Krystal is an all-in-one DeFi platform, where users can manage their crypto assets, swap, and earn interest all at the best rates.
In this Krystal review, we take a look at what Krystal is, supported tokens and blockchains, their fees, and how to connect and get started.
What is Krystal?
Krystal, launched by KyberSwap in 2021, is the all-in-one app helping users to consolidate the best DeFi services. Available on Android, iOS, and via their website users can save money, time, and effort by storing their digital assets, exchanging their tokens at the best rates, and saving, lending, or supplying tokens to earn interest.
Krystal has some big backers, with investors such as Crypto.com, #Hashed, and Signum Captial.
With Krystal, there are 4 main features;
- Manage your portfolio
- Get rewards
The platform is multi-chain and supports not only Ethereum but also Binance Smart Chain and most recently Polygon (formerly Matic) with Solana coming soon. Krystal integrates popular DeFi platforms such as the likes of UniSwap, Sushiswap, PancakeSwap, Aave, and Compound.
Krystal Supported Wallets
Krystal supports a range of wallets, depending on the network that you select. Although you will need to ensure that your wallet supports the blockchain that you select.
With the Binance Smart Chain, you can choose from Metamask or Wallet Connect (for using the likes of the Trust Wallet).
Krystal runs across multiple blockchains and therefore supports a host of tokens including Ethereum ERC20 tokens, Binance Smart Chain BEP20, and Polygon MATIC tokens. With future plans to also add Solana.
With Krystal’s Swap function, users can swap from one cryptocurrency to another at the best rates using multiple decentralized exchanges such as Uniswap V3, Pancakeswap, Sushiswap, and Kyber Network.
Simply select the network you’d like to swap on, then choose the tokens that you’d like to swap from and to. Krystal will then find the best rates and gas fees available for your selected swap and give you all the available options for you to select from.
As Krystal is a decentralized application (DApp) you will need to pay gas fees for transactions on the network. These will need to be paid in ETH for Ethereum, BNB for Binance Smart Chain, or MATIC for the Polygon Network.
This fee that you will pay will depend on the traffic on the network that you are connected to. For example, at the time of writing this Krystal review, gas fees on Ethereum are quite high and especially when the network is very busy or congested. However, you will currently find cheaper fees with blockchains such as Binance Smart Chain, Polygon, or Solana.
Earn is a way to find the best DeFi interest rates for your crypto. Simply select the network and the type of crypto that you’d like to supply and Krystal will find you the best rates around from the likes of Aave, Compound, and Venus.
Tokens supplied to these platforms can be withdrawn at any time, however, just be aware that you will need to pay a transaction/gas fee at this time.
Managing your Crypto Portfolio
Once you have connected up to your supported wallet, the summary screen will allow you to manage your portfolio. Similar to using the likes of Metamask wallet you can view your overall balance, your individual token balances, and send, receive and add custom tokens. However, with Krystal the screens are a lot more intuitive, you can also check your portfolio performance, track token prices and view any tokens you’re currently earning interest on.
Users can earn something called Krystal Points when trading on Krystal on any of the supported chains. These tokens will then be converted to the native currencies that you used and it will be transferred into your wallet.
Plus you can earn additional points via their referral program, staking, and specific events such as their campaigns.
Krystal Mobile App
Krystal is not only available via the web, but also for mobile so that you can manage your portfolio and trade on the go. With the Krystal Mobile app, all of the functions from the desktop are also available on your mobile.
The app is downloadable from the App Store for iOS devices and Google Play for Android devices. Plus users can also down Testflight and the APK for Android.
Krystal is still in beta but what they have created is a neat and simple to use platform. If you´re a crypto newbie or an OG you should find Krystal helpful in managing your crypto assets and/or interacting with DeFi applications. It’s still early, but I would like them to integrate with Terra Luna at some point, but that’s just me and not anything negative. I haven’t tested their mobile applications, but I would definitely recommend checking out Krystal on desktop and see for yourself.