• Krystal Newsflash (25th Nov 2022)

    Krystal Newsflash (25th Nov 2022)

    Welcome to our recap of the major stories in the crypto world! Here’s what has happened over the past week: 

    Binance eyes the hardware wallet industry? 👀

    After the FTX debacle, self-custody of your assets has become a hot topic.

    Apart from Trust Wallet, Binance has now expanded its reach to the hardware wallet industry after it invested in Ngrave.

    Ngrave is a cold wallet that does not have any form of connection with the Internet, making your funds extremely secure.

    We would recommend you buy a hardware wallet if you own a large sum of funds in your non-custodial hot wallet.

    Recently, Bo Shen, a general partner Fenbushi Capital, announced that he lost $42 million worth of cryptocurrency funds from his wallet.

    After further investigation, it was discovered that his seed phrase was compromised, which led to his wallet being drained.

    We would like to emphasise the importance of keeping your seed phrase secure, and you can find out more about that here.

    More stablecoins launching 🚀

    3 big players in the crypto world have announced that they will be issuing their own stablecoins.

    2 stablecoins will be launched on the Cardano blockchain, including USDA by Emurgo,

    And the Djed stablecoin.

    Meanwhile, Curve Finance has released its whitepaper for the crvUSD stablecoin that uses a unique lending-liquidating AMM algorithm (LLAMMA).

    This unique approach is rather complex, but it mainly uses liquidity pools as its form of collateral, which ensures that the collaterisation to the US dollar remains stable.

    New privacy policies raise eyebrows 🤨

    Changes to privacy policies were announced for both Uniswap,

    and Metamask.

    Uniswap mentioned that they will be collecting on-chain and off-chain data, which “could be used to remember which tokens users have imported, and their preferences in trading”.

    However, Uniswap will not be collecting sensitive data like names, emails or IP addresses.

    Metamask’s privacy policy is slightly more concerning, where they are able to track your IP address if you use an RPC provider like Infura.

    OKX PoR

    In a show of transparency after the FTX debacle, crypto exchange OKX has launched its Proof of Reserves dashboard for users to verify their assets.

    At the time of writing, OKX’s reserves have a collaterisation ratio of between 101 – 102% for BTC, ETH and USDT.

    This is a first step to transparency by centralised exchanges, as OKX moves towards publishing a Merkle tree Proof of Reserve in the coming weeks.

    You can find out why this technology is so important as a Proof of Reserve for these platforms here.

    DBS completes trade on JP Morgan crypto network

    JP Morgan’s Onyx network, a blockchain-based trading network, was used by DBS to close an intraday repurchase transaction.

    While this transaction usually takes days to settle, it was done in a matter of hours when conducted on the blockchain.

    Banks and traditional financial institutions are becoming increasingly interested in blockchain technology, which has the potential for greater use cases.

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  • Krystal Brings You MORE Earning Opportunities For Your Idle Funds (Liquid Staking)

    Krystal Brings You MORE Earning Opportunities For Your Idle Funds (Liquid Staking)

    We are proud to announce that Krystal Earn has now integrated with Lido Finance and Ankr, giving you even more options to earn passive income on your idle assets.

    Both platforms provide liquid staking services for a variety of tokens, including: 

    1. BNB
    2. ETH
    3. MATIC
    4. AVAX
    5. FTM

    Krystal Earn now gives you a one-look overview of passive income opportunities from staking providers (Ankr, Lido) in addition to existing lending providers (Aave, Compound, Venus). 

    With passive income opportunities for over 100 cryptocurrencies across 7 blockchain networks (Ethereum, BNB Smart Chain, Polygon, Avalanche, Fantom, Arbitrum and Optimism), you can easily compare amongst all passive income strategies to get the best yield for any token!

    What is liquid staking?

    Liquid staking allows you to still have access to your funds, even though you have staked (aka locked) your funds with a validator.

    A liquid staking provider (like Lido or Ankr) would provide you with a new token that represents the amount that you have staked with either provider.

    For example, if you stake ETH on Lido, you will receive the stETH token.

    While staking locks up your funds, liquid staking gives you an opportunity to perform DeFi activities with these liquid staking tokens, while earning staking rewards at the same time!

    You can find out more about staking cryptocurrencies in our comprehensive guide here.

    How is liquid staking different from lending?

    Here’s a summary table on the major differences between both passive income strategies:

    Liquid StakingLending
    Type of tokensMultiple DeFi use casesIlliquid, specific to platform
    Yield sustainabilityDepends on staking rewards of the networkDepends on supply and demand for that token

    Types of tokens

    When you are supplying your tokens on Aave, Compound or Venus, the tokens that you receive (e.g. cTokens or ATokens) are only specific to the platform you’ve supplied with, and are rather illiquid.

    In contrast, liquid staking tokens allow you to use these tokens for various DeFi activities like swapping or staking in a liquidity pool with another token.

    Yield sustainability

    The interest rates that you receive when lending out your tokens will depend on the supply and demand of that asset. If there is greater demand for the asset with a low supply, the interest rates offered will be higher and vice versa.

