• Krystal Newsflash (30th Dec 2022)

    Krystal Newsflash (30th Dec 2022)

    Welcome to our final recap of the major stories for the year! Here’s what has happened over the past week: 

    China launches NFT marketplace 🇨🇳

    After declaring all cryptocurrency activities to be illegal last year, China announced the launch of its very own NFT marketplace on January 1st 2023.

    However, this marketplace will not be using any existing blockchains like Ethereum or Solana. Instead, the Chinese government has created its own blockchain, the China Cultural Heritage Chain’.

    Although trading will still be in a controlled environment, it does hold some promise that China is loosening its grip on crypto activity in the country.

    Avraham Eisenberg arrested 👮‍♀️

    After outing himself as the Mango Markets ‘hacker’, Avraham Eisenberg declared that his actions were legal in his eyes.

    However, the authorities seemed to think otherwise, and he was arrested in Puerto Rico.

    Eisenberg manipulated the price of the MNGO token which resulted in $117 million worth of funds being stolen from the money market platform.

    This hack has shown the risks of DeFi lending, and you can learn how safe it actually is in our article here.

    Kraken shuts down Japan arm 🇯🇵

    Despite Japan announcing its intention to liberalise crypto in the country,

    Kraken has announced that it will be shutting down its Japan arm.

    As one of the larger crypto exchanges in the world, Kraken has decided to “deregister from the Financial Services Agency in Japan by Jan. 31, 2023”.

    This comes at a time when Japan is lift the ban on foreign-issued stablecoins on crypto exchanges in the country, such as USDT and USDC.

    Winklevoss twins sued 📃

    Investors are now suing Gemini over its Earn program, which earned its yield by troubled crypto lender Genesis Trading.

    Despite attempting to find a solution to the liquidity crisis,

    not much progress has been made in this area.

    Genesis Trading has been in huge trouble, after pausing withdrawals as a result of the FTX crash.

    While centralised crypto lending poses some risks, especially if they are not transparent about how they generate yields

    At Krystal, we have partnered with trusted platforms in the DeFi space to provide you with passive income options for your idle assets.

    You can stake or lend your assets with 5 different providers across 7 networks (including Ethereum, BNB Smart Chain and Polygon).

    Connect your wallet and deposit your assets in our all-in-one platform now!

    $8 million stolen from BitKeep users 💸

    Hackers were able to hijack an APK version of the BitKeep wallet on Android, which resulted in users downloading a compromised version of the app.

    This has led to users’ seed phrases being compromised, and the hacker was able to drain $8 million worth of funds from users’ wallets.

    We would like to stress the importance of downloading wallet applications from official sources, as there could be phishing websites that aim to steal your seed phrase.

    Your seed phrase is like a master password to your wallet, and it should never be shared with anyone, as this will give them full control over your funds.

    To find out more about seed phrases, you can check out our detailed article here.

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  • Improved Solana Support Now On Krystal Desktop

    Improved Solana Support Now On Krystal Desktop

    Calling all Solana fans! We have added new and improved features on our desktop platform to provide you with a comprehensive DeFi experience.

    Connecting your Solana wallet to Krystal

    You are now able to connect your Phantom Wallet to our platform.

    We currently only support Solana wallets via Phantom. You would not be able to connect other Solana wallets from platforms like Coinbase, Trust, or Ledger. You can instead import your private key or seed phrase to Phantom, then connect it to Krystal.

    You can import your private key or seed phrase to Phantom, and then connect it to the Krystal platform.

    New portfolio tracking feature

    After you have connected your Phantom Wallet, you can view your entire Solana portfolio on Krystal, including tokens and NFTs.

    New swap integration

    We have integrated with Jupiter (a swap aggregator on Solana) so that you can swap between any 2 tokens on the Solana network.

    Don’t forget that you’ll need a small amount of SOL in your Phantom wallet to perform any swaps. This will be used as gas fees, which you can find out more about in our article here.

    Send your tokens to any wallet

    You can also send tokens on the Solana network from Phantom to any other wallet.

    Solana is not an EVM-compatible network, so the wallet address format is different from EVM-compatible networks like Ethereum or the BNB Smart Chain.

