PolyCrystal AMA transcript
On the 27th of August, we held an AMA in our telegram main group with Jimmy The Hypnotist and King D from PolyCrystal answering questions about their platform and everything coming to our partnership.
Make sure you check out the amazing APR on the PolyCrystal bush on Koaladefi.finance
Today we’re presenting our amazing new (and first) Polygon chain partner PolyCrystal.
During the first half of the AMA the chat will be muted.
After the team has asked PolyCrystal 5 questions we will open the chat for questions from the community!
From these questions we will select the 5 best and PolyCrystal will answer them!
So AAAAAAAAAARE YOU READY everybody?
By the way, Jimmy did NOT hypnotize me to be very excited about this partnership! Just to be clear
Welcome Jimmy The Hypnotist and King D
How are you guys today?
King D :
I’m good Silfaster, had my morning coffee, ready to get this AMA rolling, been pumped for this one, love you Koala Cuties ;)
I’m doing excellent! Looking forward to learn more about your project today!
Thanks for asking
Jimmy The Hypnotist :
We are doing amazing today, so glad to be here 😊 we have been Koala fans for a long time 🐨 and are glad you are joining the Crystal Crew💎❤️
Silfaster : So let’s get to the questions!
Let’s start with an introduction so everybody can get to know you guys and your project.
Can you give us a brief introduction about yourself, your team and your project?
Please let me know when you’re done with your answer.
King D : For sure, i’d love to introduce myself, and will invite Jimmy to do the same ❤️
I’m KingD, I’m the community director over at PolyCrystal.Finance, i’m here with Jimmy who is one of our co-founders, but i’ll let him fill you in on who he is
Our team is really diverse and multifaceted, we have people from all types of disciplines from all over the world working together to make our project as awesome as can be.
PolyCrystal, to give a rather simple breakdown, is a liquidity incentive, and the primary liquidity provider for ApeSwap’s Polygon dex!
We launched with them back in late June, and two of their founders, Obie and HarambeNakamoto sit on our team as advisors and handle a lot of the smart contract business.
Jimmy The Hypnotist : I’m Jimmy one of the co-founders of PolyCrystal and a full time hypnotist. When I’m not busy working a birthday party at the local Applebee’s, I help manage the community, marketing, and social media with King D 😊
Silfaster : That’s apesome, we love ApeSwap too!
So to explain it to our users in layman’s terms, you guys help ApeSwap to provide liquidity for the dex, correct?
King D : Exactly!
We provide rewards for people creating ape lps and staking them on polycrystal.finance
Silfaster : Great!
I saw a lot of staking options on your polycrystal.finance website.
Vaults, mines and pools! Can you tell the koala community about the different ways they can stake and earn on PolyCrystal?
King D : Of course!
So as stated above, we provide rewards to people staking ape LPs, that’s what our Mines do.
You can contribute your tokens to Apeswap for LP tokens, and place those tokens on our platform to earn $CRYSTL Rewards!
Here’s the $CRYSTL-$Matic mine :)
Pools are the creme de la creme when it comes to true utility for the $CRYSTL token itself though.
These pools are created from either deposit fees from non-native farms ($WBTC, $ETH, $DAI, $USDC, etc) or from partners allocating tokens so the Crystal Crew can gain exposure to these new platforms, as well as earn meaningful returns on lots of popular cryptos like the ones mentioned above!
And lastly are our Vaults, these are the most exciting part!
Vaults, in their current form are auto compounders for liquidity tokens, so you stake your LP tokens, and the vault essentially routes them through a farm, selling the rewards from that farm for more LP tokens, it’s a true fire and forget solution!
The benefits of vaults go beyond their high yield and convenience though, as they have an automated buyback mechanic in them for crystal, in which every time the vault compounds the rewards, some crystal is also bought back, which contributes buy pressure to our token!
This is possible with pretty much any token, and we try to work with partners to make sure we can create a good vaulting experience with them where the benefits of this buy pressure are best realized! It’s all about the #goodvibetribe !
Jimmy The Hypnotist care to add anything, sexy.
Silfaster : Jimmy stop hypnotizing our team please!
Jimmy The Hypnotist : I can’t help it, it’s just what happens with a smile as magnificent as mine 😁
Silfaster : and thanks for the crystal clear explanation King!
