Proposal for the Crescent Community
Dear Crescent Community,
Since our launch on April 13, 2022, we have been at the forefront of innovation in the Cosmos ecosystem, introducing advanced features such as our AMM/orderbook Hybrid, Ranged Liquidity, Native Liquid Staking, and more. However, the landscape in which we operate is undergoing rapid transformation, particularly in the domain of DEXs.
The current market for spot DEXs is exceedingly saturated. This saturation limits the potential for innovation, making it challenging to deliver unique value in this space. Our team, comprised of specialists in economy and derivative trading, is uniquely positioned to excel in a different sector of the blockchain ecosystem and DeFi — the derivatives market. FLIP, our product announced at Cosmoverse 2023, will now be our main product, expanding to ecosystems beyond Cosmos.
In light of these market dynamics, we have made the strategic decision to propose sunsetting the Crescent Network Chain. This transition marks not an end, but an evolution towards a sector where our expertise is not only relevant but can lead the way in innovation and user value.
Over the past couple months, the Crescent Foundation has diligently and proactively engaged in extensive discussions with numerous partners to explore the potential migration of Crescent DEX to another chain. This endeavor was driven by our unwavering commitment to preserving the intrinsic value and innovative technology of Crescent DEX, and to further the advancement of the entire Cosmos ecosystem.
We tirelessly pursued every viable opportunity and exhaustively examined a multitude of options and strategies. Our team dedicated itself wholeheartedly to finding a solution that continue the Crescent legacy and benefit our users. Despite our best efforts, mutual agreements could not be reached due to a range of complexities and challenges. After careful consideration and thorough analysis, it became clear that proposing to sunset Crescent was the most responsible and strategic decision.
This choice, though difficult, reflects our dedication to the long-term interests of our users and the broader community. We remain grateful for the support and trust placed in us, and we assure you that this decision was made with the utmost respect for the values and aspirations of the Crescent Foundation and its community.
Key Transition Details:
- 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.
- If proposal passes: 1.5%+0.5% of total supply
- If proposal is rejected: 1.5% of total supply
- Excluded from airdrop:
- Crescent Foundation
- Dev Team
- B-Harvest
2. Governance and Chain Halt Schedule: We will submit a proposal for this transition in our on-chain governance on February 5th. If the proposal is passed, the target date for the complete halt of the Crescent chain is April 10th.
- If passed, users should withdraw their positions (LP) from Crescent DEX before the chain is halted.
- Regardless of the result of the proposal, the Crescent Foundation will no longer be directly developing the Crescent Network chain.
We understand that this announcement may come as a surprise, and we are committed to facilitating this transition as seamlessly as possible. Our team will provide continuous support and clear communication throughout this process. We believe this pivot opens a new chapter for our community, one where we can leverage our strengths to create a more impactful and innovative platform in the derivatives market.
We sincerely thank you for your unwavering support and invite you to join us in this new venture. Your trust and engagement have been the cornerstone of our journey, and we look forward to continuing this journey with you.