    Final thoughts

    We’re looking to add even more features on the Solana network to give you the best DeFi experience.

    Stay tuned as we add Earn, Multi-Send and Bridge to our platform.

    If you don’t have a Solana wallet, you can create a wallet on our Krystal mobile app. You will be creating a Multi-Chain wallet, which supports both the Solana network and 10 other EVM-compatible networks, including Ethereum, BNB Smart Chain or Polygon.

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  • Krystal Newsflash (23rd Dec 2022)

    Krystal Newsflash (23rd Dec 2022)

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

    SBF drama continues… 👀

    There have been significant advancements in the SBF case, after he signed the extradition papers and was transported back to the US.

    He is now released on a whopping $250 million bond, which is rumoured to be secured by equity owned by his parents.

    Meanwhile, Caroline Ellison, the CEO of Alameda Research, and Gary Wang, co-founder of FTX, both pleaded guilty to criminal fraud charges as they were involved in the crash of FTX.

    It seems that despite SBF claiming he did not know anything about what was happening at Alameda, it seems that he was in full control!

    More regulatory progress for crypto ✅

    After previously banning banks from servicing crypto firms, Nigeria will be passing a new bill that recognises Bitcoin and other cryptocurrencies in the country.

    This could be due to the failure of its central bank digital currency (CBDC), or eNaira, which only has less than 0.5% adoption rate in the country.

    One reason could be that the Naira has constantly been devalued, and the effects could be even worse due to the current inflation woes.

    Meanwhile, Coinbase has received regulatory approval in Ireland as a Virtual Asset Service Provider (VASP).

    This comes at a time when centralised exchanges are experiencing lots of uncertainty, where users are now doubting whether their assets are held 1:1 in their custody.

    If you still haven’t found a non-custodial wallet, why not give Krystal a shot?

    We provide you with a multi-chain wallet that supports both EVM-compatible networks (e.g. Ethereum, BSC, Polygon) and Solana, so you never need to use another wallet again!

    More payment integrations with crypto 🎉

    Fiat and crypto may have a stronger relationship with these new features.

    Visa announced its intention to use account abstraction to set up Autopayments on a Self-Custodial Wallet.

    Account Abstraction was first introduced by Vitalik Buterin, the founder of Ethereum.

    This allows wallets to function more like smart contracts, where users can embed programmable features in their wallets.

    Visa is currently working with the Argent wallet and StarkWare, a Layer 2 on the Ethereum network.

    Uniswap, one of the top decentralised exchanges (DEXes), has integrated with MoonPay, a fiat on-ramp provider.

    You can purchase cryptocurrencies like DAI, ETH, MATIC, USDC, USDT, WBTC, and WETH, where it will be sent directly to your account.

    These tokens can be sent to 4 different networks, including Ethereum, Polygon, Optimism, and Arbitrum.

    Lastly, Huobi has announced the launch of its Huobi Visa Card.

    Similar to other crypto debit cards like the Crypto.com Visa Card, you will be able to get cashback earnings and trading fee rebates.

    New advances for Polygon 🚀

    Polygon has announced that the final Testnet for its zkEVM will be launching, which is just before its Mainnet release.

    zkEVMs are considered to be the holy grail of Ethereum scaling, as it allows many more transactions to be processed at a given time.

    You can find out more about zkEVMs in our deep dive here.

    Furthermore, Polygon’s co-founder, Sandeep Nailwal, has launched a new Web3 startup accelerator to support early-stage crypto projects.

    This includes mentoring sessions and financial support, as Beacon aims to find the next Web3 unicorns.

    Paxful delists ETH ❌

    In a rather controversial move, Paxful, a peer-to-peer marketplace, has delisted Ethereum from its platform.

    In an email to its users, CEO Ray Youssef mentioned 3 main reasons why he removed Ethereum:

    1. The switch from Proof-of-Work to Proof-of-Stake has made Ethereum similar to fiat currencies
    2. Ethereum is not decentralised
    3. Scam tokens that were created on the Ethereum network (ERC20 tokens) have resulted in users losing billions of dollars

    Ethereum has faced quite a bit of censorship concerns, in particular after its transition to a Proof-of-Stake consensus mechanism.
    You can find out more about how ETH censorship could be its downfall here.