I think you covered all facets.
Jimmy The Hypnotist : You covered it all King D.
Little known fact, but the D in King D stands for Doctor :)
Silfaster : That’s a cool fact, what kind of doctor? Medical one or a geologist?
King D : I’m a doctor of Vibes good ser.
Jimmy The Hypnotist : He has a PhD in High Vibe and Degen Posting 😊
Silfaster : My kind of doctor! We know crystal grow under pressure, but never forget the vibes!
King D : My thesis was just my riley reid gif folder.
Silfaster : So about your token, I read a lot of great plans on your website polycrystal.finance .
A deflationary roadmap and longterm (flexible) tokenomics, can you tell us more about this?
King D :
Oh yeah we can, so there’s kind of two facets to the deflationary roadmap, the staggered emissions reductions, and implementations of burn mechanics in our platform, starting with vaults!
Here’s how the emissions structure will reduce as we approach our “soft cap” of 10 Million $CRYSTL
The idea here is that the automated buy pressure and burning from vaults, and other future mechanics that may include an automated burning mechanic creates more value in the $CRYSTL token, while also reducing the supply.
This means that not only does the token become more scarce and valuable, but if enough is burnt, then emissions could increase again, which means we’d be emitting a far more valuable token at a higher rate, leading to higher yield!
Silfaster : That sounds very clever!
Can I call your $CRYSTL a gem?
Or would that offend you guys 🤔
One thing is for sure, it rocks!
So besides this great roadmap for your tokenomics and deflation, what else is coming to PolyCrystal?
Can you enlighten us about your roadmap?
Jimmy The Hypnotist : Yes of course, we have very exciting things coming on our roadmap :)
We have a lot of amazing new features we want to implement which will give added utility to $CRYSTL as well as reward our beloved $CRYSTL holders and stakers.
One of our main goals for the future is to have many great partnerships, like the one with KoalaDeFi 🐨❤️.
We are also working on our own NFTs which we are pumped for.
You can read the full roadmap here:
King D : And on the note of partnerships, our primary initiative right now is the GoodVibeTribe!
We wanna bring yield aggregation and high vibe APYs to all of our partners in meaningful and productive ways that work out well for both parties 🔮💎💙
Silfaster : That sounds very promising.
I’d advice everybody to have a look at the roadmap document!
Oh and Koalas, did you know we just opened a bush on Polygon at koaladefi.finance where you can stake Nalis and earn $CRYSTL?
Look at those APRs, don’t do crystalmeth, do your crystal math!!!
So we’re already at the last team question before we open the chat for questions from our community!
Jimmy The Hypnotist : Lay it on me silfaster :)
Silfaster : Can you tell our community where they can find out more about PolyCrystal?
And what is PolyCon?
Jimmy The Hypnotist : You can read all about PolyCrystal in our docs at: https://polycrystal.gitbook.io/polycrystal-finance/.
You can also find our Crystal Clear Educational Series here which King D and CryptoLight, our project manager, have also done an amazing job creating.
It helps answer questions about the DeFi space and provide guides on how to set up various wallets and get to the Polygon Network from major Exchanged such as Coinbase and Binance.
PolyCon is a really exciting event that we are co-hosting with PolyDoge.
It is a virtual convention held in the Gamerjibe virtual space on September 16th-18th.
You can create your own avatar and walk around the event to different booths set up by projects, sit in on AMAs and Panels, and play games for exclusive prizes!
Some of the biggest projects on Polygon will be there as well including PolyCat and Ferrum Network.
PolyCon is also being backed by Polygon/Matic which is very exciting.
Tickets are $10 and go on sale later today.
There will also be some exclusive event NFTs that can only be gotten inside the event, so you won’t want to miss out!😊❤️
Silfaster : Koalas you’re all invited, join me in visiting PolyCon!
So let’s open up the chat and see if we have any questions from the community! And let’s see who the community thinks won the twerking contest!
Let’s hear it guys!
Question from CZ_DYOR :
Hello sir @jimmythehypnotist, @King_D3.
There have been recent spikes in scam coins, rug pulls and other security threats. What steps have each of you taken to ensure the safety of $CRYSTAL token?