    Meanwhile, when you stake your assets, you will be staking with a validator that processes transactions on a Proof-of-Stake network.

    You will receive your rewards in the form of staking rewards, which is determined by each network.

    As more of the tokens are staked with validators, the staking yield may decrease and vice versa.

    What tokens will I receive when I stake with either provider?

    The tokens that you receive after staking depends on which liquid staking platform you used to stake.

    Lido

    If you stake ETH or MATIC on Lido, you will receive ‘st’ tokens (either stETH or stMATIC).

    stETH

    The redemption ratio of ETH and stETH is 1:1. The amount of stETH will increase every day.

    stMATIC

    The redemption ratio of stMATIC will continue to increase, while the quantity of stMATIC tokens that you own remains the same.

    This means that when you unstake stMATIC to receive your MATIC tokens, you will be receiving a higher amount of MATIC tokens than your initial stake, based on the staking APY.

    Ankr

    For Ankr, you are given the option of choosing reward-earning (aXXXb) or reward-bearing tokens (aXXXc).

    Reward-earning tokens (e.g. aBNBb, aMATICb)

    These tokens work in a similar way to stETH, where the number of tokens will increase every day.

    Reward-bearing tokens (e.g. aBNBc, aMATICc)

    These tokens work in a similar way to stMATIC. The redemption ratio increases while the quantity of tokens remains the same.

    What can I do with these liquid staking tokens?

    You can use these liquid tokens on certain DeFi platforms, such as depositing them into liquidity pools and earning extra yield.

    Ankr has a full list of the different liquidity pools you can deposit your liquid staking tokens.

    You are also able to deposit stETH and stMATIC into liquidity pools on Curve or Harvest Finance.

    How do I stake on Krystal?

    Here’s a step-by-step guide on how to perform liquid staking:

    #1 Select the token you wish to stake

    To access our staking feature, you can go to ‘Earn’ tab on Krystal.

    You are able to view the various options available for each token.

    For both ETH and MATIC, you can choose to stake with either Lido or Ankr. Meanwhile, you can only use Ankr to stake BNB, AVAX and FTM.

    *Note: If you are looking to stake MATIC, you will need to have MATIC on the Ethereum network, and not the Polygon network.

    You can use our bridge function to bridge MATIC from the Polygon network to Ethereum.

    #2 Stake your tokens

    If you are using Lido to stake your tokens, you can convert them to stETH or stMATIC right away.

    Meanwhile, if you are staking with Ankr, you will need to choose whether you would like to receive the reward-bearing or reward-earning token.

    Some of these tokens may have a minimum stake amount.

    TokenMinimum Stake On Ankr
    ETH0.5 ETH
    AVAX1 AVAX
    BNB0.502 BNB
    MATIC1 MATIC
    FTM1 FTM

    Don’t forget to leave some funds behind to pay for gas fees! You will need to pay this fee for each staking and unstaking transaction that you perform.

    After you have successfully staked your tokens, you should start accruing rewards at the next rebase!

    How do I unstake on Krystal?

    To unstake tokens that are currently staked, you can go to the My Portfolio tab on Earn, 

    and unstake from there.

    You will need to pay some gas fees for this transaction as well.

    Here are some things to note when you’re unstaking your assets:

    1. It is currently not possible to unstake stETH or ETH on Ankr (aETHb or aETHc). This will only be possible once the Shanghai Upgrade is completed on the Ethereum network (~ 2023)
    2. When you are unstaking your assets, you may go through an unbonding period. You will only receive your assets in your wallet once the unbonding period is completed.

    While your assets are being unbonded, they will be placed under the ‘Unstaking In Progress’ tab.

    Here are the unbonding periods for the different liquid staking tokens:

    TokenUnbonding Period
    ETHNA (Only possible after Shanghai Upgrade)
    MATIC~ 3-4 days
    BNB~ 7-10 days
    AVAX~ 4 weeks
    FTM~ 1-35 days 

    Conclusion

    At Krystal, we’re committed to bringing you the best and most secure passive income sources for your tokens. With a one-look overview, you can now easily compare amongst all passive income strategies of any token, and choose one that gives you the best yields!

    This feature is currently available only via our website. We will soon launch the same for our Android and iOS applications. Stay tuned!

    Apart from Earn, we provide a whole variety of DeFi services, including Swap and Bridge, in the convenience of just one platform!

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  • The CHEAPER Way To Swap USDT To BNB (On Metamask)

    The CHEAPER Way To Swap USDT To BNB (On Metamask)

    Swapping tokens in your Metamask wallet may be rather foreign to you, especially if you’re used to the user interface in a centralised exchange (CEX).

    Here’s a quick guide on how you can swap tokens with a seamless experience.

    Ensure your USDT and BNB are on the same network

    If you are looking to swap 2 tokens, it will be best for you to ensure that both of them are on the same blockchain network.

    USDT can exist on multiple blockchain networks, such as:

    1. Ethereum
    2. BNB Smart Chain
    3. Polygon (MATIC)

    Since BNB is the native token of the BNB Smart Chain, you will need to ensure that the USDT you intend to swap should be on the BNB Smart Chain.