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  • Is DeFi Lending REALLY Safe? (Breaking Down Recent Exploits)

    Is DeFi Lending REALLY Safe? (Breaking Down Recent Exploits)

    After draining $116 million worth of funds from Mango Markets, Avraham Eisenberg attempted to perform the same trick on Aave but failed.

    Furthermore, Lodestar Finance lost $5.8 million from a similar attack by another hacker.

    This highlights some risks in the decentralised finance (DeFi) lending space, especially for illiquid tokens.

    Here’s a breakdown of what happened to these protocols, and how DeFi lending may not be that foolproof.

    How does DeFi lending work?

    Platforms like Aave, Compound and Mango Markets act as a bank to lend out your funds to interested borrowers

    However, this is done differently from a bank as there is no middleman involved in the entire process. These platforms will use smart contracts to connect lenders to borrowers, and transactions will be executed when certain conditions are met.

    Everything is done in code, so there is no bias or Know Your Customer (KYC) requirements. These platforms are thus operating in a trustless manner.

    If you want to take a loan from these platforms, you will need to supply your assets as collateral.

    These loans are over-collateralised, meaning that the funds you supplied will be greater than the amount you can borrow. 

    In the event that you are unable to pay back your loan, the platform is able to cover its losses with the funds that you supplied as collateral.

    How was Mango Markets hacked?

    While other DeFi protocols had their smart contracts hacked which resulted in the loss of funds, Mango Markets was actually exploited due to oracle price manipulation.

    Oracles help to send data from the outside world to the blockchain. This allows smart contracts to be executed based on external data. In the case of Mango Markets, the third-party data that the oracle provided was the price of MNGO, the native token of Mango Markets.

    In fact, the largest oracle in the crypto world, Chainlink, just announced LINK staking to secure the price data feed of the ETH/USD trading pair, and you can find out more about it here.

    Avraham Eisenberg, the man behind the exploit, manipulated the price of MNGO by using 2 wallets:

    1. Wallet A bought 5 million USDC worth of MNGO and shorted it (i.e. betting that the price will fall)
    2. Wallet B bought the same amount of MNGO to hedge the position

    The hacker then used more funds to buy up even more MNGO tokens, which have rather low liquidity.

    A token with low liquidity means that there is very little trading volume, and this makes it more susceptible to price manipulations.

    With the large buy volumes of spot MNGO tokens, this led to a rise in price from 2 cents to 91 cents.

    With this huge increase in price, the exploiter now had enough collateral to take out huge loans which amounted to $116 million.

    This was because the price of MNGO rose by almost 4,500%, which led to his initial 5 million USDC investment in MNGO shooting up in price.

    As a result, the exploiter was able to drain all liquidity in Mango Markets.

    Mango Markets was left with a lot of bad debt, while the exploiter made away with a huge amount of money!

    This was not due to a fault by the price oracle, which was working as intended.

    However, this ‘hack’ was possible by manipulating the markets of illiquid tokens, like what was done for MNGO.

    Avraham Eisenberg later announced that he was the hacker, and offered to return $67 million of the stolen funds.

    Aave was next

    Eisenberg tried this exploit on Aave, the largest DeFi lending platform based on Total Value Locked (TVL).

    This time round, the token that was being targeted was the CRV token, the native token of Curve Finance.

    After depositing USDC into Aave, he borrowed the CRV token and attempted to short-sell the token.

    However, what he did not expect was that Curve Finance released their whitepaper for their very own stablecoin, which led to a price pump of the CRV token.

    While Eisenberg’s attempt to manipulate Aave was thwarted, this still left Aave with some bad debt amounting to $1.6 million.

    The aftermath

    To prevent future attacks of such illiquid tokens, these money market platforms tried to apply some measures.

    A new proposal was raised by the Aave community to freeze the markets of volatile assets, while Compound set borrow caps on 10 tokens to avoid market manipulation.

    A similar attack happened to Lodestar Finance

    Unfortunately, another money market platform was attacked, this time on the Arbitrum network.

