You may have noticed some recent changes at Krystal. Today, we are launching Krystal’s new website and DApp, which perfectly align with our goal of being The Best DApp for Liquidity Provisioning.
This is one of the biggest updates in our history and a significant milestone in our journey. Created in 2021, Krystal serves as a gateway for you to effortlessly navigate the world of decentralized finance, empowering you to take control of your financial freedom. In the past two and a half years, we have made tremendous progress, delivering numerous features to millions of connected wallets and achieving over 1 million downloads of the Krystal mobile app worldwide, all thanks to our incredible community.
Our evolution mirrors the constantly evolving needs of our users and the dynamic landscape of the crypto space. This update not only lays the foundation for our long-term mission but also paves the path for a series of forthcoming product upgrades. With a fresh product vision and an unwavering commitment to delivering an exceptional user experience, we are delighted to unveil the new Krystal.
We strive to become The Best DApp for Liquidity Provisioning, offering seamless analytics and management tools for maximizing liquidity provision on decentralized exchanges (DEXes).
To achieve this, we are building Krystal as a DApp with a holistic ecosystem that caters to users’ liquidity provisioning journey, covering Explore → Analytics → Provide → Monitor → Exit. The new Krystal represents a more comprehensive, enhanced, and crypto-native approach.
New Website UI
We’ve completely reimagined our site to align perfectly with our product revamp!
New look, same URL. You can still access our website here: https://krystal.app/
With the current product vision centered around Liquidity Provisioning as the core product, we have developed a new DApp that aims to enhance the user experience for you.
- The new DApp also shares the focus on Liquidity Provisioning and includes key features such as Portfolio, LP positions, Pool Explorer, and Market Discover, providing you with a comprehensive experience.
- Additionally, we have introduced a new Overview page that is more tailored to the needs of users (specifically LPers). This page displays important statistics such as Total Portfolio value, Tracking Liquidity Value, PnL, Fees, APR, and also highlights the top pools in the market.
- Furthermore, to support LPers in monitoring and adjusting their LP, we have included additional features such as Swap, Portfolio management, Token Approvals, and much more.
Our goal is to provide you with a robust and user-friendly DApp that empowers you to make informed decisions and maximize the potential of your Liquidity Provisioning activities.
Unlock the full potential of Krystal in a fresh new interface: https://defi.krystal.app/?utm_source=blog&utm_medium=post&utm_campaign=product_revamp
For your own security, we highly recommend that you visit and bookmark ✅ https://defi.krystal.app!
Once you have completed the above, the next step is to re-import your wallets on https://defi.krystal.app! This process is extremely easy and will ensure a smooth and uninterrupted experience on Krystal!
Krystal Wallet continues to be a core component of Krystal ecosystem, acting as the Mobile Gateway to your Liquidity Provisioning.
Download and install the Krystal mobile app, available on both Android and iOS, to seamlessly access your DeFi portfolio on the move and level up your liquidity provisioning adventure.
Looking to the future
In addition to the existing features, we are exploring the possibilities of introducing cutting-edge tools and services that will empower users to navigate the entire liquidity provisioning process effortlessly. This includes streamlining the full-flow experience within Krystal, making it the ultimate destination for anyone looking to dive into liquidity provisioning.
Our team is dedicated to delivering unwavering support and assistance to our valued Krystal community. We understand and appreciate the expectations and needs of our community, and we are committed to meeting and surpassing them.
Get ready for a thrilling journey with Krystal as we embark on this exciting new phase, and create the best DApp for liquidity provisioning that caters to all your needs.
Crypto has truly revolutionized the financial landscape, introducing innovative technologies and financial instruments that are highly efficient. Among these innovations, Automated Market Makers (AMMs) have played a pivotal role in reshaping liquidity provision within the crypto market 📈
In this blog, we’ll explore the essential role of AMMs in crypto liquidity provision, their benefits, real-world examples, challenges, and future developments 😎
Ready to get started? 🙌
- AMMs, powered by smart contracts and algorithms, have transformed how liquidity is provided and traded in the crypto market.
- Unlike traditional market makers that rely on centralized intermediaries and capital reserves, AMMs operate autonomously and enable direct peer-to-peer trading on decentralized exchanges (DEXs).
- AMMs enhance liquidity, trading efficiency, and accessibility, making crypto trading more inclusive and efficient. They also reduce reliance on centralized exchanges, improving user control over funds.
- Prominent AMMs like Uniswap, KyberSwap, PancakeSwap, Curve, and Pendle have demonstrated the versatility and utility of AMM technology in various blockchain ecosystems.
- Impermanent loss and potential risks, such as smart contract vulnerabilities, underscore the importance of due diligence and risk management for liquidity providers in AMMs.
- AMMs continue to evolve, with ongoing refinements in design and algorithms to address challenges like impermanent loss. They are also being integrated into the broader DeFi ecosystem for seamless financial activities.
Understanding Automated Market Makers (AMMs)
Before diving into the role of AMMs, it’s crucial to understand their fundamental principles and how they differ from traditional market makers 🤔
Traditional market makers are typically centralized entities that facilitate trading by offering buy and sell orders. They rely on significant capital reserves to maintain liquidity 💰
AMMs, on the other hand, operate autonomously through smart contracts and algorithms. They enable users to trade assets directly on blockchain-based decentralized exchanges (DEXs) without relying on intermediaries.
AMMs automatically adjust the price of assets based on the supply and demand within the platform, making trading accessible to a broader range of participants 📈
AMMs primarily use two assets, typically referred to as “liquidity pools,” to facilitate trading pairs. These pools are governed by predetermined mathematical rules encoded in smart contracts. When a trader wants to make a swap, they interact with the AMM’s smart contract, which calculates the exchange rate based on the pool’s current asset balances 💹
Benefits of Automated Market Makers
The adoption of AMMs has brought several advantages to the crypto market:
1️⃣ Increased Liquidity and Trading Efficiency: AMMs provide continuous liquidity by allowing users to trade assets 24/7 without waiting for traditional market hours. This increases market efficiency and reduces bid-ask spreads, resulting in better prices for traders 💪
2️⃣ Greater Accessibility: AMMs democratize access to crypto trading by enabling smaller investors to participate without facing the barriers often associated with traditional financial markets. Users can provide liquidity to AMMs and earn fees, levelling the playing field 💪
3️⃣ Lower Reliance on Centralized Exchanges: AMMs promote decentralized trading, reducing reliance on centralized exchanges that can be prone to downtime and regulatory scrutiny. Users have more control over their funds, reducing counter-party risk 🙌
Case Studies and Examples
Several AMMs have gained prominence in crypto over the past few years. Some of them include:
🦄 Uniswap: The OG! Uniswap V3 is a popular AMM protocol that allows users to provide liquidity within customized price ranges through concentrated liquidity, offering greater control and potential fee optimization. LPs on Uniswap V3 can track their positions using tools like Krystal Liquidity Lens, gaining smart insights into their holdings and performance.
