June 2023 Community Call

On June 8th, we hosted our June Community 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.

“The DAO launched Cryptex V2 on June 6th. V2 is a continuation of some things that we have built upon before and essentially we created V2 to offer the ability to long or short custom perpetual with up to 20x leverage. We started with TCAP/Total Crypto Market Cap. This new system is powered by Perennial Infrastructure, runs on Chainlink oracles, and is available exclusively on Arbitrum. All metrics that are related to V2 are fully open and transparent with a fully functional Dune dashboard available for all Cryptex community members and DeFi users worldwide to track the system at any time.

To expand upon this transparency a bit more this week, the DAO is working on an integration with Defi Llama and the community can expect Token Terminal up next. We wanna take a moment and shout out SashimiBoi for the help with these data integrations. He worked seamlessly with DAO contributors to achieve this and has done a really incredible job on making sure all of the relevant metrics are available for the community and DeFi users around the world. After two days since launching current V2 liquidity is $100,759 and there is 195.64% APR on governance rewards, which is thanks to the passage of an on-chain DAO vote, CIP-20.

That vote is available in the forum for anybody who wants to look at it, as it authorized the DAO to deploy an initial rewards program of $100,000. $50,000 of these rewards were from Arbitrum and are being utilized for usage rebates, while $50,000 of these rewards are from CTX for liquidity rebates. The goal here is to expand decentralized governance for the benefit of users within both protocols by incentivizing users to be active in protocol governance. We wanted to use this time of launching the new system to expand governance, and that's what those rewards are intended to do.

The DAO will continue to add new markets, after TCAP/Total Crypto Market Cap, such as JPEGz/Blue Chip NFT Index and other markets that community members and CTX holders will actively decide and vote on. It's well apparent at this point that we have some phenomenal relationships with a lot of the protocols and networks that power Cryptex where we can reach out and build different oracles and get things that don't necessarily exist yet, or maybe that do exist yet, that the community would like to see deployed. The goal is to roll out new markets as often as possible, now that we know that this structure is working.

By getting these new markets out, I think is definitely a key driver on how to expand because the more options that are there, the more usage that you can hope to attain. Right now, that is our number one priority. From a high-level perspective, we're building and plan on launching an affiliate program, referral links, and all types of different ways where people can be incentivized to use the system.

Last but not least, the DAO currently has three snapshot proposals up for voting. There's one surrounding liquidity provisioning, one surrounding DEX integrations with Camelot, and one surrounding CEX integrations. From looking at the initial results, it looks like liquidity provisioning and DEX integrations have some support for an on-chain vote that will immediately follow.” - Joe

Learn more about Cryptex:

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.