Jaw-Dropping DeFi Growth - The Need for Cryption Network - Product Release & Updates
Many schools of thought have dubbed 2020 as the year of decentralized finance (DeFi). However, this narrative is drawing out into 2021 as the DeFi space continues to record amazing growth and expansion.
Cryption Network, focused on creating user-friendly products, has revealed plans to basically redefine the user experience in the decentralized finance space. Decentralized finance (DeFi), in reality, has propelled the entire blockchain technology space to new heights. DeFi has arguably become a focal point of most people venturing into the crypto space over the course of 2020 and 2021. Despite this increase in usage and adoption, the decentralized finance space still faces several far-reaching challenges.
Some of these challenges include:
- Poor interoperability among participants in the DeFi space – This makes navigating the DeFi space difficult, especially for beginners.
- Scalability issues on the Ethereum chain – The Ethereum blockchain currently houses a large number of DeFi projects, dApps, and smart contracts. In line with this, the effect of Ethereum scalability issues also affects most of these dApps, DeFi projects, and smart contracts.
- High transaction cost – Thanks to Ethereum’s current outrageous gas prices, most DeFi transactions are quite expensive.
The Proposed Solution From Cryption
Due to the number of challenges facing the DeFi space, Cryption Network has put forward an interconnected ecosystem that completely simplifies investing in the decentralized finance space. According to its website, Cryption is building “[…] a suite of user-friendly crypto products for normal retail investors.” That is, people looking to invest in the crypto and DeFi space but are currently unable to navigate its complex structure.
The network looks to introduce gasless transactions, reliable and well-structured tokenomics, and seamless integration, while also ensuring the blockchain trilemma (decentralization, scalability, and security) is preserved.
Cryption Network Products and Proposed Roadmap
The DeFi 2.0 product platform has also revealed details of its proposed products as well as its roadmap since its inception in Q4 2020.
Cryption Network products include PolyDEX — a L2 cross-chain AMM DEX, Elastic Farming, Seer prediction market, deflation of CNT, Cryption App, non-custodial portfolio management, Ether Rush (fiat on/off ramp), DeFiStack (allows users to launch very customizable contracts), and NFTs.
Cryption officially went live in Q4 2020, with its website launch taking place in Q1 2021. The platform recently carried out its IDO and PolyDEX launch. It is also currently undergoing an audit carried out by Certik.
The Audits have begun!https://t.co/e8ye6ybBYN
— Cryption Network (@CryptionNetwork) May 22, 2021
Partnership With Polygon and Biconomy
Cryption Network recently partnered with Layer 2 blockchain platform Polygon (formerly known as Matic Network). The Layer 2 blockchain will help improve the scalability of DeFi platforms with its sidechains for off-chain computation.
Also, Polygon will help improve security with its top-notch PoS validators and Plasma structure. It will also help to improve interoperability between the Ethereum chain and other blockchain platforms. With this partnership, Cryption will be able to provide retail users with a better UX (user experience), improved access, and usability.
Increased traffic, congestion & ⬆ gas fees!
L2 solutions increased the scalability with added security & #decentralization.
That's why we are on #Matic (Now #Polygon) @0xPolygon. $CNT available across Matic & #ETH chains with POS token bridge.#DeFi https://t.co/Jm403ToMTm
— Cryption Network (@CryptionNetwork) May 10, 2021
Biconomy, on the other hand, is well-known for its gas-efficient meta-transactions. Partnering with Biconomy will enable Cryption to pay for its users’ gas fees. This, in essence, will drive adoption, as well as drastically reduce drop-off rates. Thanks to the partnership with Biconomy, all Cryption Network products will be gasless.
🎇Exciting Update!🎇@Biconomy is now powering the Cryption Network!🤝
Instant, cheaper token transfers, Gasless, and much more!🎯💰
This will sure bridge the gap between Centralized exchanges and PolyDEX🌉
Check out: https://t.co/WxjBUscW0V$CNT #Defi #crypto #Hyphen pic.twitter.com/0u7KuPziUu
— Cryption Network (@CryptionNetwork) May 20, 2021
DeFi product platform Cryption Network is currently carrying out an IDO contest. A $5,000 IDO allocation has been set aside for 50 winners. Winners will receive $100 each.
To our new community members 🗣
It's time to participate in the #Cryption #IDO contest!
Rewards to be won! 🌟💰
📌$5000 IDO Allocation
📌50 Winners – $100 EACH!🤑💵
Grab details –
Don't miss it! #Airdrop #crypto $CNT pic.twitter.com/nB44v2IClA
— Cryption Network (@CryptionNetwork) May 20, 2021
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