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HomeAMA RecapAMA RECAP IDCRYPTO X Krystal Defi

AMA RECAP IDCRYPTO X Krystal Defi

Speaker :
1. Sunny (CEO at Krystal DeFi)
2.Chelsea (Business Development Manager at Krystal DeFi)
Date : Friday, June 11st, 2021

THERE IS 3 SESSION FOR AMA
1. INTRODUCTION
2.QUESTION FROM TWTITTER
3. FREE ASKING


SESSION 1 ( INTRODUCTION )

ID CRYPTO:
hello sunny and chelsea welcome to our community, we are glad to be with you here.

Chelsea:
Hello everyone. I’m happy to be here tonight.

Sunny :
Hello Everyone. I am super excited to be here.

ID CRYPTO:
Thank you for taking the time to be here guys.
1. What did you do before crypto and did you have any other previous venture in crypto? What is your role at Krystal App?

Sunny :
Hi everyone, Im Sunny -CEO of Krystal DeFi.
Before Krystal, I had led the development of multiple Fintech products from ideation to execution for major players in the market like Apple, Global Blue and Lazada. Having since expanded my expertise to the DeFi market, i’m now dedicates my time to developing Krystal to achieve its aim of being every user’s go-to for everything DeFi.
I also have lived in Jakarta for a year. Totally love it.

Chelsea:
Hi everyone My name is Chelsea – Business Development Manager at Krystal. Prior to Krystal, I have worked at one Forex company in business development. I only dove down into blockchain/crypto in the middle of 2020, when I was looking for some of the most suitable ways to invest my money. The more I researched, the more interested I am in this industry. I am very excited to be a part of Krystal team in the job of simplifying Defi to all users in one platform. That’s why I’m here today.

ID CRYPTO:
Cool, looks like Krystal has a great future with a CEO who has experience like you.
Interesting experience, you also have a background in finance..
I think you are in a very high potential project.
Okay, thanks for introducing yourself guys, I’m very happy to know you.
Next question, 2. What is the project about in a few simple sentences? For how long have you been working on Krystal App? How many people are on the team?

Sunny :
Krystal is a brand new decentralized mobile app (iOS & Android) with a great user experience that will save users time, money, and effort by consolidating the best DeFi services under one roof. Our website will be launched soon.
In addition to this, Krystal is:

  • A simple UI/UX for all defi touchpoints. Protocols are integrated directly on the app so users can access easily. Supported project are: Uniswap, Kyber, SushiSwap (on Ethereum), PancakeSwap (on BSC) and other protocols on other chains in ther future.
  • The easiest place for users of all level can earn passive income from lending via AAVE/Compound/Venus, liquidity mining and commission from referral codes.

ID CRYPTO:
Awesome, this will make it easier for DeFi users. where we only use one application for several services.

Sunny :
Exactly.

ID CRYPTO:
3. Simple UI/UX is very importance for mass adoption, is this what you are aiming to achive?

ID CRYPTO:
ok ok i understand.
This is a very easy explanation to understand, in essence with Krystal Defi we will find it easier to use various services and reduce complexity, I see that this is not only for new users, old experienced users will also feel the difference in how easy it is to invest in space DeFi.
Guys let’s download the Krystal Wallet.
Next Question,
4. Usually i only see referal program on centralized exchanges but i havn’t seen it on a Decentralized wallet before. Could you give me more details about how Krystal’s referal program work?
Krystal referral program sounds quite interesting. Could you give more details on it?

Chelsea:
Yeah, i will take this one.
Krystal allows you to be an affiliate and refer the Krystal app to your friends to earn rewards. We’ve built a comprehensive point-based reward system that we call Krystal Points. As a user, you can earn Krystal Points through multiple avenues (e.g. a referral link) and redeem all your Krystal Points. Then the interesting thing is you can convert Krystal Points to ETH (on Ethereum), to BNB (on BSC) with one single tap on the app.
The ways to earn Krystal points may include (among others):

  • Joining Bonus — Any users upon successfully installing and importing a wallet in the Krystal app will get certain Krystal points.
  • Streak — Any users who successfully complete 100 swap txns at Krystal will get some Krystal points.
  • Learn & Earn — Any users who successfully learn about any blockchain projects via Krystal app will be entitled for Krystal points.
  • Retweet campaign — Users are motivated to retweet a specific tweet and some users are randomly picked by the Krystal team and are given Krystal points. Users can redeem these points for ETH.
  • Referral — Users can invite their friends to use the Krystal app and earn rewards in Krystal points. Reward amount may vary depending on how much and what activities their friends perform on Krystal.
    Since 27th May, Krystal also support Binance Smart chain thus the commision could be collected on both blockchain.
    On Ethereum you will collect eKP and on BSC it is bKP.
    To learn more, you can find it here And I will give more details as below.
    So here is how referral program works:
    When creating or importing a wallet in Krystal, 05 Referral Codes will be automatically generated for the User (Referrer) to send to the friends (Referees).
    If a new User creates/imports a wallet and perform a digital asset swap in Krystal via a Referral Code, the Referee’s Trade Volume will be used to calculate Tiers for the Referrer and the Referee following the structure given below:
    Referral Code 1: 100% for the Referrer’s Tier – 0% for the Referee’s Tier.
    Referral Code 2: 75% for the Referrer’s Tier – 25% for the Referee’s Tier.
    Referral Code 3: 50% for the Referrer’s Tier – 50% for the Referee’s Tier.
    Referral Code 4: 25% for the Referrer’s Tier – 75% for the Referee’s Tier.
    Referral Code 5: 0% for the Referrer’s Tier – 100% for the Referee’s Tier.
    Each wallet of a Referee is associated with one Referral Code generated by a Referrer. Neither the wallet nor the Referral Code can be replaced.
    In order to get 05 Referral Codes, the User needs to import a wallet (or create a new wallet) to Krystal, then access the Explore → Krystal Point → Referral tab. The User can find out 05 Referral Codes associated with his wallet on this screen. Each Referral Code can be used to introduce multiple Referees.