    If your USDT tokens are on another blockchain network (e.g. Polygon), you can use our bridge (powered by Multichain) to get them on the BNB Smart Chain.

    Choose a DEX and connect your Metamask wallet

    While Metamask has a swap function on the BNB Smart Chain,

    but the fees can be really expensive at 0.875%.

    We believe that you can get much better rates for your trade on a decentralised exchange (DEX).

    We’ll be using Krystal Swap, where we integrate with multiple DEXes, so you can ensure that you’re always getting the best rates for every swap you make!

    What’s more, Krystal has our very own SmartSwap feature, where we use an algorithm to make your swap across multiple platforms. 

    This helps to reduce the slippage that you encounter, particularly if you are making really big trades!

    You can connect your Metamask wallet to Krystal to start using our platform.

    If you’re worried about the safety of your assets when connecting your wallet, you can view our security audit here.

    Ensure you have sufficient gas fees for the transaction

    To process any on-chain transactions, you will need to pay a gas fee for the validators to include your swap transaction in the block.

    You can find out more about gas fees in this article here.

    Gas fees are paid in the native token of that blockchain. In this case, you will be paying gas fees in BNB, which is the native token of the BNB Smart Chain.

    As such, you will need to have a small amount of BNB (around $0.50-$1 USD) in your Metamask wallet to perform this transaction.

    Enter the amount of USDT you wish to swap

    On the Swap page on Krystal, you can enter the amount of USDT you wish to swap to BNB.

    If you compare our rates with Metamask,

    or Trust Wallet,

    we help to ensure that you get the highest amount of BNB for your swap!

    Check the settings of your swap

    Before performing your swap, you may want to check the Settings here,

    Where you can adjust:

    1. Slippage tolerance
    2. Gas settings

    You may want to note that if you set your slippage too high, the transaction may still go through even though there are large price swings.

    We would recommend using our SmartSwap feature to ensure that you would not experience any high slippage!

    If you would like your transaction to be processed as quickly as possible, you can consider using the <FAST> setting.

    However, this means that you would need to pay a higher amount in gas fees.

    Perform an ‘Approve’ transaction to allow the smart contract to interact with your wallet balance

    If you are using Krystal for the very first time, you will need to perform an ‘Approve’ transaction first (this step is not applicable if you have done this transaction before).

    This allows our smart contract to interact with your wallet balance, and you can find out more about this transaction here.

    The Approve transaction is only done once, and requires you to pay a gas fee. Moreover, this does not mean that your swap transaction has been processed yet!

    You will still need to perform a separate transaction to swap your USDT to BNB.

    To find out more about token approvals, you can check out our guide here.

    Confirm the swap transaction

    The next step will be to confirm this swap transaction,

    and Metamask will prompt you to pay another gas fee.

    Receive BNB in your wallet

    Once the swap transaction has been completed, you will now have BNB in your Metamask wallet!

    Conclusion

    Performing a crypto swap in your Metamask wallet can be rather confusing, especially if you’re doing it for the very first time.

    Here are some key things you may want to note when swapping crypto:

    • You will need to pay gas fees in the form of the network’s native token
    • You will need to perform an ‘Approve’ transaction first before performing the swap transaction
    • The rates that you receive for each swap heavily depend on the liquidity that can is present on the platform that you’re swapping

    Did you know that Krystal has a mobile app too? You are able to store your assets across multiple networks (BNB Smart Chain, Polygon, Ethereum and Solana), and use our swap function directly.

    Try it out now!

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  • The Ultimate Guide To Token Approvals (Why They’re ESSENTIAL)

    The Ultimate Guide To Token Approvals (Why They’re ESSENTIAL)

    If you’re performing any transaction Krystal or any decentralised application (DApp) for the very first time, you may notice that you’ll need to perform an ‘Approve’ transaction first.

    Why do you need to do this transaction, and does it cost a lot of gas fees?

    Here’s everything you need to know!

    What is an ‘Approve’ transaction?

    An ‘Approve’ transaction grants a smart contract the permission to interact with the tokens in your non-custodial crypto wallet. 

    All decentralised applications (DApps) are built on smart contracts, which provide you with an interface to use these contracts on the blockchain.

    This includes any DeFi platform, game, or NFT marketplace.

    You will need a non-custodial wallet (like Krystal or Metamask) to interact with these DApps and smart contracts.

    However, before you can use any functions on the DApp, the smart contract needs to view and retrieve the tokens that are in your wallet.

    Here are some examples of how a smart contract interacts with the tokens in your wallet.

    FunctionHow the smart contract interacts with your wallet
    SwapThe decentralised exchange needs to retrieve the token balance in your wallet, and withdraw the funds from your wallet to deposit the swapped tokens
    DeFi LendingThe lending platform needs to retrieve your token balance and withdraw the funds to deposit into the lending smart contract
    BridgeThe bridge needs to retrieve your token balance and withdraw the funds from your wallet to deposit the same token in your wallet, but on another chain
    NFT MarketplaceThe marketplace needs to retrieve your token balance and withdraw the funds from your wallet to allow you to purchase an NFT

    Before a smart contract can interact with your token balances, you will need to grant permission via a token approval.