    It was mentioned that the exploiter artificially “pumped the price of an illiquid collateral asset which they then borrow against, leaving the protocol with irretrievable debt.”.

    This time, it was the pvGLP token that was used in the exploit, and the exploiter was able to drain $7 million worth of Total Value Locked (TVL) from the protocol.

    Is DeFi lending really safe?

    Supplying your funds and earning an interest rate is rather appealing, but these recent exploits highlight the risks of DeFi lending platforms.

    Illiquid tokens can be subject to price manipulations, which have the potential to drain the entire platform of all the funds that you supplied!

    It is good to see that these platforms recognise the risks involved, and are taking measures to prevent such an attack from happening again.

    At Krystal, we’ve integrated with 3 different money market platforms, including Aave, Compound and Venus.

    However, if DeFi lending is not really your thing, we’ve just added another passive income option for you!

    We have partnered with Lido Finance and Ankr to provide liquid staking options for 5 different assets (BNB, AVAX, MATIC, ETH, FTM).

    Deposit your funds and earn passive income in our all-in-one platform now!

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  • Update Regarding Aave v1 and Compound v1 On Krystal Earn

    Update Regarding Aave v1 and Compound v1 On Krystal Earn

    Following the latest upgrade of Krystal’s Earn feature, we have updated our integrated partner protocols and have removed Aave v1 and Compound v1 from our list of supported protocols.

    We will soon deprecate the interface for withdrawals via Aave v1 and Compound v1 as well.

    For users who are currently supplying assets to Aave v1 and Compound v1:

    • From now until 31 Dec 2022, 23:59 (GMT+8): You can withdraw your supplied assets on Krystal

    To withdraw on Krystal Desktop:

    1️⃣ Go to your home screen

    2️⃣ Connect your wallet. You can see your supplied asset in the “Supply” section

    3️⃣ Click to withdraw the asset that you have supplied to Aave v1 and/or Compound v1

    4️⃣ Deposit to other protocols (Aave v2/3, Compound v2, Venus, Ankr, Lido)

    To withdraw on Krystal Mobile App:

    1️⃣ Go to your home screen

    2️⃣ Connect your wallet in which you have supplied asset

    3️⃣ Select “Show Supply”

    4️⃣ Click to withdraw the asset that you have supplied to Aave v1 and/or Compound v1

    5️⃣ Deposit to other protocols (Aave v2/3, Compound v2, Venus, Ankr, Lido)

    From 01 Jan 2023, 00:00(GMT+8):

    You can visit Aave and Compound directly to withdraw your supplied assets. Krystal will not support interface for withdrawals via Aave v1 and Compound v1 starting from 01 Jan 2023.

    Krystal strives to bring you the best earn opportunities for any asset. You can now supply assets to our latest integrated lending (Aave v2/3, Compound v2, Venus) and staking (Ankr, Lido) partners to earn interest on your idle assets!

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  • Krystal Newsflash (16th Dec 2022)

    Krystal Newsflash (16th Dec 2022)

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

    SBF Arrested 🚨

    Following the collapse of one of the largest centralised exchanges in the world, FTX’s CEO, Sam Bankman-Fried was reportedly residing in the Bahamas.

    Before he was scheduled to testify before the US House Financial Services Committee remotely, SBF was arrested by the Bahamian authorities.

    Amidst the arrest, the Securities and Exchange Commission (SEC) filed a complaint against SBF and FTX, which alleged that SBF built a “house of cards” from day one.

    This was done by misleading investors that FTX was a safe place to store their assets, when in fact their funds were being used by Alameda Research.

    What’s more, Gary Gensler, the Chair of the SEC, was called to testify to Congress regarding the “cost of his regulatory failures” that led to this collapse.

    ETH is a commodity, says CFTC 🔨

    Amidst SBF’s lawsuit, the U.S. Commodity Futures Trading Commission (CFTC) has ruled that BTC, ETH and USDT are considered commodities.

    This definition goes against the stance of Gary Gensler (chair of the SEC). Apart from Bitcoin which he believes is a commodity, he hinted that Ethereum and other proof-of-stake cryptocurrencies are considered securities.