Sunny :
Combining all information in one message. If someone wants to save it.
When creating or importing a wallet in Krystal, 05 Referral Codes will be automatically generated for the User (Referrer) to send to the friends (Referees).
If a new User creates/imports a wallet and perform a digital asset swap in Krystal via a Referral Code, the Referee’s Trade Volume will be used to calculate Tiers for the Referrer and the Referee following the structure given below:
Referral Code 1: 100% for the Referrer’s Tier – 0% for the Referee’s Tier.
Referral Code 2: 75% for the Referrer’s Tier – 25% for the Referee’s Tier.
Referral Code 3: 50% for the Referrer’s Tier – 50% for the Referee’s Tier.
Referral Code 4: 25% for the Referrer’s Tier – 75% for the Referee’s Tier.
Referral Code 5: 0% for the Referrer’s Tier – 100% for the Referee’s Tier.
Each wallet of a Referee is associated with one Referral Code generated by a Referrer. Neither the wallet nor the Referral Code can be replaced.
In order to get 05 Referral Codes, the User needs to import a wallet (or create a new wallet) to Krystal, then access the Explore → Krystal Point → Referral tab. The User can find out 05 Referral Codes associated with his wallet on this screen. Each Referral Code can be used to introduce multiple Referees.

Chelsea:
I will give example as below.




ID CRYPTO:
Yes, please.

Chelsea:
For 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 (50%-50%) to Jake.
Switching to Jake, he refers Alice with Referral Code 2 (75%-25%) and Bob with Referral Code 3 (50%-50%) to Krystal. Both Alice and Bob don’t refer anyone to Krystal.
Suppose during a month, the Trade Volume of Jake, Alice and Bob is 50 ETH, 100 ETH and 30 ETH respectively. Thus, the Confirmed Volume to calculate their Tiers will look like this:
Confirmed Volume of Alan = 50% * (Trade Volume of Jake) = 50% * 50 = 25 ETH
Confirmed Volume of Jake = 50% * (Trade Volume of Jake) + 75% * (Trade Volume of Alice) + 50% * (Trade Volume of Bob) = 50% * 50 + 75% * 100 + 50% * 30 = 25 + 75 + 15 = 115 ETH
Confirmed Volume of Alice = 25% * (Trade Volume of Alice) = 25% * 100 = 25 ETH
Confirmed Volume of Bob = 50% * (Trade Volume of Bob) = 50% * 30 = 15 ETH And the respective Tiers as well as Krystal Points Earned will be:
Alan: Tier 2: 50 KPs
Jake: Tier 6: 350 KPS
Alice: Tier 2: 50 KPs
Bob: Tier 2: 50 KPs

ID CRYPTO:
Very detailed explanation, thank you for being willing to explain in great detail and equipped with examples too..
I hope our community understands your answer.

SESSION 2 ( QUESTION FROM TWTITTER )

ID CRYPTO:
1. can you mention what are the advantages of using Krystal wallet over other wallets? I think there are too many non-custodial decentralized wallets
from @Saiqung

Sunny :
DeFi is very dynamic & in order to adapt to the fast-changing needs, we sought to build an app that is both inclusive and innovative, that could provide a wide range of exciting features that can be easily and securely accessed by users from all walks of life.
As i mentioned earlier, we will focus on:
– A simple UI/UX for all defi touchpoints. Protocols are integrated directly on the app so users can access them straight from the app, such as: Uniswap, Kyber, SushiSwap (on Ethereum), PancakeSwap (on BSC) and other protocols on other chains in the future.
– The easiest place for users of all level can earn passive income from lending via AAVE/Compound/Venus, liquidity mining and commission from referral codes.

ID CRYPTO:
2. what is the function of crystal point? and you say the value of krystal points is 1ETH = 10,000 Krystal points, what if the price of eth goes up/down? Will the value of Krystal points also follow the price of ETH?
from @jinmineng

Chelsea:
For the function of Krystal point, i have answered aboved.
Regarding of the value of Krystal poin, yes, it will follow the price of the ETH or BNB. However, you guys can consider it as your gas money and you can convert it any time you want, when the amount is enough ofcourse.