    A token approval can be sometimes referred to as an allowance.

    This approval will be recorded on the blockchain, and acts as proof that you were the one who gave this permission.

    As such, it is extremely important that you keep your private keys and seed phrases secure. Anyone who has access to either one can give token approvals to any smart contract!

    Why do I need to approve a token before performing a transaction (e.g. swapping)?

    By default, all smart contracts are unable to interact with the token balances in your wallet, apart from the native token of that network. Each approval transaction will give the smart contract permission to interact with a specific token in your wallet.

    If you are performing a transaction with a token for the very first time, this means that you will need to process 2 transactions:

    1. Approving the smart contract to interact with your token balance
    2. The actual transaction that you intended to do (e.g. Swap, Earn or Bridge)

    After approving a token, this will allow the smart contract to transfer the tokens from your wallet to theirs, where they can perform any transactions including token swaps, lending or bridging.

    It can be rather confusing at first, as after the approval transaction, you may think that the transaction is done. However, that is not the case!

    You will still need to confirm the actual transaction in a separate blockchain transaction!

    When does an ‘Approve’ transaction occur?

    You may want to note that a new approval transaction is needed for: 

    • Every token you intend to use
    • Every smart contract you interact with

    For example, let’s say you want to swap USDT on the Avalanche network using Krystal.

    You will need to approve Krystal’s smart contract first before you can perform the swap.

    If you are looking to swap USDT on another network (like Polygon), 

    you will need to confirm another approval transaction.

    The same applies if you are looking to bridge USDT from Avalanche to another network (like BNB Smart Chain),

    where you’ll need to approve yet another one!

    Each transaction is usually only done once, unless you have reached the token limit (which we’ll cover later).

    The only exception to this is when you are looking to transact using the network’s native token. In this scenario, no approval transaction is required.

    For example, if you are looking to swap BNB on the BNB Smart Chain to another token, you can do so right away without any token approval.

    Approvals can be limited or unlimited

    In most cases, when you are approving any transaction, the default for most wallets is that you will be approving an unlimited allowance.

    In the screenshot above, the amount of USDT is equivalent to an infinite amount, which suggests an unlimited approval.

    This can be advantageous as you only need to approve this allowance once, saving you on gas fees!

    Usually, this would not matter if you are only interacting with trusted DApps, like Uniswap, Pancakeswap or Krystal 😉.

    However, there are risks when you approve an unlimited allowance for a malicious smart contract.

    The funds in your wallet can be accessed by this smart contract, so it has the potential to drain all of them!

    Some token approvals can be limited as well.

    For example, let’s say you set a limited approval for 2,000 USDT on Uniswap. This means that Uniswap can only withdraw up to 2,000 USDT in total from your wallet.

    If you want to swap more than 2,000 USDT, you will need to approve another allowance.

    ⚠️ Be careful which contracts you’re approving

    While you are interacting with multiple protocols or decentralised apps (DApps), you may be required to approve multiple smart contracts for them to interact with your wallet.

    However, some of these contracts can be malicious, and are designed to drain your funds once you interact with them!

    Multiple hacks have occurred this way, where hackers create phishing sites that look similar to the actual platform.

    Here are some examples of Pancakeswap,

    and CoinMarketCap.

    You may have mistaken them for the actual site, and after approving the contract, the smart contract may be able to drain all of your funds!

    Some examples include:

    As such, it is very important that you double check the URLs of the DApps you are interacting with. If they look suspicious, please do refrain from connecting your wallet and approving any transactions!

    While having a non-custodial wallet is great for having full control over your funds, you are also fully responsible for the security of your funds.

    If your non-custodial wallet gets hacked, no one will be able to help you!

    This is in contrast with leaving your funds in a custodial account, such as a centralised exchange like Binance. The majority of your transactions are off-chain transactions, where they are done within the platform itself, as compared to off-chain transactions.

    In the event of any ‘bad’ transactions that are made on a centralised exchange, the custodian is still able to reverse them. However, the same cannot be done on a non-custodial wallet!

    As such, do be really careful when you are approving any new contract, and it will be good to double-check if you are interacting with the actual site or a phishing one.

    Approving is different from connecting your wallet

    When you connect your non-custodial wallet to a DApp, that DApp is only able to view your wallet address.

    As such, connecting your wallet is different from approving a token allowance.

    Connecting a wallet is the first layer of security, where the DApp can only view your wallet address.

    If you do not approve any allowances, the DApp cannot interact with your token balances in the wallet.

    As such, disconnecting your wallet from a malicious DApp does not mean that your wallet is safe!

    You will still need to revoke the token approval that you have given to that DApp, and here’s how Krystal’s revoke approval function works!

    Introducing: Krystal’s Token Approval tool

    You can view any token approvals that your wallet has using our Token Approval tool.

    After connecting your wallet or pasting a wallet address on the search bar, any token approvals across all supported networks will be shown here.

    The total allowance value indicates the total amount in your wallet that can be accessed by smart contracts that you’ve previously approved.