🟢 KyberSwap: KyberSwap is an integral part of the Kyber Network, which provides on-chain liquidity for various DeFi applications. KyberSwap offers a wide range of tokens for trading, allowing users to participate in Kyber’s liquidity program by providing liquidity to token pairs. KyberSwap LPs can effortlessly track and manage their positions using cutting-edge tools like Krystal Liquidity Lens, empowering them with crypto-native analytics and in-depth performance insights.
🥞 PancakeSwap: Initially launched on the BNB Binance Smart Chain but now available on Ethereum, Arbitrum, Polygon zkEVM and more, PancakeSwap V3 is a popular DEX that provides a wide array of DeFi services, including yield farming and AMM-based trading. Very popular among BNB Degens!
You can also track liquidity providers (LPs) on PancakeSwap V3 through Krystal Liquidity Lens feature available here! Stay updated with the latest LPs data and monitor your LPs with ease.
🍣 Sushiswap: LPs in SushiSwap are formed by token pairs like ETH/USDT or DAI/USDC. Users can provide an equal value of both tokens to create a balanced liquidity pool. By doing so, they become liquidity providers (LPs) and receive LP tokens in return. These LP tokens represent their ownership in the pool and can be redeemed for their proportionate share of the pooled assets.
LPs in SushiSwap play a vital role in token availability for trading and also earn fees generated by the exchange. Whenever a trade occurs in a liquidity pool, a portion of the trading fees is distributed among the LPs based on their share in the pool.
Now you can track LPs on SushiSwap using the Krystal Liquidity Lens feature, accessible here! Stay in the loop with real-time LPs data and effortlessly monitor your LPs.
🔵 Pendle: Pendle Finance introduces novel yield tokenization and AMM concepts, allowing users to maximize yield generation on their assets. Users can tokenize future yield from their assets, enabling more advanced strategies for yield optimization. This introduces a new dimension to DeFi by allowing users to trade, lend, and borrow future yield streams.
Challenges and Limitations With AMMs
While AMMs offer numerous benefits, they are not without challenges:
- 📉 Impermanent Loss Variability: Impermanent loss is a key concern for liquidity providers on AMMs. While it’s a temporary loss that may diminish over time, the extent of impermanent loss depends on various factors, including the assets’ price volatility and the specific AMM design. Liquidity providers may find it challenging to accurately predict and manage this loss. We have written a complete guide on it here.
- 💰 Limited Fee Generation During Low Volatility: AMMs generate fees from trading activity within their liquidity pools. However, during periods of low volatility or when trading volumes are minimal, the fees earned by liquidity providers can be insufficient to compensate for impermanent loss or operational costs. This can discourage liquidity provision during quieter market phases.
- ⚠️ Slippage and Front-Running: AMMs can be susceptible to slippage, either through large trades that impact asset prices within the liquidity pool and also based on the size of the pool. So as an LP, keeping an eye on the total pool size is vital. Additionally, front-running by malicious actors can manipulate prices and lead to undesirable trading outcomes. These issues can result in reduced profitability for liquidity providers and erode trust in AMM protocols.
Future Developments of AMMs
The world of AMMs is dynamic, with continuous innovations and developments:
- ✅ Evolution of AMMs: AMMs are continually improving their algorithms to minimize impermanent loss and optimize fee generation. Innovations like concentrated liquidity and dynamic fee structures are being explored 📈
- ✅ More DeFi Integrations: AMMs are increasingly integrated into DeFi platforms, enabling users to participate in yield farming, lending, borrowing, and other DeFi activities pretty seamlessly 💪
- ✅ Advanced Liquidity Tracking Tools: As AMMs become more intricate, liquidity tracking tools like Krystal’s Liquidity Lens will continue to evolve and will play a crucial role. They provide real-time insights, risk assessment, and optimization suggestions, empowering liquidity providers to make informed decisions in the evolving world of DeFi.
AMMs have emerged as a transformative force in crypto liquidity provision. They have democratized access to trading, increased efficiency, and reduced dependence on centralized exchanges 🚀
While challenges exist, ongoing innovation and integration with DeFi suggest a promising future for AMMs. As the crypto market continues to evolve, AMMs will likely play a pivotal role in shaping the broader financial landscape, ushering in a new era of decentralized finance 🔥
In recent years, smart contracts have gained immense popularity in the world of blockchain technology and cryptocurrency. These self-executing contracts automatically enforce and facilitate the terms of an agreement without the need for intermediaries 🚫
While smart contracts offer numerous advantages in terms of efficiency and transparency, they also come with inherent risks, including the potential for malicious actors to deploy harmful smart contracts ⚠️
In this article, we will explore what malicious smart contracts are, how to identify them, and the best practices for safeguarding your funds and data 🔒
Let’s get going! 🔥
- Smart contracts have gained popularity for their efficiency and transparency, but they also carry inherent risks, including the potential for malicious smart contracts that can harm your funds and data.
- Recognizing malicious smart contracts can be challenging, but signs such as unverified code, unrealistic promises, low activity, and negative community feedback can help you stay vigilant.
- Implement best practices to protect yourself, including using trusted wallets, enabling 2FA, keeping software updated, and staying informed about security threats.
- Krystal Wallet offers a valuable tool called Token Approval, allowing you to revoke access to suspicious contracts easily, enhancing your security in crypto.
- Continuous learning and staying updated about the blockchain ecosystem’s security are essential to safeguarding your assets and data.
What Are Malicious Smart Contracts?
Malicious smart contracts are blockchain-based programs intentionally designed to deceive or harm users. These contracts can be deployed on various blockchain networks, including Ethereum, Binance Smart Chain, and more. They pose a significant threat to both the security of your funds and the confidentiality of your data. 🔓
How can they harm your funds and data? 🧐
- ⛔️ Theft of Funds: Malicious smart contracts can exploit vulnerabilities in the code to drain funds from your wallet. They may trick you into approving unlimited spending access, sending your assets to them or manipulating transactions to siphon off your crypto.
- ⛔️ Data Manipulation: Some malicious smart contracts can tamper with the data stored on the blockchain, potentially altering transaction details or compromising sensitive information.
