Cryption Network

Cryption Network was established in 2020 by founders Tejas Chitnis and Ashwin Yardi and is registered in Tortola, British Virgin Islands. The company positioned itself within the decentralized finance (DeFi) sector, specifically aiming to enhance the user experience for retail investors interacting with crypto assets. It began its journey in 2018 as a contract and services provider for Web3, identifying a market gap for incentivized decentralized exchanges on the Polygon network, which was then known as Matic. This observation led to the development of Cryption Network as a more ambitious project to fund its primary product, PolyDEX.

In May 2021, the company successfully raised $1.1 million in a seed funding round from several venture capital firms, including Master Ventures, CMS Holdings, and Ascensive Assets. This was followed by an Initial Coin Offering (ICO) in June 2021, which raised an additional $240,000. The funding was intended to support the development of its DeFi infrastructure on the Polygon network. The core of Cryption Network's offering was a suite of financial products designed for retail investors, enabling them to swap, farm, invest, and predict market movements. A key product was PolyDEX, which distinguished itself as the first gasless farming and swapping decentralized exchange (DEX) on the market, at one point achieving a daily volume of $2 million. The platform's native token, CNT, was integral to the ecosystem, with a portion of every transaction fee used to buy back the token to foster sustainable development. Other products included the Cryption mobile wallet app, which aimed to provide a Web2-like experience with features such as staking and a DApp browser, and a prediction market tool named Seer, which was designed but never launched.

Despite its initial traction and product development, Cryption Network faced significant challenges. According to PitchBook and Tracxn, the company is now considered out of business or deadpooled as of May 2024. The project's strategy of maintaining low token emissions to avoid hyperinflation resulted in lower liquidity for its CNT token, which in turn constrained trading volume and created downward pressure on the token's price.

Keywords: Cryption Network, PolyDEX, Tejas Chitnis, Ashwin Yardi, decentralized finance, DeFi, Polygon, retail investors, cryptocurrency exchange, liquidity solutions, CNT token, gasless DEX, crypto wallet, yield farming, market prediction, Web3 services, seed funding, ICO, out of business