Cryptex v2 Update Call

On April 4th, we hosted our v2 Update Call. Read below for the most important moments. If you are interested in listening to the full community call, click here for a full recording.

“We are launching a fully decentralized perpetual market. This market will start with Total Crypto Market Cap and expand to JPEGz, in terms of indexes, as well as all different types of things in the future that the DAO will be able to create oracles for and deploy. People will have the ability to access these new and unique markets, kind of taking what we've seen with GMX, Gains, and some of these others that do an incredible job. We will expand that now for the first time where Total Crypto Market Cap and others are fully available for people to have access to.

We had deployed JPEGz mid-February and kind of saw rather quickly that we needed to pivot. We needed to solve a lot of things regarding liquidation mechanisms and all the different facets that are gonna take quite some time to achieve, so we wanted to just step up and do something a bit different

For the last five weeks, we have been nonstop with building V2 and getting V2 ready for the world. This includes making sure that the marketing for it is in the right place, making sure press releases are in the right place, and most importantly, making sure that the product itself is in the right place.

Phase 1 of V2 will be going live, Tuesday, April 11th, to CTX governance holders with 1,000 CTX or more. These phases will most likely occur over a 30-day period. We will have phase two that will reach out to all different types of groups and people that the DAO is working around the clock to bring on and to have utilizing the software that we're currently creating. Then ultimately, phase three will be a launch to the DeFi world. Initially, V2 will be exclusively on Arbitrum. There will be plans in the future to expand the interoperability, but as of right now, it will be strictly on Arbitrum.

We have a couple of things that are happening with regard to single-sided staking and with regards to TCAP on Uniswap V3. Rewards for single-sided staking end on 4/14. We have every intention of renewing them, and we will go to the Crypt-Keepers for that. As those rewards come from the multi-sig, we will get the approval from the Crypt-keepers that they're cool with that and we will continue that program as scheduled.

Staked delegations continue to be at or near all-time highs. We hope by deploying phase one to users with 1000 or more CTX, that we can continue to build upon that governance and get the people that want to be involved in the protocol and managing the protocol, as active and engaged as possible. From a DAO perspective, 100% of the revenues that v2, potentially has the ability to generate, will go entirely to the treasury. CTX holders will then vote on, budgets and all different things with regard to those funds. It's nice to see delegations in a place where they're at or near the highest levels they've ever been since Cryptex was Genesis two years ago.” - Joe

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