- ⛔️ Unauthorized Access: These contracts might gain unauthorized access to your wallet, enabling them to control your assets and interact with your tokens and dApps without your consent.
How To Identify Malicious Smart Contracts?
Identifying malicious smart contracts can be challenging, as they often be masked as legitimate ones. However, there are some signs to watch out for 👇
- Unaudited Code: Always review the source code of a smart contract or a dApp before interacting with it. Contracts with unverified or unaudited code are riskier 😬
- Unusual Permissions: Check the permissions requested by a smart contract. If it seeks excessive access to your assets or data, be cautious 🧐
- Too Good to Be True: Be cautious of contracts or dApps promising unrealistic returns or incentives. If it sounds too good to be true, it probably is 🤷♂️
- Low Activity: Check the contract’s activity on blockchain explorers like Etherscan, Polygonscan, etc. Contracts with little or no activity may be suspicious 😅
- Community Feedback: Research the contract’s or the dApp’s reputation and user reviews in online crypto communities like Twitter, Discord or Telegram. Beware of contracts with negative feedback 👀
To avoid these types of malicious smart contracts, stick to the basics:
- Stick to well-known and reputable platforms and dApps.
- Use trusted wallets like Krystal and ensure they have security features in place.
- Avoid engaging with contracts that require excessive permissions.
Best Practices To Protect Yourself
To protect yourself from malicious smart contracts, consider the following best practices:
- ✅ Token Approval with Krystal Wallet: Krystal Wallet offers a valuable feature called Token Approval. This tool allows you to revoke access to any scam contract you might have accidentally approved. You can select the smart contract under ‘Approved Spender’ and view it on a blockchain explorer. If it appears suspicious, you can easily revoke access with a simple click.
- ✅ Enable Two-Factor Authentication (2FA): Enhance the security of your wallet by enabling 2FA wherever possible. This extra layer of protection can prevent unauthorized access to your assets. With Krystal Wallet, you can set up 2FA right from when you sign up!
- ✅ Stay Informed: Keep yourself updated about new security threats and vulnerabilities in the blockchain ecosystem. Follow reputable sources of information, such as blogs, forums, and official announcements from blockchain projects.
- ✅ Regularly Update Software: Ensure that your wallet software and any related applications are up to date. Developers often release updates to patch security vulnerabilities. With Krystal Wallet, we let our users know of any upcoming security or feature updates so that you can update the application accordingly.
Protecting your funds and data from malicious smart contracts is crucial in the rapidly evolving world of blockchain technology.
By understanding what these contracts are, how to identify them, and following best practices like those offered by Krystal Wallet, you can significantly reduce the risks associated with smart contract interactions 📉
Remember, vigilance and informed decision-making are your best allies in the world of crypto and smart contracts. Stay safe, stay secure, and follow the best practices discussed in this article to safeguard your assets and data 💪
Ensuring the privacy and security of transactions has become absolutely vital in crypto. One groundbreaking solution that has risen to prominence is Zero-Knowledge Proofs (ZKPs). ZKPs leverage the power of cryptography to enable one party to prove the truth of a statement to another party without revealing any additional information, offering a new level of privacy and security 🔒
In this blog, we’ll dive into the inner workings of ZKPs, explore their significance in the crypto market, and examine real-world use cases and case studies 👇
- Zero-Knowledge Proofs (ZKPs) are cryptographic techniques that allow the verification of information without revealing the underlying data. They enhance privacy and security in various applications, particularly in blockchain and decentralized finance (DeFi).
- ZKPs enable one party (the prover) to prove the truth of a statement to another party (the verifier) without disclosing additional information.
- ZKPs find applications in digital identity verification, privacy-preserving transactions, shielded transactions in cryptocurrencies like Zcash, tokenization, global compliance, and more.
- ZK-SNARKs and zk-rollups are essential technologies in the ZKP space, used in various DeFi projects and blockchains like Zcash, Polygon, and BNB Chain.
- The future holds potential for cross-chain privacy layers, the rise of zk-STARKs for efficiency and security, and user-friendly toolkits to make ZKPs more accessible.
How Zero-Knowledge Proof Works
Zero-Knowledge Proofs operate on the fundamental principles of cryptography. They allow for the verification of a statement’s truth while keeping the underlying information hidden 🧐
This is achieved through a process involving a prover and a verifier, ensuring that:
- 🫂 Completeness: If the statement is true, both parties are convinced.
- 🔈 Soundness: If the statement is false, the prover cannot deceive the verifier.
- 🤓 Zero-Knowledge: The verifier learns nothing beyond the statement’s validity.
There are two main types of Zero-Knowledge Proofs:
- Interactive Zero-Knowledge Proofs: These require back-and-forth communication between the prover and verifier. Think of it as a conversation that verifies a statement’s truth through interaction.
- Non-Interactive Zero-Knowledge Proofs: These provide proof without ongoing interaction. A one-time presentation of evidence is sufficient, making them highly efficient.
Applying Zero-Knowledge Proof in Crypto
There are two main methods that can be used to apply Zero-Knowledge Proofs in crypto 👇
ZK-SNARK (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge) is a cryptographic technique. It allows one party to prove knowledge of a fact without revealing the actual information. Key features include:
- ✅ Zero-Knowledge: Prover can prove a statement’s truth without revealing details.
- ✅ Succinctness: Proofs are efficient and compact.
- ✅ Non-Interactive: Prover and verifier communicate once.
- ✅ Reliable: Designed to prevent cheating and false proofs.
It’s widely used in blockchain for privacy and scalability, allowing users to validate transactions or smart contracts without disclosing sensitive data.
ZK-Rollup is a blockchain scaling solution that improves efficiency and scalability, particularly for Ethereum. It uses Zero-Knowledge Proofs (ZKPs) to:
- ✅ Boost Scalability: ZK-Rollups aggregate multiple transactions into a single proof, increasing blockchain transaction capacity.
- ✅ Cut Fees: Off-chain computation reduces transaction costs, easing the load on the Ethereum network.
- ✅ Ensure EVM Compatibility: ZK-Rollups work seamlessly with the Ethereum Virtual Machine (EVM) and existing smart contracts.
- ✅ Maintain Security: They inherit security from the underlying blockchain, such as Ethereum, ensuring strong cryptographic protection.
In essence, ZK-Rollups make blockchains faster and more cost-effective while preserving security and compatibility.
