The Birth of Crescent Network

 

Crescent Network

As decentralized finance (DeFi) exploded in popularity, the demand for a faster, better, and cheaper user experience became increasingly clear. With hefty gas fees on Ethereum weighing users down and preventing many people from taking part, democratizing DeFi became essential for its sustainable development.

The History
Two core Cosmos contributors joined forces in a bid to achieve this goal. B-Harvest, and Ignite (formerly Tendermint) started collaborating together to elevate the DeFi experience to the next level. Ignite began developing the blockchain-agnostic crypto portal and front-end web user interface, Emeris, and the B-Harvest team honed its expertise to create the Gravity DEX protocol, the liquidity module of the project.


In early 2021, the Cosmos Hub community agreed on a governance proposal to adopt the Gravity DEX protocol, which was followed by its deployment in July 2021. Gravity DEX gave the Cosmos community a new way of experiencing cross-chain DeFi. However, farming on Gravity DEX was not as rewarding as the two teams had hoped. The utilization of ATOM inflation for farming raised some concerns from the community, mainly due to potential threats to other DEXs within Cosmos, breaking the “credible neutrality” that’s core to the Cosmos Hub ethos.

While the Cosmos ecosystem welcomed the Gravity DEX protocol, as a module on the Cosmos Hub, it was limited in the capability it could provide. This was not the exceptional solution that B-Harvest and Ignite wanted for the Internet of Blockchains.

Migrating the Gravity DEX Protocol to a Separate Chain (The Rebirth)
Both teams maintained their ambition to create a truly unique DeFi platform that would provide users with more options, flexibility, and fairness. After much discussion, B-Harvest suggested the migration of the Gravity DEX protocol to a separate blockchain, Crescent Network, to realize the full potential of the DEX to benefit all users of Cosmos.

B-Harvest is already working hard to deliver this new DeFi ecosystem to cosmonauts, maintaining its original group of experts with the addition of new talent to present the newest DeFi Hub to the Cosmos community — Crescent Network.


The Future
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.

Upon the sunsetting of Gravity DEX on Cosmos Hub, Crescent Network, on its own blockchain, will allow its users to make decisions on the new vision, optimized through governance. For details on the exciting future ahead for Crescent Network, the CRE token, token distribution, and more, visit 👉the Crescent Network article here.

About Crescent Network Airdrop
Crescent Network is allocating 50% of its Genesis supply as airdrop distribution to ATOM stakers (delegators are eligible for CRE airdrops if they staked their tokens prior to the snapshot taken 2022–01–01 00:00 UTC at Block #8902586).


The DEXdrop can be claimed from launch, with the full airdrop to be allocated by completing tasks within a six-month timeframe from launch. Delegators can check their CRE airdrop amount at the 👉Crescent Network Airdrop Calculator here.

The governance proposal for Crescent Network is currently on-chain and you can lend your voice to the evolution of Crescent by voting yes today.

B-Harvest

Emeris

Crescent Network



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