    Proof-of-stake cryptocurrencies provide staking rewards, which can be defined as an ‘expectation of profit’ when an investor stakes ETH with a validator. This is one of the criteria in the Howey test, and the SEC is using this as proof to regulate Ethereum as a security.

    However, other countries do not consider Ethereum and Bitcoin as securities, as previously declared by Belgium’s Financial Services and Markets Authority (FSMA).

    The SEC vs Ripple case is still ongoing, which could have huge implications for the crypto market if XRP is indeed considered to be a security.

    At Krystal, we have partnered with Lido Finance and Ankr to provide liquid staking options for 5 different assets (BNB, AVAX, MATIC, ETH, FTM).

    Deposit your funds and earn passive income in our all-in-one platform now!

    Interest rates increase again… 😔

    The Federal Reserve has raised interest rates by another 50 basis points, making it the highest in 15 years.

    The good news is that inflation seems to be going down, with the latest figures coming in lower than expected at 7.1%.

    Higher interest rates may result in more funds exiting from the crypto markets, as investors see them as too risky compared to leaving their funds in cash.

    Metamask 🤝 PayPal

    Converting fiat to cryptocurrencies may just get a huge boost with this partnership.

    Metamask is now allowing ETH to be purchased on their wallet using PayPal.

    This feature is currently available to US customers, and may help to boost crypto adoption even further.

    Trump launches NFT collection 👀

    You can now purchase baseball cards of the former US president for just $99.

    Donald Trump has launched his NFT collection on the Polygon network, which can be purchased either using Wrapped Ethereum (WETH) or cash.

    Every purchase of a digital card entitles you to a chance to win certain Trump prizes, including a group Zoom call with Trump, with the grand prize being a gala dinner with the former US President.

    After buying your Trump Trading Cards, why not connect your wallet to view your NFT?

    You are able to view all of your NFTs across multiple EVM-compatible networks, connect your wallet to enjoy the true multi-chain experience now!

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  • Krystal Monthly Digest: November 2022

    Krystal Monthly Digest: November 2022

    November saw continued market volatility amidst the collapse of FTX, one of the world’s largest centralized exchanges, resulting in a wave of fear and uncertainty for crypto users and the global crypto market. 

    In spite of it all, Krystal remains steadfast in our mission, and we are working endlessly to improve and provide users with top-notch services in the DeFi space.

    Here’s a quick recap of some highlights of November 2022:

    • New chain: Now supporting DeFi services on Optimism on Krystal mobile app
    • New earning opportunities for your idle funds with liquid staking on 7 blockchains
    • New feature: Token Approval feature allows you to track and revoke any smart contract that has access to your token balances
    • A fresh look for our Krystal Blog
    • Daily and weekly competitions, where hundreds of winners with > $6,000 in prizes
    • Rubbed shoulders with many crypto enthusiasts at ETH Vietnam

    Alas, the final month of 2022 has arrived. We are definitely not stepping on the brakes, and will keep building to serve you with the best DeFi experience. Hold fast, hang tight, WAGMI.

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  • Krystal Newsflash (9th Dec 2022)

    Krystal Newsflash (9th Dec 2022)

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

    Circle terminates SPAC deal 🛑

    The issuer of USDC and EURC has backed out of its deal with Concord Acquisition Corp for its potential Special Purpose Acquisition Company (SPAC) or IPO listing.

    USDC was previously touted as the killer of USDT, but that has dwindled ever since Binance merged USDC balances with BUSD, and the stablecoin is under a lot of regulatory scrutiny after Terra’s collapse.

    The crypto winter has been hitting companies hard, and only the most resilient should survive.

    The crypto layoffs continue 😔

    Multiple crypto companies have been laying off staff amidst these uncertain times.

    Bybit announced its second round of layoffs this year,

    while Swyftx cut around 90 jobs too.

    Amber Group, a digital asset management company, also started laying off staff, even after they stated that they do not have any exposure to Alameda Research.

    Amber Group was to raise funds in another round, but the plans have been halted as well.

    You can find out exactly what happened to FTX in our breakdown here.

    Avalanche 🤝 Alibaba Cloud ☁️

    In more positive news, Avalanche has secured a major partnership with Alibaba Cloud.