Use Cases of Zero-Knowledge Proof for Web3 Wallets
Zero-knowledge proofs offer several advantages for Web3 wallets, enhancing privacy, security, and efficiency in various ways:
Firstly, ZKPs allow users to prove possession of certain information without revealing the actual data, reducing the risk of key theft or exposure. They also eliminate the need to share sensitive information like private keys or passwords, which can be vulnerable to various attacks. Additionally, ZKPs reduce the computational and network resources required for verification, leading to faster transactions and lower fees.
Furthermore, ZKPs facilitate cross-chain transactions and interoperability between various cryptocurrencies, making it easier for users to manage diverse portfolios from a single wallet. They also enable selective disclosure of information, allowing users to comply with regulatory requirements while protecting personal privacy. Additionally, ZKPs reduce the need to trust third parties with sensitive information, simplifying user authentication and authorization processes and allowing wallets to implement more sophisticated security models.
Finally, ZKPs can provide cryptographic proofs of wallet balances, transactions, or other activities on the blockchain, reducing the attack surface for potential threats and enhancing wallet security.
Top Projects Leveraging Zero-Knowledge Proof
Let’s explore a few examples of successful projects harnessing the power of Zero-Knowledge Proofs:
1. StarkEx 🟠
StarkEx is a Layer-2 scalability solution built on Ethereum that employs STARK proofs for validating transactions.
Projects like DeversiFi and dYdX have utilized StarkEx, facilitating hundreds of billions of dollars in trading volume with enhanced privacy and scalability.
2. Immutable X ⚫️
Immutable X is an NFT platform that utilizes application-specific zk-rollups with StarkEx.
It supports tens of millions of NFT trades with low fees, even during network congestion on Ethereum, while preserving user privacy.
3. Polygon zkEVM (Rollup) 🟣
Polygon zkEVM is a zk-Rollup designed to be EVM-equivalent, which means it offers greater scalability while maintaining compatibility with existing Ethereum tools and clients.
It serves as one of the public networks within the Polygon ecosystem alongside Polygon PoS (2.0). The key distinction is that it provides a slightly higher level of security, making it suitable for applications that handle high-value transactions, such as DeFi.
Polygon zkEVM’s mainnet launched in March 2023, with significant Total Value Locked (TVL) and transactions on the network.
4. zkSync Era ⚪️
zkSync Era is a project developed by Matter Labs. Its mainnet went live in March 2023 and has quickly gained traction with over $450 million TVL and millions of transactions in a short time.
zkSync Era prioritizes speed in proof generation through its custom VM and native support for Ethereum cryptographic primitives. It simplifies testing, enhances user experience with native account abstraction, and aims to support languages like Rust and C++.
It also provides a robust L1-L2 contract messaging system, enabling seamless data transfer between Ethereum and zkSync.
5. Linea 🔵
Linea is a zk-rollup-based Ethereum Layer 2 developed by ConsenSys, known for creating MetaMask and Truffle. It’s Alpha Mainnet started in July 2023, with around $50 million in assets locked on the network.
What sets Linea apart is its compatibility with Ethereum. It aims to become fully compatible with Ethereum, while also improving scalability.
One standout feature is that Linea doesn’t require additional tools or compilers. It directly works with Ethereum’s original programming code, reducing the risk of errors and hacks. This means Linea offers the security of Ethereum but with lower transaction costs.
Limitations of ZKP Implementations
- 😬 Verification Uncertainty: ZKPs don’t provide absolute assurance of truth, with a small chance of deception in each verification cycle.
- 🛠️ Hardware Expenses: Specialized and costly hardware is often needed to handle ZKPs, limiting accessibility.
- 💻 Intensive Computation: ZKPs require complex algorithms, demanding significant computational power and potentially higher transaction fees.
- 🤯 Quantum Computing Vulnerability: Future quantum computing advancements could pose a threat. While most of it is secure with current technology, the development of quantum computers in the future could potentially compromise its security.
The future of ZKPs holds promise. Expect to see:
- 🚀 Cross-Chain Privacy Layers: Enhanced interoperability between different blockchain networks while preserving transaction privacy.
- 🚀 zk-STARKs: More efficient and secure zero-knowledge proofs with faster verification and no need for trusted setups.
- 🚀 User-Friendly Toolkits: Simplified ZKP toolkits to make this technology accessible to developers from diverse backgrounds.
Zero-Knowledge Proofs are revolutionizing the crypto market by providing an innovative solution for privacy, security, and scalability. Their applications, from securing transactions to verifying smart contracts, are reshaping the landscape of blockchain technology 🔥
As ZKPs continue to evolve and overcome current limitations, they are set to play an even more pivotal role in creating a crypto ecosystem that is more secure, private, and efficient. The future of Zero-Knowledge Proofs is one of boundless potential, and their importance in the crypto market cannot be overstated 📈
In the rapidly evolving landscape of digital innovation, Social Finance (SocialFi) has emerged as a groundbreaking concept that combines social media and decentralized finance (DeFi) 🔥
This innovative approach to networking and content creation has the potential to reshape the way we interact on the internet.
By integrating the principles of blockchain technology and cryptocurrency, SocialFi aims to revolutionize traditional social media platforms, offering users enhanced control, privacy, and monetization opportunities 🚀
- SocialFi merges social media and DeFi for enhanced user control over data, content, and privacy, challenging conventional platform control.
- It not only allows content creators to earn from their posts but also from activities like NFT minting and gaming, unlocking new avenues for sustainable income generation.
- Unlike traditional platforms, SocialFi ensures that advertising revenues are distributed equitably, enabling content creators to potentially earn more from their engagement.
- Scaling SocialFi to accommodate the immense data volumes of social media remains a challenge, necessitating innovative solutions like sharding and warp sync to maintain performance.
- SocialFi’s user-centric model aligns with the growing demand for data privacy and ownership, likely driving its adoption and challenging traditional social media platforms.
The Potential of SocialFi
Traditional social media platforms have long been criticized for centralized control, data privacy issues, and unequal distribution of profits to creators 😅
In stark contrast, SocialFi presents a decentralized alternative that addresses these exact shortcomings:
💪 Comparative Advantage: SocialFi’s decentralized nature eliminates the middleman, granting users greater control over their data, content, and privacy.
This stands in contrast to the conventional model where large corporations like Facebook, Google, etc. hold the reins.
🔒 Enhanced Privacy: With reports of data breaches and privacy violations becoming commonplace, SocialFi’s focus on privacy protection using blockchain standards resonates with users who seek a more secure online environment.
💰 Monetization Opportunities: One of SocialFi’s most enticing features is its ability to empower content creators to monetize their work effectively.
