AMA Recap of Dude’s Army x Cryption Network

On Wednesday, April 14th, Dude’s Army community had the great opportunity to host an AMA with Cryption Network’s team, very instructive and educational. We will share with you a little bit of what this experience was like.

The Dude👨‍💼:

We will start with some intro questions then dive into Cryption! Please feel free to introduce yourselves now and share a bit of your backgrounds.

Tejas | cryption.network:

Hi guys! I have been in the crypto space for the last 3 years. Started out as a freelance developer, started hiring people and grew to a team of 10 providing services for few big name clients.

Now that we have enough experience I think its time we started our own project!

Ashwin Yard:

Yes sure 🙂 So, I am CTO at Cryption Network. Have more than 4 years of experience in this space. Having worked with lot of projects in crypto space, I understand the tech part of it very well. Avid Crypto and blockchains believer and on a mission to bring crypto to masses 💪

The Dude👨‍💼:

Explain our community what Cryption Network is building and why the market needs it.

Tejas | cryption.network:

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 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.

Swapcafe is a L2 AMM swap. This will be coupled with robust tokenomics like staking to earn trading fees, burning of our CNT token, and farming to incentivize liquidity.

The swap is a pancakeswap like exchange on polygon

It will be completely gasless

The Dude👨‍💼:

How will that workout?

What are the expected fees to use it?

Tejas | cryption.network:

Gas cost are very low and will be easily paid by the company through trading fees of the SwapCafe.. A million transactions can be done in $1000

The Dude👨‍💼:

You guys built it on top of polygon?

Tejas | cryption.network:

Yup!

We will bear these costs as they are very low.

Ashwin Yard:

So fees will hardly be few cents

The Dude👨‍💼:

So 0.001$ per trade.

Sounds great! What are your advantages agains other DEXes in the space

Tejas | cryption.network:

There are no farming based dexs on Polygon at the moment nor are any gasless.

The Dude👨‍💼:

Lile the ones built on SOL, BSC & DOT, for example:

SERUM,

PANCAKESWAP,

POLKASWA0

Ashwin Yard:

To be specific, we will be integrating exciting solutions like Biconomy, which is gonaa make the transactions completely GASLESS!

Tejas | cryption.network:

Yes pancake swap is on BSC we are on Matic.

We are also have some innovative features

Elastic farming is an entirely new concept that would adjust the amount of the farm token based on a formula that takes into account the price of the token. Current farms specify a constant block rate of token to be given out. We calculate this dynamically to incentivize the growth of liquidity but also control the circulating supply.

The Dude👨‍💼:

I know. Just asking the advantages you saw in Polygon against them. The fee is obviously very very low! What about speed?

Ashwin Yard:

Yes ofc with block speed of around 3–5 seconds, Polygon delivers very high throughput, significantly better than Ethereum.

Tejas | cryption.network:

Polygon is an L2 chain of ethereum. Where as BSC is considered centralized at the moment

Ashwin Yard:

And that too with all the security guarantees

The Dude👨‍💼:

So I will be able to integrate farming using elastic farming on Cryption Network?

Tejas | cryption.network:

Yes. Elastic farming will be a feature from DAY 1.

The Dude👨‍💼:

Sounds great! So if I want to list a token on Cryption Network and turn on farming I can do it right? How easy will that be?

Will I be able to specify farming parameters and etc?

Ashwin Yard:

Very easy, we will actually have a button on UI which will let projects submit the farming proposals , with all the terms and parameters.

And we will handle everything right from contract deployment to executing those farms on UI

Tejas | cryption.network:

Projects can specify their own block rate, how long the farm should last etc.

We will also have farms which give out CNT tokens. Those will be more exclusive

The Dude👨‍💼:

Which development stage are you right now?

Is it ready? Close to be ready?

Ashwin Yard:

So we have been working on this since long time.

Our flagship product, Cryption Network’s SwapCafe is being tested atm

Tejas | cryption.network:

Smart contracts: ✅

UI: ✅

integrations: ✅

test: On going

Ashwin Yard:

And few last bits and pieces in UI 😉 and READY TO SHOOT!

