Crosswise Weekly Recap: Week 51 2021 & DEX Launch: What To Expect
Dear Crosswise Community!
We are now only days away from our launch. We’re all very excited to finally get going after more than 6 months of development. Today we would like to share a few updates as well as share details on what to expect in the weeks ahead.
Mandatory Token Upgrade
As part of our work with CertiK we pinpointed a small yet potentially important technical issue in our token contract. We carefully considered our options and whilst we could address the issue in a later update, opting for this route would cause greater inconvenience to a greater number of people, especially liquidity providers. We’ve therefore decided to address the issue right away. We’re sorry for the minor inconvenience caused, but upgrading now is by far the less disruptive option.
For those who invested in the pre-sale, the only required action will be to convert your Pre-Sale CRSS token to V1 CRSS on our pre-sale page at presale.crosswise.finance. Users will need to withdraw their unlocked Pre-sale CRSS to their wallet, in order to then convert their tokens on the “My Tokens” page.
Please note that you will not be able to swap or use Pre-Sale CRSS tokens anywhere else, so this is a mandatory upgrade. Once the pre-sale closes you will be able to easily convert your tokens on our website with 2 clicks.
DEX Launch 10th Jan
As most of you will know, we originally intended to launch our DEX on the the 27th Dec. Unfortunately the market conditions were, and remain unfavourable. Importantly we’re still waiting to complete our Certik audit, without which we cannot launch.
We therefore proposed a postponement and held a community vote which turned out in favour of postponing the launch by up to 14 days.
We initially pencilled-in the 4th Jan as the new prospective launch date. However given we need to upgrade the token contract, we also need to budget in time required for any eventual further amendment. To make things predictable, yet also allow us ample time to ensure everything is perfect we have decided to set a launch date of 10th Jan 2022 at 10AM UTC.
Pre-Sale Ends Today
Our plan to close the pre-sale on the 31st December at 2PM UTC remains unchanged. This will allow us ample time to build-up demand and ready everything for launch.
As planned, once the pre-sale closes we will buy back the remaining CRSS, which will be used for future liquidity. These tokens will be vested within 5 months as all other pre-sale tokens.
Last Purchase Date Issue
We recently discovered a logic issue in our pre-sale contract which leads to unexpected overwriting of the unlock date. If you bought more than once in a single round, your first unlock date will be set to 30 days from last purchase. This means the unlock time of your previous batch of tokens gets overwritten and thus delayed. Unfortunately this is not something we can change at this stage, and we sincerely apologise for the inconvenience caused.
If you wish to buy more than once in a round, please whitelist another wallet by either submitting it via the whitelisting form or sending a direct message to @fbeeg in our telegram.
Getting Ready for Launch
What do you need to do to get ready for the launch? Perhaps the most important aspect to consider is that to take full advantage of the Crosswise launch, users should try to participate in staking and liquidity provision early on.
At launch your share of a pool is likely to be greater when relatively few people know about Crosswise, and thus your share of the rewards will also be significantly greater. In addition our emission is set to 1.2 CRSS per block for the initial 14 days, and 1 CRSS per block thereafter. Early farmers will receive an additional 20% more rewards for 14 days! As they say “the early bird catches the worm”.
The only thing holders need to do is have their CRSS ready in their wallet, along with any other tokens they wish to provide liquidity for.
Please note, you will not be able to transfer your tokens from the pre-sale contract direct to our DEX. Instead you will need to withdraw and convert them first. In summary:
- withdraw your unlocked CRSS
- convert your Pre-sale CRSS to V1 CRSS tokens
- have other tokens ready if providing liquidity
For a list of initial trading pairs to be made available, please read our Crosswise Weekly Recap: Week 49 & 50/2021
The Weeks Ahead
Understandably many in our community would like to see CRSS token surge through the charts and deliver a tenfold return on day one. However appealing this thought might be, such a scenario is unlikely, and perhaps even undesirable. Allow me to explain.
We take a long-term view, and believe that ultimately token price should predominately be a reflection of utility. Fundamentally utility will and should always be our focus. The more tightly the token price is bound to utility, the more stable it is, and the less likely it is to fall off a cliff.
Of course it is tempting to initiate a quick advertising campaign and temporarily drive up the price of our token. Yet will a price pump fundamentally and sustainably help the project? One might argue that it aids price discovery, creates trading volume, and provides profit taking opportunities. These are all desirable, but the real issue is opportunity cost and allocation of resources.
Marketing in crypto is extraordinarily expensive, so our preference is to invest resources into initiatives that can provide longer-term rather than ephemeral benefits to the project. We aim to rely less on investor’s speculative impetus, and more on widening actual use cases. Technical partnerships, mutual farms, listing great projects, as well as other real and sustained activity is where we want to allocate resources.
So what’s in the pipeline? We’re in touch with several projects to list their tokens and setup farms on Crosswise. We are in advanced talks to sign with a major CEX, and in discussion with other CEXs to list within the next few months.
How can you help? Simply get involved! Whether it is sharing insights or helping others in the chat, re-tweeting our tweets and telling others about the project, every little helps. Most importantly, use Crosswise DEX!
We feel lucky to have such an enthusiastic and supportive community! This has kept us motivated and we’re incredibly excited for this next chapter for the Crosswise community.
We wish you a very Happy New Year, and look forward to launching Crosswise into 2022 together!
- Crosswise Team
About Crosswise Finance
Next-gen cross-chain Decentralized Exchange (DEX) building a seamless DeFi user experience. Crosswise Finance bridges the gap between centralized and decentralized exchanges, bringing together the best of both worlds. Crosswise is committed to it’s community and brings back customer service and support to the DeFi space.
Disclaimer: This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making investment decisions.