    Avalanche developers can use Alibaba Cloud’s infrastructure to launch a new validator node on the blockchain.

    There seems to be a huge interest by cloud software companies to enter the crypto space, with Google Cloud previously announcing its plans to run nodes for Ethereum and Solana.

    Chainlink staking goes live 💰

    Staking LINK is now possible, where users can “lock up the token in Chainlink’s smart contracts to back performance guarantees for the protocol’s oracle services”.

    The very first staking pool is used to secure the ETH/USD data feed, and the system will flag the network if this feed does not meet performance requirements.

    Staking has become synonymous with passive income in the crypto world, and you can learn more about what it actually means here.

    What’s more, Krystal provides the easiest way to earn passive income on your funds across 7 different networks.

    We offer both liquid staking and DeFi lending services, connect your wallet on our platform to find out more!

    Unstaking ETH is coming soon 🚀

    The Ethereum Merge was one of the biggest events in 2022, where Ethereum transitioned from Proof of Work to Proof of Stake.

    Currently, it is not possible for Ethereum stakers to withdraw their staked ETH that are earning rewards.

    This feature is set to be ready when Ethereum completes the Shanghai upgrade, in particular EIP-4895 which allows Beacon Chain withdrawals.

    This is slated to happen in March 2023, which is much earlier than previously expected.

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  • Send Crypto To Multiple Wallet Addresses With Krystal’s Multi-Send [GUIDE]

    Send Crypto To Multiple Wallet Addresses With Krystal’s Multi-Send [GUIDE]

    Transferring tokens to one wallet address can be really stress-inducing, and it can be much worse when you need to send them to numerous addresses!

    At Krystal, we aim to simplify your decentralised finance (DeFi) experience, and here’s how our Multi-Send feature can help to batch your transactions on any wallet, including Metamask.

    Can I send multiple ERC20 and BEP20 tokens to multiple wallet addresses?

    You are able to utilise Krystal’s Multi-Send feature to send tokens on Ethereum (ERC20), BNB Smart Chain (BEP20) and other supported networks to multiple wallet addresses.

    Currently, we support Multi-Send on all 10 of our EVM-compatible networks, including:

    1. Ethereum
    2. BNB Smart Chain
    3. Polygon
    4. Avalanche
    5. Cronos
    6. Fantom
    7. Arbitrum
    8. Aurora
    9. Klaytn
    10. Optimism

    How do I use the Multi-Send feature on Krystal?

    1. Connect your wallet to Krystal
    2. Select the network that you want to send your funds on
    3. Enter all transaction details
    4. Approve your tokens (only required for the first time)
    5. Confirm the transaction

    #1 Connect your wallet to Krystal

    If you are using the desktop platform, you will need to connect your non-custodial wallet to our platform.

    We allow you to connect multiple wallets, including:

    1. Metamask
    2. Coinbase Wallet
    3. Trust Wallet
    4. Torus
    5. Ledger

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

    #2 Select the network that you want to send your funds on

    As we support Multi-Send on multiple EVM-compatible networks, you can select the network you want to use to send your funds here.

    #3 Enter the transaction details

    For every row, you will need to fill up these 3 fields:

    1. The recipient address
    2. The type of cryptocurrency to withdraw
    3. The amount of cryptocurrency to withdraw

    If you have lots of transactions, it is possible for you to upload a .csv file with all of the required information. You can view our guide here on how to use the .csv template we have provided.

    #4 Approve your tokens (only required for the first time)

    If you are using Krystal for the very first time, you will need to perform an approval transaction.

    This allows Krystal’s smart contracts to interact with the balances in your wallet, and you are required to do this for every token.

    The transaction will cost some gas fees as well, so don’t forget to have some of the network’s native token in your wallet to pay for these fees!

    You can find out what token approvals mean in our detailed guide here.

    #5 Confirm the transaction

    After you have approved the tokens, you can now confirm your transaction.

    You will need to pay gas fees to send your funds to each wallet. 

    The total amount of gas fees that you see here is based on the number of transactions that you have. If there are more transactions, the gas fee will increase accordingly.

    After confirming the transaction in your wallet, 

    you should now have sent these funds to the different wallets!

