Crescent Network Launching April 14.
The Crescent Network will be the rebranded and relaunched Gravity Dex, shifted to its own chain and with a new token. The news came out a couple of weeks ago, and I covered it in this post at the time. Now, we get to have a sneak peak of what the platform will look like, with a testnet opened up for everyone to have a play with.
Airdrop.
First thing is first, you can check if you are eligible for the CRE airdrop with this calculator. Basically, it goes to ATOM stakers, with a bonus for those that voted on certain governance proposals (Prop 38 or 58), as well as those that used the Gravity Dex and provided liquidity there. The airdrop is split in two parts, with half to be available at launch, and half once the "Crescent Boost" feature is launched (whatever that may be), expected in the first half of this year. Claiming will require several tasks be completed, similar to various other Cosmos eco-system airdrops, most notably Osmosis.
Testnet.
Very conveniently, the team behind Crescent have made public access to a testnet, so you can have a go and see what the platform will look like. I'd recommend anyone that qualifies for the airdrop to visit the testnet site and familiarize yourself in advance.
All of the following screenshots are taken from that site.
- The first thing to do is visit the Faucet buttons at the top right corner. This will give you some testnet tokens to play with. Once you have some funds (testnet, not real obviously) then you can have a play.
Staking.
A visit to the Staking tab reveals the first difference between Crescent and other Cosmos IBC Dex's. It appears that a big focus here will be on liquid staking - also known as staking derivatives. When you stake your CRE tokens, you receive bCRE in return. The staking yield in this screenshot should not be taken as what it will actually be, but it is likely to be high early on to bootstrap early participation.
Swap.
The core of any Dex, the swap page is like all others. Simple and clear. Drop downs list all tokens, and you can pick and choose from there. For those not familiar with IBC Dex's, you have to deposit tokens from their native chains into your Crescent wallet to be able to swap them. One thing to do while here is check the two little icons at the top. One is the slippage tolerance settings like most Dex's. But the other one is interesting. Clicking it brings up something like this:
It seems this is going to be a Dex with an orderbook. I guess that means you will be able to set limit orders for your swaps, which will be an interesting addition. I'm unsure on this testnet how to do so, the swap UI does not seem to have this feature as far as I can see. Maybe it is an advanced feature not ready yet? Anyway, it is good to see that this Dex will have some unique features, and not just be a clone of Osmosis.
Farm.
So here we get down to business, the LP and yield farming section. When you click on manage for your chosen farm, then you get a pop-up showing the options.
Adding an LP position is first, and then in a separate step you need to deposit using the "farm" tab to get the juicy APR's. Unlike Osmosis, there is no time period bonding, and you can remove your liquidity in a similar two step process. "Unfarm" and then "Withdraw". The claim button lastly would be to claim your farming rewards, and it appears that it will be a similar epoch based system of daily rewards like Osmosis, rather than continuously accruing.
Gov.
This is where any governance votes will occur. Nothing to see here yet, but I imagine that regular votes to incentivize new pools, change details and any chain upgrades will occur here.
Portfolio.
The last tab is a portfolio view. It is quite nice, and shows all tokens in your wallet (only the Crescent wallet, not across all chains), along with any pool positions you have. Nice and clear and easy to track everything on one page. This is a helpful and quite nice UI.
From here, you can also manage your tokens and deposit tokens from other linked chains (via IBC), and also manage pools you are in from here. Nice.
Crescent looks like it will be a nice addition to the Cosmos Dex space. The airdrop rewards the Cosmos (ATOM) faithful, and it is likely that many ATOM people that are not big fans of Osmosis's brash and sometimes combative approach will favor the Crescent Networks offering. The fact is that everything that Osmosis founder Sunny said has proven basically correct. Shifting the Gravity Dex off the ATOM hub and onto it's own chain is basically what he said should have happened from the start.
Overall, I am quite likely to utilize Crescent, and will put my airdrop to work building positions to supplement and diversify a bit from my mainly Osmosis based liquidity position.
Looking forward to this rolling out, and more options in the Cosmos interchain Dex space.
Thanks for reading,
JK.
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It's so wild seeing the advancement of gaming, defi and just crypto in general. The only issue I've been seeing lately however is many of these systems are just cookie cutters from the last with a hyped air drop. There needs to be some innovation or guts behind any new ones for me to really take part in it.
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Yeah, there is so much copy-paste around that it is hard to separate the legit projects from all the rest.
This one could be good, I think. Some pretty serious Cosmos heavyweights behind it, they have obviously learned their lesson from the poor performance of Gravity Dex and the strength of Osmosis, but also put their own twist on things.
Some healthy competition never hurts.
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Gravity Dex is new name. I don't think I qualify as I staked just 1 atom. Thanks for giving me the comdex address as I was trying to access from my osmosis but couldn't. But I can't connect because I'm using my mobile, as its asking for my keplr extension. I guess need to wait until I'm on my laptop !
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All this is so much smoother on a PC than mobile. It's kind of funny how we are all about Web 3, but Web 2 focuses so much better on mobile, which is much more accessible for many.
Many drops these days set a minimum of 10 or 20 for ATOM or JUNO.
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Thanks!
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Crescent is, by definition, the early phase of full MOON. so... I'm in. lol
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lol, investing based on the name alone is probably as good of a theory as anything. Works for LUNA I guess. ;-)
But seriously, I think it will do ok. Typical farming token - good early, high apr, price drift for a while lower, and then see what the long run looks like.
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