One Platform, All DeFi
2020 was a great year for DeFi (decentralized finance) with BTC and ETH soaring 300% and 482% respectively. Well-known companies have also started to hold digital currency as part of their treasury. At this speed of digital adoption, we expect to see a continuous influx of users and developers to the DeFi and blockchain space.
At KyberSwap, our aim has always been to add value to everyday traders and users in DeFi through our unique and practical product. Barely 2 years after the launch of our decentralized token swap service, the KyberSwap protocol we developed has become one of the most popular DeFi applications in the world and has facilitated seamless peer-to-peer token swaps for thousands of users.
Moving forward, in order to adapt to the fast-changing needs of the DeFi space, 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.
Popular DeFi features include simple ones such as swapping tokens at the best available prices and lending tokens to earn interest, as well as advanced functionalities such as liquidity mining, and yield farming.
However, in order to access these different features, users currently have to navigate through complicated UI at multiple platforms, learn the nuances of directly using each of them, and compare rates and gas cost before making a final decision. For instance, if someone wants to earn yield on USDC, he has to decide if he wants to deposit it on Compound, AAVE or another platform, provide liquidity in an AMM pool, or perhaps even deposit it at a centralized exchange. Each option provides different yield returns and has different risks involved, and it is challenging to track assets across different platforms using multiple tabs. Overall, this could be overwhelming and frustrating for new DeFi users.
We believe that we can reduce these complexities and greatly simplify the DeFi experience. Over the past few months, we’ve focused our efforts on optimising and revamping the user experience to adapt to current DeFi trends which go beyond simple token swaps.
We are excited to unveil the fruit of our labour — introducing Krystal, One Platform, All DeFi for everyday users!
Krystal — One Platform, All DeFi
Built by the team behind KyberSwap, Krystal is a brand new app with an immersive and frictionless DeFi user experience. The Krystal will save users time, money, and effort by consolidating the best DeFi services under one roof.
Krystal Launch Details
Krystal will be available on Android and iOS mobile apps within the 1–2 weeks. The Krystal website will be available around 2–3 weeks after the mobile app launch. During this transition phase, the KyberSwap mobile app and website will continue to work as usual but we highly encourage users to switch to Krystal app as it has a lot more functionalities in addition to KyberSwap’s token swaps.
Key Features of Krystal
Note: Custom Token means capacity to track a custom token. For example: token XYZ is not available for swap but still balance can be tracked via Krystal. It is NOT related to ‘native token’.
Seamless Token Swaps
Krystal will provide token swap functionality for about 30,736+ token pairs. At launch, Krystal will integrate directly with Kyber Network and Uniswap. More DEX protocols will be added soon to help aggregate access to liquidity and provide the best rates for users.
Lend Tokens for Interest
Krystal has already integrated with AAVE and Compound to provide convenient lending services for any user. Together, Aave and Compound have over $15B in TVL. Krystal provides single-click lending and withdrawal services. We made it much easier to decide which platform to choose while lending your token to earn interest.
Hassle-free Portfolio Management
Krystal will provide convenient portfolio management tools so that you can easily monitor and track your assets across multiple platforms and stay on top of your DeFi game. Easily source for DeFi opportunities, rebalance your portfolio, and manage your liquidity pools and yield farms all within one user-friendly interface.
Krystal is non-custodial and does not hold your assets at any time. All Krystal smart contracts have been fully audited by external third parties. These smart contracts are basically wrappers for multiple DeFi services such as Uniswap, Kyber Network, Aave, Compound, Sushiswap etc. Krystal only integrates projects which have also undergone smart contract audits. By using Krystal, you can access the best DeFi services with a peace of mind.
Partnerships and Contests
Krystal will offer plenty of reward options for users. Our team has been hard at work for the last couple of months to partner with the best DeFi projects and a few partnerships have already been secured that will come into effect after the launch.
Other new features offered by Krystal include:
● Dapp Browser to access any DeFi service
● Price alerts to capture the best trading opportunities
● Trending tokens and other notifications
● Custom token management
● Live Charts
● Create, Import or Watch Addresses
In summary, Krystal is a one-stop shop for users to enjoy a frictionless and secure DeFi experience. Krystal seamlessly aggregates different DeFi services under one roof, saving users time, money, and effort. At launch, it will bring together 4 of the best DeFi protocols in the space — Kyber Network, Uniswap, Aave, and Compound.