    You can select the smart contract under ‘Approved Spender’ to view the smart contract on a block explorer.

    For example, this smart contract (0x051DC16b2ECB366984d1074dCC07c342a9463999) is referring to the Krystal Router, one of the smart contracts that you’ll use on our platform.

    You can choose to revoke any smart contract by clicking on the revoke button.

    Gas fees are needed to process this ‘revoke access’ transaction, so don’t forget to have some of the native tokens in your wallet!

    Once the transaction is confirmed, the smart contract is no longer able to interact with your token balance!

    Conclusion

    Approving token allowances is necessary for you to interact with any DApps in the DeFi world.

    However, it is a double-edged sword, as any malicious smart contract has the potential to drain all of your funds if you’re not careful!

    Some of the ways to protect yourself from such contracts include:

    1. Paying attention to any possible phishing links
    2. Not approving any allowances for suspicious smart contracts
    3. Using Krystal’s token approval tool to revoke a smart contract’s access to your token balances

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  • Krystal Cup: Predict, Trade, And WIN!

    Krystal Cup: Predict, Trade, And WIN!

    With the FIFA World Cup 2022 just around the corner, do you think your prediction skills are better than Paul the Octopus?

    We are happy to announce that from 21 Nov — 17 Dec, Krystal will be running a series of trading campaigns, where you can stand to win up to $25,000 in prizes! Here’s the catch — you get bonus trading points just by correctly predicting the outcome of World Cup matches.

    Thank you for your participation in our Group Stage round. 459 participants competed for a $5,000 prize pool with 24 lucky winners who correctly guessed the result of Spain vs Germany!

    We’re now excited to kickstart the 2nd campaign with an $8,000 prize pool.

    Campaign Details

    • Wallet Whitelist & Prediction: 2 Dec, 2022 12:00 GMT+8 – 4 Dec, 2022 23:59 GMT+8
    • Trading Campaign Period: 3 Dec, 2022 00:00 GMT+8 – 6 Dec, 2022 23:59 GMT+8
    • Match To Predict: 6 Dec, 2022 23:00 GMT+8 (Teams TBC)
    • Trading leaderboard announcement: Updated daily
    • Total Prize Pool: $8,000 USD
    • Number of Prizes: 150 + 50 x Bonus Prizes

    How do I participate?

    1. Predict the result of the match on 6 Dec, 2022 23:00 GMT+8 (Team 1 Wins or Team 2 Wins) by filling up this Gleam form (Prediction opens 2 Dec, 12:00 GMT+8 and closes 04 Dec, 23:59 GMT+8). Your wallet will be whitelisted.
    2. Swap / Trade with your whitelisted wallet from 03 Dec, 00:00–06 Dec, 23:59 GMT+8 to accumulate trading points. Receive a multiplier (1.2x — 2x) in your trading points depending on the match result

    Multiplier Rules

    • 2x multiplier: You predicted the result correctly
    • 1.2x multiplier: You predicted the result incorrectly
    • No multiplier: You did not participate in the prediction campaign, but still traded within the campaign period

    What are the rewards?

    There are 2 types of rewards you can win:

    #1 Top 150 traders

    If you are among the top 150 traders in this campaign, here are the prizes that you’ll receive:

    #2 Traders who completed the Gleam form

    Even if you’re not within the top 150 traders, fret not!

    All traders who meet these criteria will be eligible to share a prize pool of $500 (split equally):

    1. Complete the Gleam form
    2. Accumulate a minimum trade volume of $200 within the campaign

    Note: The Gleam form will be live from 02 Dec, 12:00–06 Dec, 23:59. Even if you did not make a prediction, you still stand a chance to win from this prize pool!

    How will the rewards be distributed?

    Rewards will be distributed in BUSD on the BNB Smart Chain, and are claimable on the Krystal Mobile App within 7 working days after results are announced.

    Am I able to predict more matches in the future?

    Yes! We are planning more prediction campaigns with EVEN BIGGER prizes, do stay tuned as we release the details in future 😉

    FAQs

    Q: I predicted the wrong result… Will my trading points still be multiplied?

    A: Yes! As long as you have filled up the Google Form, you are eligible for 1.2x multiplier

    Q: I did not participate in the prediction campaign, will this affect my trading points?

    A: No. Your trading points will still be calculated as $1 = 1 trading point

    Q: Can I submit more than one prediction?

    A: No. If you have submitted more than 1 prediction with the same wallet address, we will take the latest submission.

    Q: Will a wrapped token trade be eligible to earn tickets?

    A: Krystal allows you to swap via any route/DEX (SmartSwap & others) on any supported chain (Ethereum/BSC/Polygon/Avalanche/Fantom/Cronos/ Aurora/Arbitrum). However, wrapped token trades will not be eligible for tickets.

    Some examples (non-exhaustive) of a wrapped trade are as follows:

    • WBNB → BNB
    • BNB → WBNB
    • WETH → ETH
    • ETH → WETH

    Do you still have any questions? Feel free to reach out to us on Telegram or Twitter!