Unlike traditional platforms, SocialFi allows users not only to fairly earn from content creation but also from engaging in decentralized activities like gaming and NFT minting.
📈 Fair Advertising Revenues: SocialFi’s equitable distribution of advertising revenues levels the playing field for content creators.
This approach ensures that users have the potential to earn more from their content and engagement within the network. X (formerly Twitter) has started taking this approach but SocialFi platforms will take this to another level.
The Challenges of SocialFi
Despite its potential, SocialFi faces challenges that must be addressed for better adoption:
📈 Scalability: Social media platforms process enormous amounts of data daily. Ensuring that SocialFi platforms can handle such volumes while maintaining efficiency and speed, using blockchain technology, is a significant technical hurdle.
💰 Sustainability of Economic Models: Creating and maintaining economic models that provide long-term sustainability while offering attractive incentives to participants is critical for the success of SocialFi platforms.
Initially, the platforms reward users with crazy incentives to attract more users but that hype usually dies down after a week (like seen with Friend.tech). Maintaining the hype is the key challenge
Popular Protocols in SocialFi
Several successful SocialFi projects are already gaining traction:
A decentralized social network that gives users full control over their data and content. DeSo allows users to create profiles, share content, and interact with others in a secure and transparent way.
One of the main advantages of DeSo is its focus on social finance (SocialFi), which allows users to monetize their content and grow their audience. DeSo uses a native cryptocurrency called $DESO, which can be used to tip creators, purchase exclusive content, and participate in SocialFi services.
DeSo also aims to address some of the major issues facing traditional social media platforms, such as censorship and data breaches.
A social media platform that merges the power of social media with the potential for financial gain. Unlike traditional social media platforms, BitClout allows users to invest in other users’ profiles using a unique cryptocurrency, BitClout. Users can buy and sell creator coins, which are tied to the value of a specific user’s profile, and earn a return on their investment if the value of that profile increases.
One of the significant advantages of BitClout is the potential for creators to monetize their content in a way that is not possible on conventional social media platforms. By enabling users to invest in their profiles, creators can earn money based on the value of their content and the engagement it generates. Additionally, because the value of creator coins is linked to the value of a particular profile, creators can earn money merely by increasing the value of their profile through their content and engagement.
A decentralized network that enables users to publish, share, and discover high-quality content. It is a SocialFi project that aims to create a new model for online content distribution by providing a platform that rewards both content creators and curators.
Mirror’s unique advantage lies in its use of blockchain technology, which allows for transparent and secure transactions between users. The platform’s native token, MIR, is used to reward content creators and curators, as well as to incentivize engagement and participation within the network. By providing a fair and transparent way for users to earn rewards for their contributions, Mirror is creating a more sustainable and equitable model for online content creation and distribution.
Friend.tech, a decentralized social platform on Coinbase’s Layer-2 network, Base, is in invite-only beta. Users tokenize their social presence, selling “shares” to followers for private messaging.
Friend.tech uses a peer-to-peer network, meaning that users communicate directly with each other rather than through a central server, further enhancing security and privacy. It targets Twitter influencers and gains traction but faces doubts due to its vague origins, roadmap, outages, and data privacy issues. Despite letting users cash out in-app profits, security measures and future plans are unclear.
5️⃣ Cyber Connect
CyberConnect is a multi-chain social graph protocol spanning on Ethereum, BNB Chain, and Polygon. It offers developers a foundation for creating apps and users a platform to build digital identities and content. Boasting 1.4 million users since its 2022 launch, with a strong presence on BNB Chain, CyberConnect’s flagship app, Link3, aims to be the secure Web3 counterpart of LinkedIn, with smooth interactions within communities and protocols and combating online scams seen on platforms like Twitter.
Future of SocialFi
The potential for SocialFi’s future growth is immense:
Widespread Adoption: As users increasingly value control over their data and content, the appeal of SocialFi’s decentralized approach is likely to drive adoption across various demographics 📈
Evolution of Social Networks: With SocialFi’s influence, traditional social media platforms may integrate DeFi features to compete in the evolving landscape, leading to a more diversified and user-centric online experience📱
SocialFi’s emergence signals a paradigm shift in how we perceive and engage with social media. By embracing decentralized finance principles, SocialFi offers users greater control, privacy, and monetization opportunities ✨
While challenges remain, the potential for SocialFi to reshape the digital landscape is undeniable. As the world gravitates towards a more decentralized future, the transformational impact of SocialFi on social media is poised to be both powerful and enduring.
Enhancing DeFi Connectivity: Krystal’s Cross Chain Swap Enables Secure and Seamless Interoperability in an Interconnected Ecosystem
In the ever-evolving world of crypto, innovation is key to unlocking the true potential of decentralized finance (DeFi) and enhancing user experiences 🔥
One such groundbreaking advancement is cross-chain swaps, which enable users to seamlessly swap assets across different blockchain networks 📈
In this blog, we will delve into the concept of cross-chain swaps, explore their importance, and introduce Krystal’s cutting-edge Cross Chain Swap feature in partnership with Socket, a leading interoperability stack 💪
By the end of this blog, you’ll have a clear understanding of how cross-chain swaps work and how to use this feature on Krystal Wallet to your advantage👇
- Cross-chain swaps enable direct asset swapping between different blockchain networks without centralized intermediaries, providing full control of funds and avoiding centralized exchange risks and fees.
- Decentralized trading and liquidity provision across multiple chains are facilitated by cross-chain swaps, promoting a more inclusive and interconnected DeFi landscape.
- Krystal’s Cross Chain Swap, powered by Socket’s interoperability stack, offers a seamless and secure solution for asset exchange between diverse blockchains.
- Using Krystal’s Cross Chain Swap is simple—connect your wallet, select assets, approve the transaction, and initiate the swap.
- Cross-chain swaps drive the adoption of decentralized finance, fostering a vibrant and connected DeFi ecosystem.
What are Cross-Chain Swaps?
Cross-chain swaps refer to the ability to exchange one crypto directly for another across separate blockchain networks without the need for a centralized intermediary ⛔️
This process allows users to maintain full control of their funds throughout the transaction, eliminating the risks and fees associated with centralized exchanges.
By utilizing smart contracts and cryptographic principles, cross-chain swaps ensure a secure and trustless exchange of assets. Pretty neat! 😎
You can read more about cross-chain swaps in detail in this blog.
Why Do We Need Cross-Chain Swaps?
With thousands of different cryptocurrencies and blockchain networks, it becomes challenging for users to interact seamlessly between these systems 📈
Cross-chain swaps address this challenge by enabling decentralized trading and liquidity provision across multiple chains.
