Relaunch Development Update #3
Thank you all for taking the time to join our CEO, COO & CMO from Team Crosswise for the AMA on April 10th, at 1 PM UTC.
In case you missed our AMA, we have you covered. Here’s a non verbatim summary of the Crosswise post-audit submission AMA held on April 10th, which was held within our Telegram community. We kick off by recapping the answered questions from the community, followed by a summary of changes introduced in V2.
Q) How will compensation be implemented?
As it stands, there are no new developments yet in terms of compensation. We had to build the tech to assess claims early on in order to ascertain viability. Our priority however had to be audited the code, which contained several significant issues.
The intention remains the same as before — we still intend to restore monetary value, however the timeframe is uncertain as it will also depend on platform revenue. Dip buyers will also be included, however as a secondary group — the criteria is yet to be defined.
Q) Will the presale tokens from phase 1 or 2 be fully or partially vested upon relaunch?
The initial vesting period was intended to stave off sell pressure by releasing the tokens progressively. Technically the pre-sale tokens will all have vested, so that we will need to think of a new release schedule. Releasing all tokens at the same time is not an option and would likely result in a significant sell-off. This could endanger the project. We obviously do want our users to have some of their tokens unlocked, so we will have to strike a balance.
Q) Does Crosswise have a backup plan for project security to protect the protocol from internal or external attacks?
In our V2 release, we have implemented proprietary price and liquidity control mechanisms to complement Chainlink Price Feeds. This will offer further protection from flash loan attacks and front-running bots. This also prevents any internal or external parties from exploiting the contract addresses.
As we re-launch, we will also build up a contingency or SAFU fund, to insure against against any future exploit or other adverse event affecting our users. Preparedness is part of effective risk management and such a fund would provide funds of last-resort.
Q) Will we go live with Gasless Mode?
Yes — Gasless Mode will be available on re-launch, using the Biconomy API. Users will be able to swap assets without paying gas.
Q) When are you launching on other chains such as Polygon, FTM, etc. Will the roadmap be updated?
We will be launching our platform on Polygon and perhaps other chains in the coming year. The timeline of launching on other chains will have to be re-evaluated and adjusted and according. The roadmap will be updated over the coming weeks.
Q) Will there be another pre-sale before re-launch?
No, this would change conditions for existing investors unexpectedly.
Q) Which exchanges do we plan to list on after relaunch?
Initially, we will only list on Crosswise DEX and add other DEXs, including PancakeSwap, shortly after. In addition we will re-kindle our discussions with a number of centralized exchanges.
Q) What will happen to those that bought the dip?
Qualified “Dip Buyers” will be included to some extent as a secondary group but criteria is yet to be defined.
Q) How do you intend to create a buy pressure on relaunch — what marketing plans do you have in place?
We’ve got several initiatives planned to spread the word and bring new users to Crosswise. in terms of outreach, we have a number of AMAs planned with investor groups, as well as our technical partners. On top of that, we are talking to potential partners/influencers to roll out other marketing initiatives.
We’ll also be launching a community shill competition and our ambassador program shortly. Some ad placements have been booked, and we will be listing on relevant DeFi directories.
Q) What is the targeted price for the relaunch? Is it still $0.95 per token as previously planned?
Yes, the $CRSS price at re-launch will be $0.95 BUSD as previously stated.
Crosswise Finance V2 introduces important changes to vesting.
Refined Vesting Mechanism and Removal of $xCRSS
Whereas previously $xCRSS was used to represent $CRSS in vested state. This led to some confusion and resulting difficulty in explaining it to users. We have therefore completely removed $xCRSS token.
For users nothing will change and the amount of rewards remains the same. It is just that we have simplified things conceptually, and now users need not concern themselves with $xCRSS. Conceptually $xCRSS has been replaced by “vested” CRSS. As before, the vesting schedule will remain the same with a 20% unlock every 30 days.
Extended Mitigation of Price Manipulation
In our DEX V2 upgrade, we have extended our very own price and liquidity control mechanisms to run in parallel to Chainlink Price Feeds in order to make flash loan attacks and other price manipulation unprofitable.
Below is a re-cap of the features that will be available in V2 at launch.
Crosswise DEX features an easy-to-use swap exchange to quickly execute token swaps with the lowest fees and slippage. Crosswise DEX is powered by a Hybrid Automated Market Maker (AMM) with incentivized liquidity pools. Although the liquidity pools are automated, wherever possible market prices are based on price oracles.
The V2 upgrade will add additional charts, allowing users to quickly compare rates for the tokens in stable coins such as BUSD and USDC.
Crosswise allows you to trade tokens only if there is sufficient liquidity for those tokens. It will be difficult, costly, or impossible to exchange tokens if there hasn’t been significant liquidity created for the token or tokens you wish to trade.
Providing liquidity will earn you LP Tokens, which will give you incentives for ensuring the exchange always has liquidity.
Users that provide liquidity can receive $CRSS incentives by locking their LP tokens inside a smart contract. The incentive is to offset the risk of impermanent loss that comes with locking up your liquidity.
Single Asset Staking Pools
Using the Single Asset Staking Pools, users can stake their single-asset tokens and be rewarded in $CRSS.
Users have access to a personal account area to access support and set preferences to personalize their experience. Features will include:
- Personal profile
- Global Vesting & Auto Compounding settings
- Gasless mode toggle
- Email & chat support
- Notification settings for Telegram/Email updates
Portfolio Tracker & Wallet Summary
Users can easily view their wallet assets across different networks, all in once place.
Unlike other third-party monitoring tools, which only show the current status of your portfolio, our built-in Portfolio Tracker provides customers with historical performance statistics. Data will include the following:
- Summary account statistics
- Historical movement of assets
- Value of CRSS vested CRSS
- Total value in Farms
- Total value in Pools
DEX Referral Program
Our referral program enables affiliates to earn 1% of their referees’ rewards for life!
Every user can generate a unique affiliate link to invite new users to stake or yield farm on Crosswise, in order to start earning.
Mass Harvest & Stake
Users may mass harvest or mass stake on the DEX in order to only utilize funds for 1 transaction instead of multiple separate transactions when performing functions manually. This feature helps to ease the difficulty of using decentralized applications such as Crosswise.
If you enable the auto vesting function, you can instantly claim 75% of $CRSS rewards accumulated without waiting for $CRSS rewards to be fully vested. The remainder of the funds vesting will be used to buyback and burn $CRSS.
With the auto-compounding function, you no longer need to manually harvest and re-invest your rewards.
In contrast to typical DEXs, swapping without visual trends and charts means you miss out on opportunities to trade at the right moment. As a result, you may end up investing at an undesirable price. Crosswise provides advanced traders with unique speciality price charts, as well as crucial information such as liquidity and market cap.
Platform Features on Crosswise DEX
Our partnership with Biconomy ensures that most swaps on Crosswise can be done without paying gas.
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.