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  • Krystal Newsflash (18th Nov 2022)

    Krystal Newsflash (18th Nov 2022)

    Welcome to our recap of the major stories in the crypto world! Here’s what has happened over the past week: 

    Nike 🤝 Polygon

    After acquiring the RTFKT platform, Nike has further stamped its mark on Web3 by launching the .Swoosh platform.

    .Swoosh allows Nike to sell ‘virtual creations’, which include sneakers, apparel, accessories and collectibles that can be won in games or other immersive experiences (most likely the Metaverse).

    What’s more, these virtual creations can unlock benefits in the physical world, such as access to certain products and events.

    These virtual creations are set to be minted on the Polygon network,

    which will help to reduce gas fees required for minting.

    Don’t have a wallet that supports the Polygon network yet? You can create a wallet on Krystal’s mobile app, that allows you to access 10 EVM-compatible networks and Solana.

    BCH to become legal tender? 🏦

    A Caribbean nation with a population of 53,546 is set to declare Bitcoin Cash as legal tender.

    St. Kitts and Nevis intend to use BCH as a means of payment, with some businesses in the country already accepting it.

    This would follow the likes of El Salvador and the Central African Republic, where they have both accepted BTC as legal tender.

    Bitcoin Cash is a fork of Bitcoin, where it is a more scalable version that can handle more transactions.

    Circle now accepts Apple Pay 🍏

    In a huge update, Circle could now be the bridge between crypto and non-crypto businesses.

    USDC has now added support for Apple Pay, which allows:

    1. Crypto businesses to accept payments from non-crypto customers
    2. Traditional businesses to experience the benefits of receiving faster payments via crypto

    Apple Pay is a convenient method for Apple users to pay with either their Touch or Face ID, and this move will further increase the use cases of stablecoins in day-to-day payments.

    CEXes halt deposits of USDT and USDC on Solana ⛔️

    With close links to both FTX and Alameda Research, the Solana network is under a lot of scrutiny.

    In a curious turn of events on 17 November (Thursday), many centralised exchanges started to halt deposits of both USDT and USDC on the Solana network.

    No reason was communicated by these exchanges, although it could be due to the risks of wrapped assets on the Solana network depegging, like what happened to soBTC and soETH.

    Interestingly, Binance has resumed deposits of USDT via the Solana network, but not for USDC.

    Both Circle and Tether have stated that there are no issues with their stablecoins on the Solana network.

    This is because while FTX was the issuer of soBTC and soETH, both Circle and Tether are the issuers of their own stablecoins on Solana.

    As such, there should be no issues with redeeming these stablecoins back to USD!

    LFG was legit? 👀

    Amidst the chaos of FTX’s collapse, the ‘villains’ of the previous black swan event, the Luna Foundation Guard, released an audit declaring that they really defended TerraUSD’s stablecoin peg.

    This means that Do Kwon’s infamous tweet was actually true!

    The Luna Foundation Guard (LFG) amassed a huge amount of BTC and other cryptocurrencies in an attempt to defend the peg of UST (now UST Classic), should it ever deviate from the US dollar.

    During the infamous Terra crash, it has now been confirmed that the LFG spent almost $2.8 billion to defend the peg.

    Confidence in crypto platforms is extremely low, especially with a lack of transparency involved. However, with more centralised exchanges adopting Merkle trees to show their Proof of Assets, it will hopefully be a step forward to greater trust in the industry.

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  • Merkle Tree Proof Of Reserves – What It Really Means

    Merkle Tree Proof Of Reserves – What It Really Means

    The collapse of FTX has led to many users questioning the solvency of other centralised exchanges (CEXes).

    CZ, Binance’s CEO, has led the way by calling all CEXes to produce a Merkle tree to act as Proof of Reserves.

    However, what does this really mean, and is this a good enough method to verify all CEXes’ assets?

    Here’s what you need to know.

    What is Proof of Reserves?

    Centralised entities use Proof of Reserves to attest that all of their users’ funds are backed 1:1.

    This gives users greater confidence that all of their funds are in a crypto wallet that can be withdrawn, and that their funds are not being misused by the exchange for other activities.

    FTX was guilty of this, where customers’ funds were lent to Alameda Research for investing purposes.

    As more users started to withdraw their funds from FTX, there were not enough assets on the exchange to process the withdrawals. 

    This eventually led to FTX completely pausing withdrawals, something we have seen in previous cases like Celsius and Hodlnaut.

    This Proof of Reserves will provide greater transparency, especially since CEXes are not regulated yet.

    Bank runs have occurred in traditional finance before, but governments have been able to bail them out. What’s more, users’ funds in these accounts may be insured (like the FDIC insurance), so it is not as risky as leaving your funds in a crypto exchange.

    Some companies have already implemented a Proof of Reserves, such as Nexo,

    and Gate.io.

    What is a Merkle tree?

    A Merkle tree is a data structure that consolidates a large amount of data into a single hash.

    Due to the large number of users that are using these CEXes, each CEX will have an extremely large ledger. Merkle trees help to summarise their users’ holdings in a single hash.

    The assets in each user’s account will be stored in a leaf node, and all of these leaf nodes will form the Merkle tree.