This interoperability fosters a more inclusive and interconnected DeFi landscape, encouraging innovation and user participation. More people, more fun! 🔥
Introducing Krystal’s Cross Chain Swap
Krystal Wallet has joined forces with Socket, a comprehensive interoperability stack, to develop our powerful Cross Chain Swap feature 🔥
Socket’s technology allows for the secure and efficient transfer of assets and data across diverse blockchain networks, making it an ideal partner for Krystal’s cross-chain solution 😎
Together, we aim to empower developers to build truly cross-chain applications and unlock new opportunities for users to trade and utilize their assets seamlessly 🚀
Currently we are supporting the following chains:
- BNB Smart Chain
How Do You Use the Krystal Cross Chain Swap?
Using Krystal’s Cross Chain Swap feature is SUPER simple 😎
Follow these step-by-step instructions to experience the magic of cross-chain asset exchange:
🔒 Connect Wallet: Begin by connecting your preferred wallet to Krystal App. Ensure that you have funds available on the desired blockchain network.
💰 Select Assets and Network: Choose the cryptocurrency and the blockchain network you wish to swap and the one you want to receive in return. Krystal’s user-friendly interface makes it easy to find the available options.
You can also choose the slippage tolerance rate and the preferred route.
✅ Review Your Swap: The platform will prompt you to review the swap to double-check all the fields. This step ensures the security of the swap.
🔄 Initiate Swap: Once reviewed, initiate the swap by signing the transaction from your wallet.
🚀 Confirmation and Completion: After a few moments, the swap will be confirmed and completed. You can track the status of the swap and check when it’s done. You will now have the new asset in the desired network in your wallet.
Cross-chain swaps represent a transformative leap forward in the blockchain space, breaking down barriers between various networks and revolutionizing DeFi
Krystal’s Cross Chain Swap brings a new level of:
By enabling users to seamlessly exchange assets across different chains, we are driving the adoption of decentralized finance and fostering a more connected and vibrant ecosystem 🔥
The potential benefits are immense, and with simple and effective solutions like ours, the future of DeFi looks brighter than ever 😎
Happy swapping! 💪
Krystal Wallet users can now add custom EVM networks on our mobile app, providing you with greater freedom to connect and interact with a wider range of chains. You will be able to track, receive and store any EVM tokens, and seamlessly connect and interact with various EVM DApps via DApp browser in your Krystal Wallet.
Download the latest version of Krystal Wallet to take advantage of this new feature!
Krystal Wallet now supports more networks than ever
With this development, Krystal users gain enhanced flexibility and accessibility within the blockchain ecosystem. This feature empowers you to effectively manage a diverse digital asset portfolio across various chains from a single wallet. Additionally, Krystal Wallet’s capacity to store and track tokens across any EVM network enables effortless interaction with EVM DApps, expanding your opportunities to explore and engage with the ever-growing number of blockchain-based services and utilities. This advancement broadens asset management within a single wallet and enables seamless interaction with various EVM DApps.
How to add a custom EVM network?
We’ve made it simple for you to add custom EVM networks in your Krystal Wallet.
Step 1: Open Krystal mobile app and navigate to the Browser page.
Step 2: Search for Chainlist, or locate it in the DApp directory.
You can star to bookmark it for easy access in the future.
Step 3: Enter the network name you intend to add and click Add to Metamask.
Step 4: Select Confirm to add the network.
Step 5: Return to Wallet and the newly added network will be visible.
You can also click on the network name to toggle between networks. Opt for All networks for a comprehensive overview of your assets all chains (default and added).
Get the most updated version of Krystal Wallet in the App Store or Google Play Store to start connecting and interacting with new chains today!
The world of liquidity and liquidity pools in DeFi is as interesting as it can get. There are a lot of rewards and incentives involved for all players. But unfortunately, there’s a massive roadblock keeping many from diving in: the dreaded MATH! 💤
Complex calculations can be a total buzzkill, discouraging people from exploring this exciting space. But fret not, because we’ve got your back!
Say farewell to mind-numbing spreadsheets and hello to a game-changing solution – Liquidity Lens! 🚀
This super tool is the ultimate LP profit tracker for passive investors seeking simplicity, accuracy, and a whole lot of FUN in the DeFi universe!
No more snooze-worthy calculations, no more confusion. With Liquidity Lens, you’ll be navigating liquidity pools like a pro without breaking a sweat!
In this blog, we have covered everything you need to know to jump into the world of Liquidity Lens with absolute ease 💪
- Liquidity pools are smart contracts that facilitate seamless trading on DEXs. Liquidity providers contribute assets to these pools and earn trading fees as rewards.
- Liquidity pools are essential for efficient DeFi trading, but accurately tracking LP positions is crucial for maximizing profits and reducing risks.
- Liquidity Lens – A Game-Changer: Krystal Wallet’s Liquidity Lens is a revolutionary tool designed for passive investors in DeFi. It offers a simple, fast, and accurate way to track LP profit, setting it apart from other platforms.
- Liquidity Lens stands out with its user-friendly dashboard, providing real-time and accurate data. Its simplicity and efficiency save valuable time for investors.
- Liquidity Lens enables users to effortlessly monitor impermanent loss, APR, fees earned, and more on a single dashboard across various supported chains.
- Liquidity Lens empowers DeFi investors to make informed decisions, optimize LP profits, and navigate the dynamic world of decentralized finance with confidence.
What are Liquidity Pools, anyway?
In the realm of decentralized finance (DeFi), liquidity pools play a pivotal role in facilitating seamless trading experiences 💰
A liquidity pool is a smart contract that allows users, known as liquidity providers (LPs), to deposit two different tokens into the pool. These tokens are then used to enable trustless trades on decentralized exchanges (DEXs) 🔥
The LPs are incentivized with trading fees, which are paid by traders executing transactions against the pool. These fees serve as a reward for providing liquidity and contributing to the efficiency of the DeFi ecosystem.
An essential component of liquidity pools is the Automated Market Maker (AMM) algorithm, which adjusts token prices according to supply and demand dynamics, ensuring continuous liquidity 🚀
While liquidity pools offer attractive benefits, LPs must be aware of impermanent loss, a temporary discrepancy in token prices that can impact overall profitability 📈
Nevertheless, with a well-calculated approach, liquidity providers can make a meaningful impact in the DeFi landscape.
We have written an entire blog explaining this concept in a super easy way! 😎
Why Do We Need Liquidity Pools?
