Cryption Network is a decentralized platform with the aim of simplifying the transition from fiat to cryptocurrencies for retail investors. The network created a set of user-friendly products to reach this goal. Users also enjoy a low-fee DEX, hands-on service to aid DeFi projects, as well as a market maker that can create a market for any event.
The native token of the network is CNT, which serves as the backbone for every transaction because a proportion of every transaction fee is used to buy back the token.
The CFO of Altcoin Buzz, Shitij Gupta, anchored the Cryption Network AMA session on our Telegram channel with the platform’s executives. Shitij Gupta spoke with CEO and co-founder Tejas Chitnis, CTO and co-founder Ashwin Yardi, and Marketing Manager Suchit Karande.
We will go through a recap of the Cryption Network AMA with the platform’s executives to understand what they have been up to in recent days.
Q – Tell us a bit about yourself. We will start with Tejas, followed by Ashwin and Suchit.
Tejas – I have been into cryptocurrency and mainly into Ethereum. I was the first one to sell Ethereum on a website in India at that time. Then, after the RBI ban, we moved to a crypto-crypto exchange. Then started freelancing, built a team, got years of experience, and now we have started our own product.
Ashwin – I started as a software developer in a services startup. Helped clients in top 200 market caps on CMC and built end-to-end blockchain products. Started freelancing, met Tejas, and we did a couple of projects together. Realized it’s now time to start our own thing and build things. That’s how Cryption Network was born.
Suchit – I have been in crypto since mid-2017. During my MBA, I had worked (Business Development and Research) in India’s largest cryptocurrency exchange, Koinex, for some time. After a sabbatical, I am now handling Marketing Operations for Cryption Network.
Q – My next question is more so for Tejas and Ashwin. What was your vision before Cryption Network, and can you please share an overview of what is Cryption?
Tejas – This 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 it’s 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.
All of our products are made with the intention of bringing in MASS ADOPTION of DeFi. Our dApps are gasless. We have a wallet that allows users to get away from using MetaMask.
Ashwin – Plus, we are highly motivated by crypto and its ability to connect the mass population with access to a more transparent money system.
At the moment, there is a clear gap in terms of UX and usability. We want to bridge this gap. Yes, e.g., working on integrating PolyDEX into our wallet app. Here is formal info about the products in the Cryption ecosystem:
- PolyDEX – “PancakeSwap of Ethereum using L2 solution and having zero gas fees.”
- Seer Prediction Market – The Seer Prediction Market will be a Layer 2 solution that will allow reading and creating predictions on virtually any topic.
- 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.
- About investors – CMS Holdings, Sandeep Nailwal (angel investor- co-founder of Polygon, which was formerly Matic Network), GravityX Capital, Master Ventures, Ascensive Assets, X21 Digital, Waterdrip Ventures, M AU21, GenBlock, and Humayun Sheikh (CEO of Fetch.ai).
Q – How does the Cryption Network reduce or avoid ETH gas fees? Tejas or Ashwin, please provide a little bit more detail on that
Tejas – We are on Polygon so there are no ETH gas fees involved. The Matic gas fees are used to make transactions, but we have partnered with Biconomy to pay for the gas fees for our users. Since Matic transaction fees are less, we can do this without any economic issues.
Q – Give a bit more detail about PolyDEX. When did it go live? How can a user farm cross-chain, etc.?
Ashwin – Yes, so we launched PolyDEX, our DEX, around three weeks back. PolyDEX is basically a cross-chain, instant, and completely gasless DEX. Now as for the cross-chain part, we had already launched Cross-Chain Staking, which was truly cross-chain and completely decentralized. Similarly, we are actively working on making “Yield Farming” truly cross-chain. We have already cracked the major hurdles in this. We’re now working on final touch-ups.
We are also talking to and evaluating a lot of bridges that use liquidity pools on different chains. Cross-chain swaps will be utilizing these bridges heavily. Apart from these, one important thing I think is a new kind of farm which is multi-reward farm. Stake one token, get multiple rewards. Also, the new type of lotteries. I think all this is worth checking out on polydex.org.
Q – Can you tell us some of the cross-chain swaps or pairs that will be available to use for the community at first, and when can we expect these to go live?
Ashwin – Yes of course. All of the farms at the moment will be available in cross-chain farming. The basic idea is people can use just the Ether to participate in all of the farms directly from Ethereum. We will be launching a detailed analysis and architectural info on this soon.
Tejas – Before cross-chain swaps, we are going to go for cross-chain farming. All of our farms will have cross-chain farming enabled. They are on testnet at the moment, and after some more testing, we will go live on mainnet.
Q – Tell us more about the Cryption Wallet. Is it live yet, and is there functionality to connect to PolyDEX using the wallet?
Tejas – Cryption wallet is a mobile wallet app with a dApp browser inbuilt. It is deeply integrated with PolyDEX. Users can download the app and do gasless transactions. It’s extremely secure by using fingerprint ID for every transaction the user does. We have also integrated/partnered with Transak for using an on-off ramp for fiat to crypto.
Q – This is marketing-related (for Suchit). What is the Cryption Network doing to gain more users, and what is the token utility here?
Suchit – Cryption Network is working hard to build a platform that will bridge the gap between crypto users who want to enter DeFi but are intimidated by its complexities. We are building UX that are user-friendly. At the same time, we are working with professional UX developers to make DeFi products as simple as possible.
For marketing, we are actively reaching out to many influential communities like Altcoin Buzz for AMAs. We have tied up with many top-tier media agencies who will push Cryption’s name wider among the crypto community.
The Altcoin Buzz community gratefully thanks Tejas Chitnis, Ashwin Yardi, and Suchit Karande for taking part in the Cryption Network AMA session on 20th August on our Telegram channel.
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