    Every leaf node can be verified and proven to be a part of the Merkle tree, which makes it a secure and efficient method to verify large amounts of data.

    However, due to the extent of data that each CEX has to process, most Merkle trees may take around 30 days before they are published.

    Kraken has been using such a method to conduct their Proof of Reserves each quarter, and the process is done this way:

    1. An auditor takes an anonymised snapshot of all balances held by users, and aggregates them into a Merkle tree
    2. The auditor obtains a Merkle root, which is a cryptographic fingerprint that identifies the combination of these balances when the snapshot was created
    3. The auditor collects Kraken’s on-chain wallet addresses, where all assets can be publicly verifiable
    4. The auditor compares and verifies that the balances in the wallet = users’ balances in the Merkle tree

    If the assets in the exchange’s wallets are equal to the balances in the Merkle tree, this would mean that all users’ funds are backed by actual assets that can be withdrawn at any time.

    Here are some other interesting characteristics of the Merkle tree:

    #1 Tamper-proof

    The Merkle root helps to make this entire tree tamper-proof, where changes to any part of the tree would be very obvious.

    This increases the transparency of the Merkle tree and its legitimacy in proving users’ assets.

    #2 Privacy-enabled

    Another interesting feature of the Merkle tree is that it allows for privacy even though all users’ assets are publicly accessible.

    When the auditor is taking a snapshot of the balances, these are all anonymised.

    What’s more, each user is actually able to verify their assets at any point in time, after they have provided the necessary credentials.

    They are only able to see their own assets, and will not be able to view the assets in other users’ accounts.

    Is a Merkle tree Proof of Reserves sufficient?

    Forcing greater transparency on CEXes is definitely a huge step forward for greater transparency in this industry.

    In fact, the segregation of users’ assets from the CEXes’ own assets is a requirement for licensed Digital Payment Token Service Providers in Singapore by the Monetary Authority of Singapore.

    However, there are still some questions about the legitimacy of these Proofs of Reserves.

    On this website created by Nick Carter, he mentions that it’s still possible for CEXes to ‘cheat’ this Proof of Reserves by borrowing funds from other CEXes just in time for the snapshot.

    There were alarm bells raised by this extremely suspicious transaction between Crypto.com and Gate.io, where Crypto.com sent 320,000 ETH from their cold storage to a wallet owned by Gate.io.

    Both exchanges clarified that it was an accident, and the funds have since been returned. 

    Gate.io also mentioned that these funds were not included during their latest attestation of assets.

    While this risk of CEXes making such transfers still exists, it’s much more noticeable since everything can be tracked on a block explorer.

    Are CEXes really that safe?

    FTX’s collapse has shown that even the largest giants can fall, and the saying ‘not your keys, not your coins’ still holds true today.

    When you hold your assets on a CEX, you do not own the private keys. Instead, you are giving the CEX full control of your funds, as they are storing the funds in their wallet.

    We strongly recommend that you hold your assets in a non-custodial wallet, where you will be given your personal private keys and seed phrase.

    If you’re new to this concept of non-custodial wallets and decentralised finance, do let us know what your questions are in the comments below, and we’ll guide you along.

    And if you’re ready to make your first step into this world of DeFi, you can consider trying out our all-in-one platform here!

    🔍 Navigate the DeFi Space NOW with Krystal!

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  • Not Your Keys, Not Your Coins — 1,205 MATIC To Be Won!

    Not Your Keys, Not Your Coins — 1,205 MATIC To Be Won!

    We are very pleased to announce our brand new campaign on Krystal, with 1,205 $MATIC to be won!

    We call it “Not your keys, not your coins”.

    Import/create your wallet, and perform a swap or earn transaction of ANY amount, ANY token on ANY of our 9 supported blockchains to stand a chance to win!

    How do I participate?

    • Import/create your wallet on Krystal (find out more here)
    • Do a swap or earn transaction on Krystal from Wednesday, 16th November 12:00 till Saturday, 19th November 23:59 GMT+8 to be eligible.
    • For every transaction (swap or earn) done on: (Desktop = 1 point, Mobile = 3 points
    • The scoreboard will be updated every day on this article
    • Winners will be based on the points accumulated and the user rankings

    How will we pick the winners?

    We will collate a list of eligible wallets for each prize category. Winners will be ranked and picked based on the number of points they have accumulated.

    You can find a link to the ranking table here.

    Eligible tokens

    Any token is eligible. If you want to swap tokens that are not on Krystal’s default list, here is how to add them: link.

    How rewards will be distributed?

    Rewards will be distributed in MATIC on the Polygon chain, and will be airdropped to the winners by 22nd November 2022.

    Retweet Campaign details

    A total of 200 $MATIC will be given away, to participate:

    1. Like and Retweet this tweet
    2. Tag 2 friends in your reply to the tweet

    14 lucky winners will be chosen at random, and the prizes that you’ll receive are shown below:

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  • Mint A FREE World Cup NFT From Our Partner (NFTciti)

    Mint A FREE World Cup NFT From Our Partner (NFTciti)

    Hands up ✋🏻 if you’re excited about the upcoming FIFA World Cup! Hands up 🙌🏻 if you agree that (now more than ever) we need something to celebrate about!

