Introducing sCRSS: The Crosswise Stakeholder Token
Dear Crosswise Community!
We’re almost ready for launch and want to introduce one of the major upcoming features! Designed to recognise our community and set the foundations for future decentralization, today we present sCRSS, our Stakeholder Token.
So, what is this stakeholder token? Crosswise is slowly moving towards decentralization, and as part of this effort we want to ensure we share revenue with the individuals using the platform. Sharing this revenue is a fundamental pillar in ensuring our community has a real economic stake in the Crosswise Finance ecosystem. On another level this is also a first step of many that is part of a transition to so-called “real yield” tokenomics.
The other major aspect is governance rights. This release sets the building blocks for the Crosswise DAO, and sCRSS is the governance token. Holders will be entitled to take part in DAO voting, contributing their voice to important decisions affecting our ecosystem. From fee changes to contract migration, our vision is one where the community eventually has major input in steering the overall direction of the project.
How Does It Work?
The CRSS Vault receives a share of almost all Crosswise platform fees for a given network. These fees are sent to the CRSS Vault. When users convert their CRSS, they receive a share of that pool in addition to voting rights required for governance purposes. Your sCRSS continuously accumulates rewards. Once you convert back to CRSS, you receive your original deposit, in addition to your share of the platform fees that accumulated in the meantime.
sCRSS does not have its own supply, but instead is a placeholder for CRSS that has been added to the CRSS Vault. As such it is capped by the max supply of CRSS, and there is no theoretical value dilution with the introduction of this token. When users convert CRSS to sCRSS, it decreases the circulating supply of CRSS and vice versa. The share of platform fees that are collected and allocated to the CRSS Vault are all automatically converted to CRSS providing significant price support. For a limited time we will also supplement the CRSS Vault APY by allocating a portion of CRSS token emission to the vault.
In future we will expand use cases for sCRSS in our ecosystem, and it will certainly be required for launchpad participation, as well as other premium features.
In designing sCRSS we wanted to achieve a number of objectives. Apart from providing a stake in platform revenue and voting mechanics, we also wanted to ensure that it offers users an alternative product with a different risk profile. Importantly we designed sCRSS to co-exist in synergy with its older sibling CRSS.
Overall this helps slow down the velocity of CRSS token, by extending the range of options and strategies that users can opt for.
We’re excited to be taking these concrete steps towards decentralization, and sharing our growth with the community!
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.