    This feature is also available on our mobile app, which you can download on both iOS and Android.

    Can I send multiple tokens to different addresses with Krystal’s Multi-Send?

    It is possible for you to send multiple tokens to different addresses within one transaction using Krystal’s Multi-Send feature.

    For every wallet address that you add, you can choose which cryptocurrency you wish to send to that specific address.

    It is also possible for you to send different tokens to the same address within one transaction. However, the gas fee that you pay is dependent on the number of transactions that you are sending over.

    Final Thoughts

    Apart from our Multi-Send feature, we offer other services including Swap, Bridge and Earn within the convenience of one platform. 

    Connect your wallet with us to enjoy a seamless and multi-chain experience on both desktop and mobile.

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  • BEP20 vs BSC – What’s The Difference?

    BEP20 vs BSC – What’s The Difference?

    The Web3 ecosystem has been flourishing thanks to the attention generated by such technologies as DeFi and NFTs. What’s more, blockchain platforms like the BNB Smart Chain (BSC) make this ecosystem more potent. So, what is the difference between BEP-20 and BSC?

    The BNB Smart Chain is mainly a distributed blockchain network that is dedicated to operating Smart contracts. Innovators and developers may use it to build decentralised apps (DApps). This, in turn, promotes the transition to Web3. 

    BEP20, on the other hand, is the native token standard for the BSC Blockchain network. The first-ever attempt to create an internet computer that could run smart contracts was Ethereum—with ERC20 as its native token standard. BEP-20 is the token standard for creating tokens on the BSC platform, just as ERC20 is used to create tokens on Ethereum.

    Here’s everything you need to know about these 2 terms.

    The Difference Between BEP20 and BSC

    BSC is a blockchain built by Binance that is dedicated to running Smart Contracts and extending the functionality of the BNB Chain. BEP-20 is essentially a token standard that is used to create tokens on the BSC Blockchain. 

    Simply put, BSC is the blockchain that uses BEP20 as its native token standard, just as BEP2 is the native token standard for the BNB Beacon Chain

    Binance Smart Chain Evolution Proposal (BEP)—The Basics 

    To help you discern how the BEP-20 token standard relates to BSC, I’ll take you back to the origin of the Binance Chain. In 2019, Binance Introduced its first Blockchain, the Binance Chain—later renamed BNB Beacon Chain. It was essentially a high-performance Blockchain that facilitated near-instantaneous trading. 

    For instance, supporting smart contracts on such a system—one that had been optimised for fast trading—would lead to congestion. Back in 2017, Ethereum experienced such congestion as users rushed to collect and trade CryptoKitties. To prevent this from happening, Binance Chain lacked support for smart contracts.          

    In September 2019, the Binance Smart Chain (BSC) was unveiled–and later rebranded to the BNB Smart Chain. As opposed to the BNB Beacon Chain, the BSC Blockchain is compatible with the Ethereum Virtual Machine (EVM) and features smart contract functionality. 

    Image Source: BeingCrypto

    What is the BNB Smart Chain (BSC)?

    BSC is a second-generation Blockchain platform that was specifically designed to offer smart contract functionality and EMV compatibility. This allows users to codify pretty much anything conceivable—including conventional banking services like lending, exchange, and borrowing.  

    Since its introduction, the BSC has been running parallel to the BNB Beacon Chain. This way, Binance was able to retain the high throughput of the Finance Chain and add smart contracts into the ecosystem. From the design point of view, both chains are similar. 

    Even so, BSC is an independent blockchain and not an off-chain or a layer two chain. You’ll also be glad to learn that BSC is fully-compatible, which allows for the migration of crypto assets to and from either of the chains.  

    You can find out how the BNB Smart Chain differs from the BNB Beacon Chain here.

    How Does BSC Work? 

    Being a second-generation blockchain, BSC applies the Proof-of-Staked-Authority (PoSA) model to reach a consensus. This means that the platform combines both the Proof-of-Authority (PoA) and delegated Proof-of-Stake (PoS) consensus algorithms. 

    In contrast, first-generation blockchains like Ethereum and Bitcoin only relied on Proof-of-Work (PoW) to reach a consensus. 

