A Star is Born: The Crescent Story
All stars are the result of a balance of forces: the force of gravity compresses atoms in interstellar gas until the fusion reactions begin, shining a bright light on the world, forming new life and opportunity for exploration. Something amazing began with the force of Gravity DEX, ultimately becoming a totally new entity with limitless possibilities. This is the story of Crescent, the end product of many visionaries coming together in collaboration to provide a connected DeFi for Cosmonauts and blockchain users from the furthest parts of the galaxy.
No star can be formed without gravity. A few years ago, a team of Cosmos network veterans known as B-Harvest collaborated with the Ignite team (formerly Tendermint) for a vision to create a DeFi experience on Cosmos Hub like no other. The B-Harvest team developed a working liquidity module known as Gravity DEX, while Ignite created the front-end and web UI, Emeris. The two teams worked in harmony to bring cross-chain DeFi to life.
The B-Harvest team sets on a quest to fully rebuild and expand on Gravity DEX, pursuing various DeFi utilities by breaking the boundaries set by Cosmos Hub. Led by the B-Harvest team in collaboration with Ignite, alongside investment by Ignite Ventures (formerly Tendermint Ventures), Crescent was developed. The current Crescent team is comprised of the original B-Harvest team, with the addition of industry experts to further enhance operation and development capabilities for Crescent. The inter-blockchain experts of Crescent worked closely with the Ignite team to bring forth a new innovation in seamless, connected decentralized finance on the Crescent DeFi Hub.
In short, Crescent realizes the vision the team had for Gravity DEX. Through a rebirth as a DeFi Hub, Crescent will dramatically expand utility and connectivity in blockchain by allowing users to bring investments from other blockchains to Crescent through IBC for increased investing opportunities. In the transition process, a shut-down of Gravity DEX will be proposed, seamlessly channeled into Crescent, where users can enjoy a totally new connected economy. Emeris will continue to be operated as a Cosmos multi-chain web-interface project under Ignite, more information about Emeris can be found here.
Check out the governance proposal for the Migration of Gravity DEX here.