Krystal Hackamoon Recap (23rd - 26th May 2022)

By Krystal DeFi | Krystal DeFi | 8 Jun 2022


We took a break 2 weeks ago from our daily activities to participate in Hackamoon, Krystal’s inaugural hackathon event, where we racked our brains to come up with the next big idea to benefit our users.

8 groups of 5–6 team members fought for the grand prize of $3,000 USDT and 1,000 KNC as they were required to come up with a Minimum Viable Product (MVP) of a new feature or an improvement of a current feature on Krystal.

Here is a short video with the highlights of the Hackamoon:

Event Timeline

Our Hackamoon consisted of 3 main stages:

#1 Ideation (18th — 20th May)

Our team was encouraged to submit any ideas they had, and these ideas were shared with the rest of our team as they voted on the top 3 ideas that they liked the most.

The top 8 ideas were chosen, and the team members who came up with the idea became the leaders of each team.

In total, 32 ideas were submitted for the Hackamoon, with the bulk of them coming from our Engineering team.

#2 Preparation (23rd — 25th May)

While most of our team members are based in Hanoi, we welcomed our members from Singapore and Ho Chi Minh City to take part in the Hackamoon.

The next 3 days were gruelling as the teams had to finalise the ideas, implement them and prepare for the presentation on the 26th of May.

Each team consisted of members from different departments, such as Engineering, Design, Product and Marketing.

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Some of our team members were very enthusiastic and stayed up late to execute their ideas!

#3 Presentation Day (26th May)

We invited 3 judges from Kyber Network to give their valuable insights on the various ideas:

  • Loi Luu (Chairman, Kyber Group)
  • Mike Le (CTO, Kyber Network)
  • Luke Tran (Trading Team Lead, Kyber Network)

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The ideas were scored based on these 5 factors:

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The judges’ score consisted of 60% of the overall score, while all Krystal members could vote for their favourite ideas (40% of the vote).

Ideas

Here is a snapshot of the innovations that came out of our Hackamoon:

#1 Copy Trade (Cmd+C)

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A copy-trading feature (termed as ‘LazyTrade’) allows retail investors to copy the trade actions of a pro trader in a transparent manner, allowing them to save time on researching on the best projects to invest in. 

At the same time, this helps to increase the credibility of these pro traders.

#2 Real-Time Trades (Time Machine)

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By providing an on-chain analysis tool with real-time data, Krystal users will be able to make more informed decisions when they make trades. 

An interface was built by the team to provide easy access to detailed on-chain data.

#3 DApp Marketplace (Krystal Hub)

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An ‘App Store’ for decentralised applications (DApps) can be implemented which allows users to access their favourite DApps directly from the Krystal mobile application

This helps to reduce the risks of users, particularly new ones, from falling for any scams by clicking on phishing links.

#4 Token Insights (Grogu)

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Krystal Insights aims to aggregate more data from various sources (e.g. GitHub, CoinMarketCal, CryptoPanic) to provide users with more information about the latest projects that are released on our launchpad, KrystalGO.

#5 Krystal Gems (DiaMoney)

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Krystal Gems aims to provide a more comprehensive rewards programme for our loyal users to redeem a variety of prizes like NFTs, tokens or In-App vouchers. 

These gems will expire within 30 days, which incentivises users to earn more gems or risk losing them.

#6 Smart Alerts (S.O.S)

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Smart Alerts allow users to be notified of sudden changes in the token metrics which helps them to make timely trade decisions. This is done by integrating and assessing off-chain, on-chain and social data.

#7 Yield Farming Assets Tracker (PnL)

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Yield farming can be very complicated, especially with the concept of impermanent loss. 

Having an assets tracker helps users accurately calculate their yield farming Profits and Losses (PnL).

#8 NFT Loyalty Programme (NFT Pet)

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Krystal users are given an NFT pet which is similar to raising a Tamagotchi on Krystal. The user will grow their pet by participating in certain activities, such as checking in and making trades on Krystal’s platform. 

Wallets that have these NFT pets will gain premium benefits for being our loyal customers, which incentivises them to use our platform more.

All of our teams gave inspiring presentations which made the decision really tough to decide who would be the winner!

Conclusion

We would like to thank all 8 teams for their enthusiasm, drive and passion throughout these 4 days. The judges surely had a tough time deciding on the winners, and it was a very close fight to determine the top 3 winners.

The final winners who had the highest combined scores from the judges and public voting were:

  • Cmd+C (1st)
  • Time Machine (Joint 2nd)
  • Krystal Hub (Joint 2nd)

Congratulations to all of our teams for their dedication and hard work!

We’re so proud of the amazing ideas that our team has come up with under such short notice, and we look forward to implementing them in the future.

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Stay tuned as we continue striving to give you the best DeFi experience out there!

Navigate the DeFi Space now with Krystal!

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Krystal DeFi
Krystal DeFi

Krystal is a non-custodial multi-chain platform to easily access popular DeFi services and manage NFTs. Swap, earn passive income, manage your portfolio & benefit from our rewards programme. Now supporting services on 10 blockchains.


Krystal DeFi
Krystal DeFi

Krystal is a non-custodial multi-chain platform to easily access popular DeFi services and manage NFTs. Swap, earn passive income, manage your portfolio & benefit from our rewards programme. Now supporting services on 10 networks.

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