

Huge proposal! V3 Vaults and Ultra Farms can really change the game and add value in the DeFi world.
A really sustainable project with an amazing team.
Can’t wait to see Crystl Finance on Conflux!

3 Likes

Been a huge CRYSTL fan, contributor, and staker for a long time now :yum: would LOVE to see this go through!

3 Likes

Crystl Finance is one of my fav projects in DeFi! The team really drives a new wave of innovation and sustainability for maximizing passive income. Especially during the bear market, Crystl has continued to innovate through V3/Ultrafarms/Rev share. I would love to see this yield optimization project apart of the Conflux ecosystem. :gem:

3 Likes

Great team and great project. Always keep pushing! Hope they get enough support to reach the goals.

3 Likes

Crystl Finance has been an amazing part of my DeFi journey for almost a year now, excited to see this proposal! Their team is absolutely amazing, hope to see this go through :fire:

3 Likes

I think this is exactly what we have been looking for! great Proposal!

3 Likes

Hi, glad to see the yield boosting protocol on Conflux network! I have some questions:

  1. What kind of Lp will Crystl finance provide for the community

  2. If there will be two or more Dex on espace, how to make the user’s mining apy in an optimal way

the opportunity for modularity offered by crystl.finance cannot be renounced. the defi needs to evolve and find new ways to be profitable and drain liquidity. it would be a little smart not to implement this protocol on this blockchain.

Hello @JimmyTheHypnotist can you please share more details about your actual metrics in other chains such as TVL, daily transactions and token holders?