Liquidity pools are the backbone of DeFi, ensuring smooth and efficient trading of various assets. They offer benefits such as:
- reduced slippage 💰
- increased market depth 📈
- enhanced security due to their decentralized nature 🔒
By becoming a liquidity provider, users not only support the DeFi ecosystem but also earn passive income through trading fees. However, tracking these positions accurately is essential to maximize profits and minimize risks.
This is where Liquidity Lens enters the story! 😎
What is Krystal’s Liquidity Lens? Why Should I Use It?
Krystal Wallet’s Liquidity Lens is a groundbreaking feature that addresses the challenges faced by liquidity providers 🔥
Unlike many popular wallets like MetaMask and TrustWallet, Krystal Wallet stands out by offering a comprehensive portfolio management tool tailored specifically for LP positions.
With Liquidity Lens, you gain unparalleled insights into your Uniswap v3 positions across all supported chains – all in one single dashboard! 💪
The key advantages of Liquidity Lens are:
📊 Simplicity at Its Finest:
Some platforms throw heaps of data at you, making it feel like deciphering ancient hieroglyphics. Not Liquidity Lens! It’s like having a cool, chill friend who gives you just the right info without overwhelming you 🤩
It allows users to effortlessly track:
- net P&L
- fees earned
- impermanent loss
- earning projections and more
⚡️ Super Speed Mode:
Time is money, right? Liquidity Lens gets it!
No more waiting around for data to load. It’s a flash of lightning – connect your wallet and bam! Your liquidity positions are right there, ready to be explored! ⚡️
🎯 Accurate Insights:
Gone are the days of squinting at spreadsheets and praying your calculations are right.
With Liquidity Lens, you get real-time, accurate data. Your LP profit tracking game just leveled up! 💯
🚀 A Trip Across Supported Chains:
Buckle up for a cross-chain adventure! Liquidity Lens supports multiple chains, so you can track all your Uniswap v3 positions in one place. The DeFi universe is your oyster! 🌌
Let the Fun Begin: Your Liquidity Lens Journey
Enough talk – let’s get you ready to ride the waves of DeFi fun with Liquidity Lens! 🏄♀️🌐
Connect Your Wallet
Visit https://wallet.krystal.app/liquidity-lens and securely connect your wallet. Safety first, always! 🔒
🎢 Welcome Aboard
Once you’re in, welcome to the amusement park of LP insights! Your dashboard is vibrant, intuitive, and user-friendly. You won’t need a map to navigate this ride! 🗺️
🌈 Insights, Data, and More: Feast your eyes on all the important insights on your LP position data
📉 Say Goodbye to Guesswork: Impermanent loss can be a sneaky monster. We have written all about it here. But with Liquidity Lens, you’ll be able to track it easily without breaking your head over the complex calculations behind it!
🏆 Maximize Your Profits: Armed with accurate insights, you’ll make informed decisions that boost your LP profits to the moon and beyond! 🚀
Plus, you can find more details about our Liquidity Lens here.
In conclusion, Krystal Wallet’s Liquidity Lens is a game-changer for liquidity providers in the DeFi space. This feature offers simplicity, accuracy, and speed – all on a single dashboard, making it the perfect tool for passive investors seeking to optimize their LP profit tracking 🚀
Whether you’re a DeFi enthusiast, a seasoned LP manager, or a newcomer to the world of liquidity pools, Liquidity Lens is your gateway to hassle-free portfolio management.
Are you ready to take your DeFi journey to the next level? Try out Liquidity Lens today and unlock unparalleled insights into your Uniswap v3 positions. 🔥
Stay tuned for more exciting updates from Krystal Wallet as we continue to innovate and empower the DeFi community!
Wallet hacks have been running rampant lately, leaving innocent users crying over their lost millions. It’s like a virtual crime wave! 🔓
Many people, regardless of their crypto wealth status, have been affected in one way or another.
So, it’s high time we buckle up and get serious about securing our precious crypto wallets. We need to outsmart those pesky hackers. This blog explores some high-level, practical tips to keep your digital assets safe and sound.
Let’s get started! 🔥
- Wallet security is of utmost importance in the world of crypto. Protecting your digital assets from hackers and scams should be a top priority.
- Follow best practices such as using strong and unique passwords, keeping your wallets updated, diversifying your assets across multiple wallets, monitoring your wallet activity, and backing up your private keys.
- Consider using a secure wallet like Krystal Wallet, which offers features like secure storage, biometric authentication, backup and recovery options, token approvals, and protection against malicious sites.
- Remember, you are the first line of defense for your wallet’s security. By implementing these measures and choosing a trusted wallet, you can significantly reduce the risks associated with wallet breaches and scams.
- Start securing your wallet today and exploring the features of Krystal Wallet to enjoy a safe and worry-free crypto experience.
Crypto Wallets 101
Crypto wallets are like your digital piggy banks, but cooler and more high-tech. They’re where you keep your private and public keys, the magical codes that let you manage your cryptocurrencies and make transactions.
Now, let’s check out the three main types of wallets: Hot, Cold, and Paper. Each has its own unique features and quirks, just like different toppings on your favourite pizza 🍕
💻 Hot Wallets
These wallets live in the digital realm, like apps, websites, or even browser extensions. They’re like having a crypto wallet right in your pocket or on your computer screen. Krystal Wallet, Metamask, and Trust Wallet are great examples of this type of wallet.
- Convenient and easily accessible on various devices.
- Many hot wallets are free to use.
- Supports a wide range of cryptocurrencies.
- Vulnerable to online threats and hacking attempts.
- You might not have full control over your crypto assets if they are non-self-custodial.
🔒 Cold Wallets
These wallets are like mini computers designed specifically for safeguarding your precious crypto. They’re tangible and usually look like fancy USB drives. Ledger and Trezor are the rockstars of this category.
- Top-notch security, like a digital fortress.
- Absolute control over your crypto assets.
- Supports a wide range of cryptocurrencies.
- Can be a bit expensive.
📝 Paper Wallets
A physical piece of paper with your private and public keys printed on it. It’s a way to store and access your cryptocurrency offline. Printing the keys removes them from the online network, but the tokens remain.
- Keeps your keys offline, providing an extra layer of security.
- Usually free to create.
- No reliance on digital devices or connectivity.
- Setting up can be tricky, especially for beginners.
- Risk of losing the physical paper, resulting in permanent loss of crypto assets.
Common Security Risks
Let’s talk about the risks and threats that can put your crypto wallet in danger. Being aware of these dangers is crucial for keeping your digital assets safe. Here are the main categories to watch out for:
⚠️ Phishing Attacks
Crafty hackers use social engineering techniques to trick crypto owners into revealing their sensitive information. They create deceptive scenarios that appear harmless, catching victims off guard.
