Welcome to DarkCrystal, DARKCRYSTL pegged to the price of 1 WCRO on Cronos
Inspired by the original idea behind Basis as well as its predecessors, DarkCrystal is a multi-token protocol that consists of the following 3 tokens:
- DarkCrystal Token ($DARKCRYSTL): The algorithmic token pegged 1:1 to WCRO
- DarkCrystal Shares ($MINE): Claim DARKCRYSTL inflation when the network expands
- DarkCrystal Bond ($DARKBOND): Purchase when the network is in contraction and can be redeemed for DARKCRYSTL when the network comes to its deflationary phase.
It involved an innovative solution that can adjust the token supply deterministically to move the price of the token in the direction of a target price to bring programmability and interoperability to DeFi.
The protocol's underlying mechanism dynamically adjusts DARKCRYSTL supply, pushing its price up or down relative to the $WCRO price. However, there may be times where DARKCRYSTL loses its peg to $WCRO. If our protocol is functioning as intended, DARKCRYSTL will follow $WCRO to keep pegged at 1:1.
One of the primary shortcomings of past algorithmic tokens has been a lack of use cases, leaving no good reason for somebody to hold them. In order to successfully maintain the token peg in the long run, the Dark-crystal team maintains to focus on enhanced functionality and use cases of $DARKCRYSTL.
Our Phase 1 Tomb Fork can be seen as a Launchpad for our next phases (Game | NFT | Music) which means that Dark-crystal will be one of the first Tomb Forks linking NFT GameFi & Space and DeFi Space on the blockchain. Through our NFT GameFi, we plan to bring utility to the $DARKCRYSTL token (Dark crystal token pegged 1:1 with WCRO).
DARK CRYSTAL will be one of the first forks to build a use case for the algorithmic token through the NFT GameFi. DARK CRYSTAL will be establishing a framework for the burning mechanism of a pegged token ($DARKCRYSTL) which helps to control the token supply and price. We are also planning to implement Voting Process for potential investment of $DARKCRYSTL Treasury (strategic buyback) to help stabilize the protocol in long term.
Unlike other algorithmic tokens, $DARKCRYSTL is not pegged to a stable coin - it is, instead, pegged to $WCRO as we foresee the potential of Cronos Network and have chosen to align our mission to both provide value to and derive value from DarkCrystal's future growth.