The Dude👨‍💼:

I will ask you if there are more features you want to talk about or if we can move on to community questions.

Ashwin Yard:

Elastic Farming, GasLess Transactions, Android / IOS natice applications, Easy ON-OFF ramp systems, Highly liquid prediction market, Crypto Hedge fund for better investments 🙂

Tejas | cryption.network:

We also have a prediction market in the works which will be released later on.

Tejas | cryption.network:

We are putting a lot of research into the interoperability of different blockchain (cross-blockchains) as will true interoperability with the ethereum mainchain.

Polygons POS chain is designed to be scalable as it is a Layer 2 solution.

The Dude👨‍💼:

Please comment quick on the RAMP system

How will that work out?

Tejas | cryption.network:

The ramp system is in testing. Once we get the regulations we will focus more on it.

Basically you only have to register once. then you can send money from your registered banking app using your banking wallet of choice.

If you want to sell crypto you send it from your register wallet address.

Community Questions

Q1 from Dan — Uniswap Knight:

You have caught my eye about your layer2 for gasless transactions, however the great Milton Friedman once said there is no such thing as a free lunch. Since you deploy various strategies such as staking, trading, lending and more, how are costs managed between users and the platform to be able to participate in these strategies?

Tejas | cryption.network:

Hi, that is our strength. Our tokenomics is designed in such a way that, it just makes sure that its a WIN — WIN for every participant

Ashwin Yardi, [14.04.21 10:22]

Releasing tokenomics soon

Q2 from Tahani SG:

At this stage of Cryption Network I think that partnerships with projects or recognized people in the Blockchain and DeFi community are more than important. Are you working on any? Can you tell us about it?

Ashwin Yard:

Yes even though I want to reveal all those exciting names here, sadly I can’t. Please wait for official announcements. Its gonna get lit

Tejas | cryption.network:

Our app allows space for partners, as well as, partner farms and partner staking pools. Partners are the biggest factors to a project’s success.

Q3 from Lelouch Vi Britannia:

Why do we choose L2 instead of bep20?

Ashwin Yard:

L2 with more throughput, less fees and bette cross-chain infra, all with the security and decentralisation guarantees of mainnet

Q4 from Eliana:

Will they have customer service? or some means to solve doubts or problems the user?

Ashwin Yard:

Ofc we will have. Esp when we launch Fiat on-off ramp 🙂

Q5 from Noé:

Tell me about the cryption application on your roadmap that was to be launched in the first quarter of this year, where can I access it, is it completely free?

Ashwin Yard:

100 % free. Plus its gonna make it very easy to use C

Q6 from Sofía Isla:

What do you mean when you talk about Sound Tokenomics, is this literally some kind of sound or what are you trying to refer to? Could you explain more about this since it is a very little used term?

Ashwin Yard:

Its so well thought, and well planned and we are determined to make it well executed as well 🙂 Ofc not without community support 🙂

Q7 from كيفالوكا:

Unlike others, why does Cryption focus on normat retail Investors instead of institutional traders/investors?

Tejas | cryption.network:

Because we believe, this space is so exciting and revolutionary that its our duty to make sure that we are using our expertise to make it easy for layman and normal mass population

About Cryption Network

PancakeSwap-like, Fully Gasless Swap built on Polygon! A Decentralized Exchange where users can trade any asset as well as provide liquidity to earn trading fees. Also features a decentralized Hedge fund that deploys diversified strategies like lending, staking, providing liquidity, trading, etc

More information about Cryption Network:

Website: https://www.cryption.network

Telegram: https://t.me/CryptionNetwork

Twitter: https://twitter.com/CryptionNetwork

--

Recaps of all AMA sessions from @dudesignals, one of the most informative cryptocurrency channels on Telegram.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
DudeSignals AMAs

Recaps of all AMA sessions from @dudesignals, one of the most informative cryptocurrency channels on Telegram.