For example, Dominic Lacovone fell victim to an Apple Support impersonator who gained access to his iCloud account and drained $650k from his MetaMask wallet 😬
⚠️ Key Management System Hack
Wallet providers have a choice regarding how they store mnemonic keys. Some keep them in their servers for performance optimization and error management, while others opt for a more decentralized approach.
If a provider stores mnemonic keys, it’s crucial to ensure they are kept in a secure environment. Third-party auditors can help review the system for vulnerabilities 🔒
The Slope wallet hack in 2022 serves as a cautionary tale, where hackers exploited the storage of mnemonic keys in the wallet provider’s logs, resulting in the theft of over $4 million in user funds. It’s important to store your keys in a secure system that has been audited by reputable experts 🔍
Best Practices for Wallet Security
These practices show how you can make sure those sneaky hackers stay miles away from your precious digital treasures.
- Use Strong Passwords: It’s time to unleash the power of strong passwords! Pick a password that’s as unpredictable as a unicorn at a tea party. Avoid using your name or anything obvious. Go for a random mix of alphanumeric keys. Those hackers won’t stand a chance against your fortress of passwords! 🔒
- Embrace 2FA Authentication: Two-factor authentication is like having a bouncer at the door of your wallet party. It’s an extra layer of security that keeps unwanted guests out. Whether it’s an OTP from your email or biometric authentication, these hackers can’t easily get through your double-layered defense 📱
- Have Multiple Wallets: Don’t put all your digital eggs in one virtual basket. Spread assets across multiple wallets. It’s like diversifying your crypto portfolio but for security. If one wallet gets hacked, you won’t lose everything. Smart move, right? 🚀
- Be Careful with Public Wi-Fi: Ah, public Wi-Fi—the land of free internet and potential danger. While it’s tempting to connect anywhere and everywhere, be cautious. Public Wi-Fi owners might sneak a peek at your data. So, if you must use it, do it with a secure VPN. Stay one step ahead of those prying eyes!
- Be on Guard Against Phishing: Hackers love playing mind games, but we’re onto their tricks! Watch out for suspicious links and messages. They might try to fool you on Twitter, Discord, or even pose as customer support. Be discreet with your info and never give in to their deceptive charms ☢️
- Only Interact with Secure Websites: Safety first, always! When it comes to your crypto wallet, stick to secure websites. Look for that “HTTPS” instead of just “HTTP” in the address. Those sneaky hackers won’t fool you with their weak security tricks. ⚠️
- Keep Your Seed Phrase and Passwords in a Safe Place: Guard your seed phrase and passwords like precious treasure maps! No one should have access except you. Don’t save them online or in the cloud. Write them down on paper and stash them away in a safe spot. Your wallet will thank you for it! ⛔️
- Get a Cold Storage for Savings: Don’t be reckless with your life savings. If you feel your hot storage is not secure enough, then you can strengthen the security layer by using cold storage. It’s like having your own secret fortress where you have full control over your funds. No funny business, just you and your private stash ✅
Krystal Wallet Got You Covered!
Krystal Wallet ensures that your precious crypto treasures are safeguarded with some of our top-notch security features.
- ✅ Secure Storage: Krystal Wallet knows that your private keys are precious, so they keep them where they belong—right on your own device. No need to worry about those keys being stored on Krystal Wallet’s servers.
- ✅ Biometric Authentication: Along with traditional passwords, you can add a touch of biometric magic. Krystal Wallet offers biometric authentication, such as fingerprint recognition, to add an extra layer of security. It’s like having a secret handshake with your wallet, ensuring that only you can access your crypto kingdom.
- ✅ Backup and Recovery: We all know accidents happen, but fear not! Krystal Wallet has your back. We provide backup and recovery options using a mnemonic phrase. It’s like having a secret code that can bring your wallet back to life if anything goes wrong. Peace of mind in a world of digital uncertainties!
- ✅ Token Approvals: Krystal Wallet puts the power in your hands when it comes to token approvals. You can review and even revoke contracts right within the platform. Any malicious contracts that you might have signed accidentally can be revoked in an instant!
- ✅ dApp Warning and Blocking: Krystal Wallet keeps an eye out for you, even when you’re exploring dApps. It warns or blocks access to malicious sites, protecting you from potential threats. It’s like having your own security guard guiding you away from danger.
With so many risks and threats out there, it’s crucial to take the necessary steps to protect our digital assets. Remember these best practices:
- Use strong and unique passwords.
- Keep your wallets updated with the latest security patches.
- Diversify your wallets and spread your crypto across multiple platforms.
- Be a vigilant detective and monitor your wallet activity for any suspicious behaviour.
- Back up your private keys and store them in secure locations.
Wallet security is no joke. It’s time to take it seriously and safeguard your hard-earned crypto treasures 🔥
And if you’re looking for a wallet that prioritizes security, look no further than Krystal Wallet. With its secure storage, biometric authentication, backup options, token approvals, and protection against malicious sites, it’s a trustworthy companion for your crypto journey 🚀
👉 Check out Krystal Wallet here: Krystal Wallet
We’re thrilled to announce that on our journey towards creating the simplest web3 wallet for everyone, we’re unveiling a new URL for Krystal that better embodies our identity!
Get ready to say hello to our new home at https://wallet.krystal.app!
We assure you that there will be no service disruptions during the transition! 🚫
Starting August 01, 2023, we will be sunsetting https://defi.krystal.app. To ensure seamless access to Krystal, it is important to keep a few things in mind.
- Visit and bookmark the new site
To ensure that you are always visiting the correct site, we recommend you to visit and bookmark ✅ https://wallet.krystal.app!
Protect yourself from phony websites with this simple step! Check out the simple tutorial below to get started 🔒⤵️
2. Re-connect your wallets on the new site
Re-importing your wallets on https://wallet.krystal.app is a breeze and will ensure your seamless crypto experience on Krystal. Don’t worry, it won’t take up much of your time – we promise!
3. Re-import your watchlists on the new site
If you’re following any crucial wallets in your watchlist, do remember to re-add these wallets to your watchlist on https://wallet.krystal.app. Keep an eye on them at all times and not miss out on the alpha insights from those wallets in your watchlist!
After July 31, 2023, you won’t be able to access your watchlist on https://defi.krystal.app anymore.
Should you have any questions about this transition, feel free to reach out to our friendly admins on Telegram and we will be more than happy to assist!