Sunny :
For the function of Krystal point, i have answered above.
-Value of Krystal point is fixed to 1 ETH = 10000 Krystal point. It doesn’t matter what is the dollar value of ETH.

ID CRYPTO:
3. is there a road map, I don’t see your website, can you explain krystal app’s vision and mission?
from @musT_Crypto

Sunny :
Krystal was launched on 20 April & since then we have added a lot of new features.
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 Chelsea. We are also working with many DeFi Dapp to integrate them directly into the app.
We are very positive that Krystal will become one stop shop for all DeFi users of all level by the end of the year.

ID CRYPTO:
Guys for those of you who expect Krystal wallet to be available for Desktop don’t forget to join this channel and group
@KrystalDefi
@Krystal_Announcement

4. Every platform like you user fund storage is very important, how about your wallet security?? Have you made sure your security can’t be hacked??
from @HarisS07047838

Sunny :
Yes, security is always our top priority. All of our smart contract have been fully audited by professionals. Our audit reports are available on Krystal git hub.

ID CRYPTO:
Good, that’s really important.
5. What do you think about native token generation on a platform like yours, Are you planning to do that?
from @Julud1998

Sunny :
Till now we’ve not thought about token launch. We want to first build an amazing product.
SPECIALLY FOR IDCRYPTO Community, I’ve something to share.
From Monday, Krystal will run a campaign and you can win up to $20,000 rewards. Download the app using JRCFZYQZ and be ready.

ID CRYPTO:
Cool, guys you can earn this welcome bonus from Krystal wallet..
download the krystall app and submit this code
JRCFZYQZ
Ok, so the thing you might want to announce to ID crypto members: the strategic partnership between ID crypto <> Krystal. It would be reasonable if the official words come from you. So what is it?

Chelsea:
Yeah, We’re happy to announce the strategic partnership between ID Crypto and Krystal. Krystal app as known as a hub connecting all Defi projects to end users, and ID Crypto is a Indonesia’s top crypto trading community, so we think we can collaborate to create a mutual benefit for both communities. Krystal team will get back to ID Crypto with various activities such as:
– Welcome bonus for users from ID Crypto5More AMAs & Airdrops, Learn & Earn from partners of Krystal
– Exclusive trading contests for ID Crypto users.
– And other exciting co-marketing campaigns will be announced.

ID CRYPTO:
Awesome! Thank you Chelsea. So here are the details of Welcome bonus – an exclusive campaign for ID cryptomembers:
first 1,000 wallets under ID crypto code will be eligible to receive 10 eKPs (~ 0.001 ETH) & 5 bKPs (~0.0005 BNB) when installing Krystal app & importing this code: JRCFZYQZ
In order to get bonus, all you need to to is:
– Step 1: Install Krystal app (available on both Google Play Store & App Store, or you can find the download links here.
– Step 2: Create/Import your wallet into the app5Step 3: (Very important) You need to enter the ref code = JRCFZYQZ
Then you can see 10 eKsP on your Ethereum wallet &
– bKPs on your BSC wallet right away. However, claim function will be enabled later. During that time, you still can accrue more Krystal Points with referral programs & other promotional activities in the app.

SESSION 3 ( FREE ASKING )

Karoceh:
How can I participate in the krystal referral system? is everyone free to participate in this program? And is there a limit to the number of referrals I can recruit?

Sunny :
– Its very simple to participate.
– Download app and go to explore page
– Click on the Krystal points
– Copy your referral code and share with others1No limit on the number of referrals
All your earning will be available as Krystal points. You can convert Krystal points to ETH or BNB anytime.

Agus:
What do you do if there is referral fraud on krystal applications such as second parties or others?

Sunny :
Our referral system is designed to be fraud proof. If anyone can still do fraud, let us know. We will reward you handsomely.

Rime Resj:
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?

Sunny :
Yes, it is possible. We have a youtube video explaining exporting and importing of wallet. Please join our channel.

Amelia:
you said that Krystal’s Earn service is the best choice, how does Krystal’s earn work? what should the user do, what % of the profit we gets, please explain to us.

Chelsea:
Earning passive income is always a hot topic all the time in Defi, it allows people to hold their favorite tokens for a long time while still earning interest by supplying them to an earning platform.
With Krystal, you don’t need to go around for hunting the best yield earning services. We do it for you, aggregating all high yield services in one single platform.
Then you can access to them with two or three simple steps on the app.

Allah Is Always With Me:
Partnership is very important for project success. So, what type of partnership has been established Dexta and what partnerships will there be in the future?

Chelsea:
Krystal is aiming to become a hub that connects all defi project to end users. On this hand, we work with numerous token teams/projects and ask them to do AMA/ learn & earn and other educational campaigns with our community. On the other hand, we also work with some extraordinary trading communities (like IDCrypto) / influencers / Youtubers etc. to expose our brand widely
.

MORE DETAIL ABOUT Krystal Defi

Oezankhttps://idcryp.to
Oezank is a Crypto Influencer who has more than 2 years of experience observing Crypto projects and strongly believes in blockchain technology in Indonesia.
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