    Here’s a chance to show your support for your favourite team in the 2022 Worldcup ⚽️

    In collaboration with NFTciti, Krystal will be giving away 200 whitelist slots to mint a La’eeb Fifa WC Qatar 2022 NFT of your favourite team. Rare and common NFTs are up for grabs!

    How do I join?

    1️⃣ Submit your wallet address on Google Form

    2️⃣ If there are more than 200 submissions, we will conduct a raffle

    3️⃣ Results of the whitelist will be posted on 18 Nov, 6pm (GMT+8)

    4️⃣ Whitelisted users have to mint the NFT on NFTciti on 20 Nov. More information will be provided closer to the time of mint.

    NFT is free. You only have to pay network fees on Polygon to mint it.

    What are the benefits for NFT holders

    The best way to show your support for your favourite team! Show your team spirit by setting the NFT as your profile picture on Twitter, Instagram or share them on Facebook

    👉 Stand to win up to $200 in prizes from NFTciti

    👉 Gain exclusive access to NFTciti’s next NFT collection

    👉 50% of the creator fee (1%) will be shared with NFT holders of the champion team

    Don’t miss this opportunity to collect and display the NFTs of your favourite teams. Show your team spirit, and collect them with your friends and families!

    Submit your wallet address here

    About the PFP NFT collection, La’eeb

    👉 Inspired by the Qatar 2022 World Cup mascot and the prestigious gold trophy

    👉 Total Supply: 9,360

    Consists of 32 NFT models representing all competing teams: 13 Rare (180 each) and 19 Common (360 each)

    About NFTciti

    NFTciti is the first marketplace to share revenue with NFT creators. On NFTciti, collectors can easily stay updated with the latest information about NFT collections, and manage their portfolios with high security.

    About Krystal

    Krystal is a multi-chain platform to simplify access to popular DeFi services and manage NFTs. Swap tokens, earn passive income, manage your portfolio, benefit from our rewards programme and participate in token launches on our community launchpad (KrystalGO). Now supporting services on 10 blockchain networks.

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  • 11th Chain Now Available On Krystal (Optimism)

    11th Chain Now Available On Krystal (Optimism)

    While the markets are still down, we hope that you’re still ‘optimistic’ about the future of crypto! 😉

    Krystal is pleased to announce that we have integrated the Optimism network with our platform.

    With this addition, we now have 11 networks for you to store, track and swap your assets!

    What is Optimism?

    Optimism is a Layer 2 (L2) solution built on top of the Ethereum network and utilises optimistic roll-up technology.

    Due to the constraints of the Ethereum network’s transactions per second (tps), this has led to significant congestion, especially when the number of transactions is really high.

    Optimism helps to ease this congestion by allowing transactions to be run off the Ethereum network.

    As a roll-up, Optimism will bundle multiple transactions into a single transaction, before posting it back to the Ethereum network, which is the Layer 1 (L1) network.

    The bundling of transactions helps to reduce gas fees as it is now distributed across multiple transactions, instead of just one!

    While Optimism has its own token (OP), the gas fees are paid in ETH.

    How can I use Optimism on Krystal?

    Here are the features that are currently supported by Krystal on the Optimism network:

    • Sending (including Multi-Send) and receiving assets
    • Viewing your entire portfolio (cryptocurrencies and NFTs)
    • Swapping assets on the Optimism network
    • Bridging assets between Optimism and other networks on Krystal

    Optimism is supported on both desktop and mobile, so you can use this network anywhere, anytime!

    Krystal supports SmartSwap on Optimism, where we source liquidity from multiple decentralised exchanges (DEXes), including:

    • KyberSwap
    • Uniswap
    • Curve Finance
    • Velodrome

    This ensures that you’ll get the best rates for every swap you make on the Optimism network!

    For a full list of all DEXes on SmartSwap, you can find out more on our dedicated support page here.

    How do I send assets via the Optimism network?

    Optimism is an Ethereum Virtual Machine (EVM)-compatible network, the deposit address will be the same as the address that you use for other networks (starting with ‘0x’).

    Do ensure that you are selecting the Optimism network to withdraw your assets from your external wallet when transferring to Krystal!

    You can find out more about depositing assets to your Krystal Wallet here.

    How do I bridge assets to Optimism?

    If you have assets on other EVM-compatible networks, you are able to bridge them over using our Bridge feature, which is powered by Multichain.

    This will allow you to bridge your tokens from 7 of our supported networks, including:

    • Ethereum
    • BNB Smart Chain
    • Polygon
    • Avalanche
    • Cronos
    • Fantom
    • Arbitrum

    We currently do not support bridging from Aurora or Klaytn to Optimism.

    How do I add the Optimism network to my wallet connected with Krystal?

    If you are using the Krystal mobile app (iOS | Android), the Optimism network will already be added to your wallet.

    However, if you are using our desktop platform and are connecting with an external wallet (e.g. Metamask), you will need to add this network manually, and you can check out this guide here for more details.

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