May 2023 Community Call

On May 16th, 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.

Dev

“We have work right now in progress for mobile support and deploying the main website related to the launch of V2. Most of the front-end tasks are being worked on by Jorge and Nelson. Related to the small contract side, Voith and I have been working specifically on incentive contracts and updating the funding rates.

The first thing that we are publishing in the few next days is an update on the funding rate. The second thing is that we have been working on the incentive contracts. As you might know, we are going to launch incentives for V2, which will work similarly to how we have created all incentive programs. We are aiming to launch this with that public launch. The second part is that we want to encourage the adoption of Arbitrum and to help with this, we are using the ARB tokens for the incentive program for trading.

If you trade using the protocol, you are going to get a rebate based on the fees that you generate. That way you can help cover your fees to encourage usage. These require new contracts which are being currently worked on by Voith. Of course, all of these also require some UI adoption that Jorge is going to work on it, and in the last few weeks, I can tell that the UI has been getting better and better.

The last thing I can mention that is quite exciting is that, even though Cryptex V2 is in private beta, so far it's done more revenue than JPEGz on Arbitrum. We are quite happy that seems it's working and we have seen users as actually making money, which is important too.” - Cris

Biz/Brand

“We saw 1,238 new users come and check out V2 for Phase 2. You look at all these people who have been accessing and I remember when we launched JPEGz, there were a lot of complaints. Some people didn't understand certain aspects of it, whereas this has been much more seamless and we haven't been seeing the issues with it. I think that's just a testament to the amount of time that it takes to develop and build and make sure you get all these aspects correct.

Phase Three of Cryptex V2 is going to be live to the public, in allowed jurisdictions. We're following a similar path as GMX, Gains, and Perennial, and these other protocols have been doing this.

We have our AMAs, our Twitter spaces, and office hours that we're setting up with Perennial which will all be happening. And then the Dune dashboard with stats around v2, where every single person will be able to track V2 in real-time, at any time. All that information will be public and there will be nothing private about the system. Everything will be verifiable on the chain as it is entirely owned by the DAO.

Going forward when there are new perpetual that want to be created or new incentive rewards that the DAO wants to do, these will all placed in the hands of the community and not a centralized team of individuals. V2 is owned by the Cryptex DAO with that said, we're looking forward to releasing it to the world and the feedback that we've heard thus far has been excellent.

It was a pretty quick turnaround in terms of development time from JPEGz. When we got that out and then saw that we needed to pivot a little bit, perpetuals made a lot of sense considering we already had all the existing infrastructure for TCAP and JPEGz and we are thankful to link up with Perennial to do it.” - Joe

Learn more about Cryptex & TCAP:

Website: https://cryptex.finance/

Twitter: https://twitter.com/cryptexfinance

Discord: https://discord.gg/cryptex

Telegram: https://t.me/cryptexfinance

DISCLAIMER: Any views expressed in this post represent the sole analysis of Cryptex, (“Cryptex”) whose opinions are based solely on publicly available information. No representation or warranty, express or implied, is made as to the accuracy or completeness of any information contained herein. Cryptex expressly disclaims any liability based, in whole or in part, on such information, any errors therein, or omissions therefrom. Cryptex also reserves the right to modify or change its views or conclusions at any time in the future without notice. Cryptex is an open-source, fully decentralized protocol. v2 is not available in any restricted jurisdictions. Cryptex is NOT an ICO. No sale has been solicited. The information contained in this post DOES NOT recommend the use of any Cryptex token, nor is it an offer to sell a solicitation, or an offer to buy any Cryptex tokenized asset. Furthermore, CTX token rewards governing the protocol are granted by Cryptex to system providers with a value of ZERO. Always do your own research. The information contained in this post is not intended to be, nor should it be construed or used as, investment advice. No representation, recommendation, or warranty, express or implied, is made as to the future performance or functionality of any Cryptex token. Any unaffiliated use of this document, or the contents herein, is strictly prohibited without the prior written consent of Cryptex.