Jimmy The Hypnotist : At PolyCrystal, safety is our #1 priority. We have put an emphasis on secure smart contracts since day 1 and we have been rated low risk from CryptEx, and we also have Obie Dobo and Harambe Nakamoto from ApeSwap to advise our smart contracts to ensure everything is 100% SAFU ❤️💎 We also plan to launch some new features in the future which will have original code, and they will all be thoroughly audited before launch to make sure they are safe
Question from J. Marin :
As an investor I’m confident in the strengths and innovations of the project, but can you tell us if PolyCrystal faces weaknesses / challenges? I think it is necessary to know.
King D : Awesome question J ❤️ It’s important in all the hype to really observe the challenges faced by not only us, but all yield farms. The biggest one is obviously inflation, as you have to constantly be providing new utility for the token ,and our awesome product development team, and business development guys like kingofcrystals working fastidiously to make sure that we’re always making friends in this space.
we think that’s what success really boils down to in this space, the beauty of smart contract/ blockchain technology is that it allows everyone to work together in an utterly transparent manner, and by building quality relationships with projects, we believe we’ll thrive ❤️
Question from Kaisen :
Most of the new investors, only focus on the price of the token, and the short term benefits of the project rather than understanding the true value of the project. Can you tell us about the motivations and benefits for investors to hold your tokens long term?
King D : Thanks for the great question Kaisen :)
The benefits of holding $CRYSTAL long term are realized in our Pools for sure, with these, you can diversify your portfolio without having to time buy ins, you just earn tokens like $BTC, $ETH, $MATIC passively, or if you’d like to explore defi while exposing yourself to minimal risk, you can try some of our other less known pools, or even our hidden gems!
Question from Ariana :
Smart contracts are prone to bugs, and even recently three major new DeFi projects fell victim to them, draining users’ funds. efficient and secure your smart contracts, and have you audited them externally? Do you have plans to BURN, Buyback or Locked Tokens to increase their value?
Jimmy The Hypnotist : As in my previous answer, we have been audited as low risk and have 2 advisors on our team form ApeSwap to make sure our smart contracts are 100% SAFU 😊
For our BURNs and BUYBACKs, we recently launched our Vaults which in addition to providing High Vibe APYs also automatically buyback and burn $CRYSTL with a percentage of the funds earned. This helps us keep a steady stream of buyback and burn pressure on $CRYSTL which will increase overtime as we add more Vaults and increase in TVL 😊💎❤️
Question from Yamato :
As we know Many new projects make a good impression at first but are suddenly abandoned. How will you manage projects and tokens to gain a place in the market and become the best token in the cryptocurrency world?
King D : Really great question, and it is quite sad for us, as dedicated as we are to our project, to see others not carry that same amount of care or compassion for their communities. We exist to serve the people who hold CRYSTL, and deliver on our promises. At the end of the day what’s in the holders best interest will always be in ours ❤️
We’re committed to making polycrystal not only a big player in the Polygon space, but to make a name for ourselves in the overarching DeFi history books. We’re fully committed to building, innovating and creating new utility for our token through partnerships and working together. Collaboration is key; if you can find ways to integrate and work together with new technologies, new projects, and make friends along the way, success is generally a matter of if, not when !
PUBLIC SERVICE ANNOUNCEMENT
We feel like giving away three Koala Defi exclusive partnership NFTs.
The crowd has been so amazing, let’s give back to the community! ❤️❤️❤️
Post a KoalaDefi x PolyCrystal meme or artwork on your social media, tag both projects and have a chance to win one out of three exclusive limited edition PolyCrystal X KoalaDefi NFT we will announce this weekend!
- Create a meme
- Post it on twitter
- Tag @PolyCrystal_ and @koaladefi and we will pick 3 winners on the first of september!
Don’t forget to tag some of your friends to show off your amazing artwork or meme!
We will announce this contest in an official announcement in a bit!
and of course, don’t forget the bush!
Look at that APR! 😍
Jimmy The Hypnotist :
That bush looks sweet :) we will also be launching a $NALIS Pool on PolyCrystal soon where you can stake $CRYSTL to earn $NALIS with a High Vibe APR :)
@jimmythehypnotist and @King_D3 thank you both so much for this fun and educational AMA! I’m sure we all learned a lot about your project and we’re excited about a longterm partnership for a bright Polygon future!
Let BUIDL and GROW! ❤️