    What is BEP-20? 

    BEP20 is the native token standard for the BSC Blockchain platform. Though designed to function much like the ERC20 token standard for Ethereum, BEP20 has a lot more to offer. This token establishes the basic regulations that any other token generated on the BSC platform must comply with.      

    This is to say that the BEP-20 standard applies to all tokens produced or released on the BNB Smart Chain platform. Such tokens include stable coins, security tokens, and utility tokens. Binance-Peg are another form of coinage that uses the BEP20 standard.

    Similar to the ERC-20 token standard for Ethereum, BEP-20 is meant to ease the deployment of tokens across DeFi protocols. 

    How Do BEP-20 Tokens Work? 

    BEP-20 tokens are designed to be extensions to Ethereum’s ERC-20 and the BEP-2 Binance token. To allow for easy deployment, BEP20 tokens are compatible with both peg-out and peg-in conversions using either the Binance Bridge or a compatible wallet. 

    By so doing, BEP20 tokens facilitate the development of smart contracts on the BSC platform. 

    DeFi on the BNB Smart Chain 

    Smart contracts on the BSC platform are the foundation for the deployment of decentralised finance (DeFi). With this in mind, it is okay to think of decentralised applications (dApps) as the front web faces for accessing smart contracts on a Blockchain.  

    Blockchain incentive and governance structures run on the native token standard—the BEP-20 standard in the case of the BSC Blockchain. The BSC platform currently has more than 1,211,898 token contracts. The most popular of these contracts are the ones that are used to bridge BSC to other blockchains or assets, including: 

    • Binance-Peg BSC-USD (BSC-USD) – a token that pegs the value of the US dollar to the BSC ecosystem
    • Binance-Peg Ethereum (ETH) – the token that pegs the value of Ethereum to the BSC ecosystem
    • Binance-Peg BTCB (BTCB) – this BEP-20 token pegs the value of BTC to the BSC Blockchain 

    In addition to these Peggy coins, the BEP-20 standard also powers a myriad of Smart contract tokens. These are some of the most popular BEP-20 Smart Contracts and tokens on the BSC platform today: 

    1. Binance USD (BUSD) 

    BUSD is a stablecoin that was founded by Binance alongside Paxos. This BEP-20 token is 1:1 USD-backed and is compliant with NYDFS regulatory standards. The BUSD was initially launched as an ERC20 token but also supports the BEP20 standard.

    1. Safemoon (SAFEMOON)

    Safemoon is a BEP-20 protocol that uses SAFEMOON Token with BSC as its primary operating network. The protocol is poised to become one of the best non-fungible token (NFT) exchanges. Additionally, it allows BSC users to invest in crypto apps as well as charitable initiatives. 

    1. BakerySwap

    This is a decentralised automated market-making system (AMM). It is built on the BSC platform and uses BAKE as its token. BAKE is a native BEP-20 governance token. You can earn extra BAKE tokens by providing liquidity on the platform. You may then use the tokens for governance voting and to pay transaction fees. 

    1. PancakeSwap

    Pancake Swap is one of the leading decentralised Exchange (DEX) marketplaces on the Binance Smart Chain. PancakeSwap has already replicated the Uniswap ecosystem by Ethereum and uses CAKE as its governance token. It leverages AMM technology to allow for the swapping of tokens without centralised oversight. 

    Conclusion

    Though often used interchangeably, BSC and BEP-20 do not mean the same thing. BSC is a blockchain platform that was developed by Binance to add smart contracts and EVM compatibility to their ecosystem. 

    BEP-20, on the other hand, is the native token standard for the BNB Smart Chain. BEP20 functions much like the BEP-2 token on the BNB Beacon Chain or the ERC-20 token on Ethereum. However, both BSC and BEP-20 boast added functionality and compatibility as compared to Ethereum and BNB Chain.

    At Krystal, we support the BNB Smart Chain as one of our numerous EVM-compatible chains.

    You can view your entire portfolio (including NFTs) in one screen, and swap tokens for the best rates!

    Find out more about how to make a swap on Krystal from your Metamask wallet here.

    🔍 Navigate the DeFi Space NOW with Krystal!

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