crescent

Prop 294: Sunset of Crescent Network

The Crescent Foundation is reevaluating its approach due to the extreme monopolization in the spot DEX market, where market dominance is perpetuated by initial liquidity advantages rather than innovation or functionality.

This has been a significant barrier to finding a Product-Market Fit (PMF) for the Crescent DEX. In light of these challenges, we are pivoting towards the derivatives market, with FLIP as our flagship offering. This move is strategic, as the derivatives market, particularly in the realm of options, offers a broader scope for innovation and competition.

Unlike the spot DEX market, the success in derivatives is not solely dependent on liquidity size, thanks to the foundational role of oracles which ensure that the quality of functionality is not directly tied to the volume of liquidity. This pivot represents a timely opportunity to lead in an area that is rapidly growing in traditional finance but is still nascent in the Web3 space.

To honor our community's support, we will initiate a FLIP Airdrop for CRE and bCRE holders as part of this transition.

If the proposal is passed, the target date for the complete halt of the Crescent chain is April 10th.

  1. If passed, users should withdraw their positions (LP) from Crescent DEX before the chain is halted.
  2. Regardless of the result of the proposal, the Crescent Foundation will no longer be directly developing the Crescent Network chain.

FLIP Airdrop for CRE and bCRE holders(Including LPs):

We are profoundly grateful for the unwavering support and trust our dedicated CRE holders have shown throughout Crescent’s journey. Your commitment has been the cornerstone of our progress, and as we embrace a new chapter, we want to express our deepest appreciation in a manner that mirrors the generosity of your support.

While we are still finalizing the specifics, we are thrilled to announce a forthcoming airdrop of $FLIP tokens to our loyal CRE holders. This gesture is a token of our immense gratitude and a reflection of our desire to generously reward your steadfast faith in us. Stay tuned for more details, as we ensure this airdrop is a testament to our appreciation and a celebration of our shared journey.

  1. If proposal passes: 1.5%+0.5% of total supply
    1. 0.5% is to bootstrap FLIP, and will be airdropped to CRE/bCRE holders logged in to FLIP
  2. If proposal is rejected: 1.5% of total supply
  3. Excluded from airdrop: