691,000+ addresses are eligible with almost 10 billion KREDITS up for grabs

Before we dive into the details of the airdrop a bit about Kresko and why we are airdropping KREDITS to DeFi users.

What’s Kresko?

Kresko is inspired from the GameStop-Robinhood incident, where Robinhood halted GME trades for retail users to protect hedge funds, signifying how financial markets are stacked against regular users.

Our mission ito Make wealth accessible to everyone, everywhere.

Kresko is a novel synthetic asset protocol on Arbitrum that allows anyone to:

• Create synthetic stocks, commodities, forex, and crypto.

• Trade synthetic assets with zero slippage.

• Earn yield on stablecoins, free from market volatility and impermanent loss.

Our Journey

Testnet

Kresko went live in March 2023 in the form of a testnet a.k.a Quest For Kresk Season 0 which saw over 20,000 users from 96 countries participating over the course of 6 weeks marking it among the most successful testnets in DeFi.

Closed Beta

After optimizing our architecture based on feedback and the results from testnet, Kresko's closed Beta went live on the Arbitrum mainnet in March 2024.

The goal of the closed Beta was to test our new architecture in a controlled manner and scale up protocol operations in phases. Nearly 2,500 users participated in the Beta, generating over $17 million in volume despite restricted access.

What are KREDITS?

KREDITS are a new reward mechanism designed to incentivize and quantify community engagement and contributions to the Kresko ecosystem.

"Aren’t KREDITS just the same as points?"

They are called KREDITS, not points. There's a massive difference, Anon!

DeFi KREDITS AIRDROP

Activity timeline

For all the projects, address activity between July 1, 2022 and March 1, 2024 was considered for eligibility.

Goal

We identified the protocols and ecosystems whose users align with our mission, vision, and product goals. We believe these users are the right fit for our current product offerings, and Kresko will be able to add value to their investing goals.

KREDITS serve as an onboarding incentive for the users.

Eligible DeFi protocols

We wanted to incentivize different user personas of the protocols, so we focused on users engaging in the three main core activities:

• Trading

• Liquidity provisioning

• Community participation and governance activities

All users who met a minimum threshold of activity during the snapshot period were allocated an equal amount of base KREDITS. The top users received additional KREDITS using a multiplier.

This ensured that the most active users were eligible to receive the highest KREDITS.

KREDITS were additive across the different activities within the protocol. Refer to the table below for the full list of protocols/projects and the respective user personas eligible to claim KREDITS.

Other Ecosystems

In addition to DeFi protocols, we identified some additional categories like NFTs and crypto reputation indexes which were popular among active DeFi users.

Note: KREDITS allocated to a user across the projects and ecosystems were added to calculate the total KREDITS received by a user.

How to claim KREDITS?

Head to the checker to check your eligibility and to claim

‘Kreskian NFT or ‘Freshly Minted’ NFT is required to claim the KREDITS, If you are eligible for the DeFi airdrop you can burn 20% of your total KREDITS to get the NFT, alternatively the NFTs can be found on OpenSea.

What’s next?

DeFi KREDITS airdrop recipients will also gain access to the Kreskian profile NFT that is required to claim KREDITS from airdrops or any future farming campaigns.

Use Kresko to trade Kresko-exclusive synthetic assets like Synthetic Solana, Synthetic Japanese Yen, and Synthetic Gold, with more asset classes such as stocks on the horizon.

We are just getting started at Kresko. Exciting assets, features, and community initiatives are on their way.

Join the conversation on Discord and follow us on X to stay up to date with the latest at Kresko.

FAQs

Q. Do I need an NFT to claim my KREDITS?

Yes, you need ‘Kreskian’ NFT OR ‘Freshly Minted’ NFT to claim your KREDITS and access the app. You can burn 20% of your KREDITS allocation to get the NFT.

Q. When does the DeFi airdrop claim end?

The window to claim your eligible DeFi KREDITS ends on July 30th.

Q. What happens to unclaimed KREDITS?

Unclaimed KREDITS will be burned.

Q. My eligible address is compromised. Can I change the address?

Unfortunately, it is not possible to change the address. But you can claim the KREDITS from your eligible wallet and transfer the ‘Kreskian’ NFT to another wallet to transfer your KREDITS to the recipient wallet.

Q. Where can I know more about Kresko?

A. You can find all you need to know about Kresko’s architecture on our Gitbook.

The "Quest for Kresk" gamifies education, community engagement, and contributions. Season 0 started with a six-week testnet competition, attracting over 20,000 users from 96 countries, making it one of the most successful testnets in DeFi.

Currently, Kresko is in Season 1 with Closed Beta access, gradually welcoming more users in phases. This approach allows us to test the protocol’s ability to handle risk and usage as we scale. To reward early users, Season 1 kicked off with a retroactive KREDITS airdrop to testnet and Closed Beta users.

Now, we move to the most important chapter of Season 1: KREDITS Farming.

What are KREDITS?

KREDITS are a new reward mechanism designed to incentivize and quantify community engagement and contributions to the Kresko ecosystem.

"Aren’t KREDITS just the same as points?"

They are called KREDITS, not points. There's a massive difference, Anon!

What’s Kresko?

Before we dive into the details of the farming, here's a bit about Kresko.

Kresko’s mission is to make wealth accessible to anyone, anywhere. It is an open platform for synthetic stocks, commodities, and crypto.

Kresko is a novel synthetic asset protocol on Arbitrum that allows anyone to:

• Create synthetic stocks, commodities, forex, and crypto

• Trade synthetic assets with zero slippage

• Earn yield on stablecoins, free from market volatility and impermanent loss

KREDITS FARMING

KREDITS farming allows users to earn KREDITS through various protocol actions.

Note: In future campaigns, the overall multipliers will decrease over time to prioritize early users.

Farming Duration: Three weeks

The first iteration of KREDITS Farming will be a short, three-week campaign starting on June 10, 2024, and ending on July 1, 2024.

Action Multipliers

For all the aforementioned actions the values are multiplied by the base multiplier to allocate KREDITS to each action.

For example, if a user claims fees worth $0.05, they earn 0.05 * 125,000 = 6,250 KREDITS for that action.

Happy Farming!

Join the conversation on Discord and follow us on X to stay up to date with any announcements regarding KREDITS farming.

FAQS

Q: Do I need any NFT to farm KREDITS?

Yes, a "Kreskian" NFT is required to claim and earn KREDITS. All testnet participants received a "Freshly Minted" NFT, which was upgraded to a "Kreskian" NFT.

If you are eligible for the DeFi KREDITS allocation, you can burn a portion of your KREDITS to mint a "Kreskian" NFT.

Q: When will my KREDITS balance be updated?

Your KREDITS balance will be updated weekly.

Q: Will there be a referral program?

Yes, a referral program will be announced soon.

Q: Will there be another KREDITS farming cycle?

A: Yes, there is a possibility of another, longer farming cycle, albeit with decreased KREDITS multipliers.

Q. Will future farming have same KREDITS allocation?

The main goal of the KREDITS farming campaign is to prioritize different user personas of the protocol and assign weighted KREDITS to their respective actions. This will help us assess product-market fit and understand user behavior.

We will use this understanding to design future farming campaigns by tweaking the weights. In future campaigns, the overall multipliers will decrease over time to prioritize early users.

About Kresko

Kresko’s mission is to make wealth accessible to anyone, anywhere. It is an open platform for synthetic stocks, commodities, and crypto.

Currently, the platform consists of three products: Kresko, a protocol for creating crypto-backed synthetic assets; Cento, a trading and liquidity provision app built on top of Kresko; and Quest for Kresk, a reward system based on KREDITS to gamify user experience.

Access to Kresko is currently in a Closed Beta phase. Be among the first to try it out! Enter the app

The six-week testnet competition saw over 20,000 participants from 96 countries, marking it as one of the most engaged testnets in DeFi.

The “Quest for Kresko” now transitions into a new era using KREDITS.

KREDITS is an all new reward mechanism to incentivise community engagement & contributions to the Kresko ecosystem.

The rollout of KREDITS will begin with a retrospective distribution to the testnet users, who participated in the testnet and helped test the initial version of the protocol. The early users also provided key insights that helped develop a new and better protocol.

Check Your Testnet KREDITS

A huge thank you to those who participated in the testnet competition. Your contributions were invaluable to launch Kresko Beta.

Check your KREDITS eligibility by visiting:

https://check.kresko.link/

FAQs

Q: Are KREDITS tokens?

No, KREDITS are not tokens. They represent your contribution to the Kresko ecosystem, similar to earning points.

Q. Do I need to connect my wallet or sign a transaction to check KREDITS eligibility?

No, you just need to paste your wallet address and hit the ‘Check’ button.

Q: What is required to claim my eligible KREDITS?

To claim your KREDITS, you'll need to access the app using the ‘Analyze This’ NFT. Additionally, a ‘Freshly Minted’ Profile NFT is essential to create your profile and claim KREDITS.

Q. What happens to the ‘Freshly Minted’ NFT when I claim KREDITS?

Upon linking your ‘Freshly Minted’ NFT, it will be upgraded to a Profile NFT called ‘Kreskian’. This Profile NFT is specifically designed to hold your KREDITS and profile information.

Q. Are KREDITS transferable?

KREDITS are not ERC-20 tokens and cannot be transferred between accounts directly.

The only way to transfer KREDITS is by transferring the 'Kreskian' NFT that holds your KREDITS. If you sell or transfer your NFT, the recipient address will receive your claimed KREDITS.

Q: I cannot access the App due to gating requirements. How do I claim KREDITS?

All eligible testnet participants were given ‘Freshly Minted’ (Officially A Kreskian) NFT.

If the gating requirements are barring you from entering to claim, you will have to wait until the next phases to claim your NFT when the requirements will be eased or you will have to get them on the open market to get into the app. For more details please refer to the post here.

Q: When will I be able to claim my KREDITS?

The KREDITS claiming process for Testnet users will commence during Kresko Beta Phase 2.

We will announce the specific start and end dates for the current and future distribution of KREDITS on our Twitter and Discord channels.

Q: Will there be future distribution of KREDITS?

Yes

Q: I did not receive any KREDITS. How can I be eligible in the future?

To enhance your eligibility for future KREDITS distributions, actively contribute to the Kresko community and engage with the app. Your involvement and contributions significantly increase your chances of being selected for KREDITS in future distributions.

KRESKO CLOSED BETA

Join us on our mission to make wealth accessible to anyone, anywhere.

Access to Kresko is currently in a Closed Beta phase. Be among the first to try it out! Enter the app

Previously, Kresko had raised a $2.35M seed round led by Electric Capital and Polychain with participation from prominent industry figures, including Naval Ravikant and Larry Cermak, CEO of The Block.

Kresko’s mission is to make wealth accessible to anyone, anywhere.

It accomplishes this by bringing access to real-world assets (RWAs) on-chain in the form of synthetic assets. This includes a range of assets such as forex, commodities, and crypto synths. These synthetic assets are tradeable ERC-20 tokens, backed by crypto collateral. They are composable and can be integrated with any DeFi protocols.

The protocol recently completed its testnet competition onboarding 20,000+ users across 96 countries. During this time, it accounted for almost 80% of total transactions on the Optimism testnet.

"Kresko's initiative to bring RWAs to DeFi opens new avenues for capital and user engagement in synthetic assets. Their data-driven approach to iterating product development, streamlined UX, and stringent security measures tackle the inherent challenges in DeFi. We're thrilled to co-lead this pivotal funding round.” , said Vladimir Velmeshev, GP at Zero Age Ventures.

The newly secured funding will be directed towards a more capital-efficient protocol informed by the insights from Kresko’s testnet competition and launching mainnet, expected in Q4 2023.

Improved Synthetic Asset Protocol Leveraging Stable Collateral for Lower Risk

Kresko utilizes a unique Collateral Debt Position (CDP) model backed by stablecoins that address shortcomings inherent in existing synthetic asset platforms, such as single-asset collateral support and AMM-oracle price discrepancies.

This approach enables two key features that set Kresko apart: First, it allows traders to execute synthetic asset swaps with zero slippage. Second, it allows for liquidity provisioning exclusively in stablecoins, granting liquidity providers the opportunity to earn a yield that's free from market volatility.

“We continue to believe Kresko is addressing an important opportunity in the market to bring high quality assets to a global audience.  Kresko's approach innovates based on lessons learned from previous designs, and we're excited to support their journey in building a more inclusive financial landscape.” remarked Ken Deeter, a GP at Electric Capital.

About Kresko

Kresko’s mission is to make wealth accessible to anyone, anywhere. Kresko is an open platform for synthetic forex, commodities, and crypto.

Contacts

Media & investor relations: hello kresko [dot] fi

Greetings Kreskians!

The Wait is Over! The much-anticipated moment has finally arrived! It’s time to reveal the outstanding winners.

The following gives a summary of the awards:

• Championship and Surprise Winners: 4 Level-3 NFTs and 32 Level-2 NFTs

• Community & Bug Bounty Prizes: 45 Level-2

• Founders: 2,812 Level-2 NFTs

• Competitor: 6,984 Level-2 NFTs

• Participants: 20,339 Level-1 NFTs

A huge round of applause to these exceptional winners in The Quest for Kresk testnet competition.

Mint Deadline: The minting window is currently open and will remain so until June 30, 2023. You have until this date to mint your NFTs.

Championship Prizes

Competition Leader 🏆

• 0x4a79d

• Role: Operator

• Award: 1 one-of-a-kind “Quantum Leap” Level-3 NFT + Additional rewards (see below)

Role-Based Winners: Trader

1st Prize: 0xD67d1, Award: One “The Cube of All Knowledge” Level-3 NFT and Three Level-2 NFTs

2nd Prize: 0xCc0F0, Award: Three “Pool Diver” Level-2 NFTs

3rd Prize: 0xC0271, Award: Two “Pool Diver” Level-2 NFTs

Role-Based Winners: Operator

1st Prize: 0x4a79d, Award: One “The Cube of All Knowledge” Level-3 NFT and Three Level-2 NFTs

2nd Prize: 0x6f9bB, Award: Three “The Art of Forge” Level-2 NFTs

3rd Prize: 0xd495a, Award: Two “The Art of Forge” Level-2 NFTs

Role-Based Winners: Investor

1st Prize: 0xAC7B0, Award: One “The Cube of All Knowledge” Level-3 NFT and Three Level-2 NFTs

2nd Prize: 0x73660, Award: Three “Liquid Driver” Level-2 NFTs

3rd Prize: 0x032B4, Award: Two “Liquid Driver” Level-2 NFTs

Note: For the 3rd prize, we are giving 2 Level-2 NFTs instead of 1 as promised earlier.

Surprise Additional Prizes 🎁

Additional rewards are designed to recognize those who have gone above and beyond in their Quest for Kresk but didn’t win the top prizes.

Award: One Level-2 NFT each

• Most Daily Missions Completed: 0x0f4EA — “Liquid Driver” Level-2 NFT

• Highest Mission XP: 0x032B4 — “Liquid Driver” Level-2 NFT

• Highest Profit: 0x4E9b5 — “Pool Diver” Level-2 NFT

• Highest krRewards: 0x4E9b5 — “Liquid Driver” Level-2 NFT

• Highest # Top 3 Liquidators: 0x52Ef6, 0xDc21C, 0xa8Ae6 — “The Art of Forge” Level-2 NFT

• Highest # of times getting liquidated 😜: 0x16217 — “The Art of Forge” Level-2 NFT

Methodology

The final scores were determined using the following:

Total Score = Mission Score (50%) + Global Score (50%)

Mission Score: The Mission Score was calculated using the competitor’s mission XP, scaling it per role to normalize the points across the three roles.

Global Score: The Global Score was determined using the following:

Global Score = Scaled Profit Score + Scaled Farming Score

During the scaling process, Profits and Farming were assigned different weights for each role to better align with the specific objectives of each role. That is, Traders had higher weights given to profits while Operators on farming rewards. Investors were in between those two.

Participation Prizes

Officially a Kreskian NFT: 20,339 recipients, Award: One “Freshly Minted” Level-1 NFT each

Competitor NFT: 6,984 recipients, Award: One “Analyze This” Level-2 NFT each

Founders NFT: 2,812 recipients, Award: One “Enchanted Origins” Level-2 NFT each

Methodology

A competitor was eligible to receive a Competitor NFT based on participation in the game. Qualification for this NFT depended on the competitor’s mission XP rather than the total score to ensure fairness.

The eligibility criteria was calculated to be 46,000 mission XP or more. This was 70% of the maximum achievable XP over a 3-week period or 37% of the maximum achievable XP over the 6-week period.

Note on eligibility:

• Competitor NFT: To be eligible for the Competitors NFT, we established a minimum requirement of 46,000 mission XP.

• Founders NFT: All competitors with greater than 46k mission XP who signed up on the waitlist prior to Feb 8, 2023, at 23:59 GMT will also receive the Founders NFT. In addition, two of our Discord community mods are set to receive 2 Founders NFT each.

• Officially a Kreskian: All participants who successfully completed the onboarding process will receive the Officially a Kreskian NFT. Participants who completed the onboarding but didn’t follow the rules are disqualified.

• Adjusting Scores: We have rectified the mission XP for competitors who experienced issues.

The technical details of the points calculation can be found on the Kresko docs page.

Community & Bug Bounty Prizes

Award: One “Stellar Genesis” Level-2 NFT each

Participants who made valuable contributions to the Kreskian community by providing educational resources, identifying bugs, and offering support will receive the Community & Bug Bounty NFT.

We are excited to announce that instead of the initially promised 30, a total of 45 recipients will receive this prize.

NFT Collection

All the NFTs belong to two collections:

Officially A Kreskian: An uncapped collection of Level 1 NFTs

The Quest for Kresk: A capped collection with 20k NFTs of Level 2 and Level 3

The core team and early supporters are set to receive a total of 105 Level-2 NFTs. The allocation is as follows:

• Alpha testnet competition: 49.39%

• Team: 0.53%

• Future community incentives and treasury: 50.09%

Kresko Mainnet Beta Launch

Join us on the journey to make wealth accessible to anyone, anywhere.

Be the first to hear about Kresko’s upcoming beta launch. Join over 30k subscribers on our waitlist!

Hello Kreskians!

We are thrilled to announce the successful completion of The Quest for Kresk.

The six-week testnet competition brought together an amazing community of over 20,000 Kreskians from 96 countries.

A big thank you to everyone who took part in the competition. Your enthusiasm and contributions have inspired us.

In this post, we’ll cover the competition highlights, valuable insights, and the next steps in our journey.

Testnet Highlights

Users from 96 countries participated in The Quest for Kresk with a 97% approval rating of users willing to recommend Kresko to others.

During the testnet, 21,648 users performed over 2 million transactions. For a detailed breakdown, take a look at the infographic we’ve provided below.

In addition to competing, Kreskians contributed back to the community in various ways, such as creating informative guides, designing infographics, and participating in whitehat hacking.

User Feedback

We received over 3,900 pieces of invaluable feedback and positive appreciation. Here are some notable quotes from Kreskians:

“Congratulations for the most fun testnet I’ve ever made. I’ve had no problems, I’ll be sure to share my experience with everyone.” - Ysf

“Kresko is not just an exchange, it is an entire ecosystem that provides users with many opportunities to trade and invest in cryptocurrencies. I found the project very convenient and intuitive to use.” - moynanrkkd60

“Cool design* and intuitive interface — everything is easy and convenient! Well done! You made a really qualitative project!*” - Anton

“Yes, finally you launched your test product, so far the results are very impressive and without any problems at all, the tutorial is very clear and easy to understand, the UI is very attractive and fresh, every feature is packaged in a simple and straightforward way. keep up the good work team!!” - Alex

Protocol Testing and Improvements

A major goal of the testnet competition was to evaluate the protocol and identify areas for improvement. Here are some key findings:

• Users completed over 2 million transactions

• Protocol operators carried out more than 78k liquidations

• The core protocol worked seamlessly, with no issues identified

We used user feedback and our analysis of the protocol’s performance to implement updates throughout the testnet and plan additional features to enhance user experience. This includes:

• Developing a stability rate module to reduce the premium between the price of assets on the Minter app (oracle price) and the AMM price of assets

• Implementing in-memory database solutions to scale the competition to cater to larger than expected users

• Improving user interface for a more responsive and reliable experience

Kresko Mainnet Beta Launch

Join us on the journey to make wealth accessible to anyone, anywhere.

Be the first to hear about Kresko’s upcoming beta launch. Join over 30k subscribers on our waitlist!

Are you new to the world of decentralized finance (DeFi)? Do you want to know how Kresko and synthetic assets fit into it?

In this post, we’ll introduce you to some of the key building blocks of DeFi and explain how synthetic assets fit into the picture.

Decentralized Exchanges

Decentralized exchanges (DEXs) are a fundamental building block of many DeFi services. DEXs or automated market makers (AMMs) are platforms that enable users to buy and sell cryptocurrencies without the need for a central authority.

Previously, users had to use centralized exchanges to trade tokens. Centralized exchanges used a central limit order book (CLOB) model similar to that of traditional exchanges, where a third-party would match buyers and sellers.

Unlike traditional brokers where your assets are held by a 3rd party, in a DEX, traders and market makers always have control over their assets and they cannot be seized by a third party. DEXs offer increased accessibility, transparency, and seizure resistance.

Lending Platforms

One of the core applications of DeFi is the ability to lend and borrow funds without using a centralized intermediary like a bank. Banks earn interest by lending out user funds but do not provide good returns. Additionally, users’ funds are at risk as users have to trust the bank without knowing who they are lending it to.

With DeFi, a software application (smart contract) is responsible for matching lenders with borrowers instead of people. In this case, the actions happen transparently and without the need to trust a 3rd party. Interest rates are set algorithmically based on demand and not by centralized third parties. The interest earned goes directly from the borrower to the lender with minimal fees. Users can earn a higher return on their investment compared to that earned using banks

Lending platforms allow users to borrow funds from other users by providing collateral so that if the borrower defaults, the lender can get their assets back. In turn, borrowers can access the funds they need to make purchases or invest in other opportunities.

Stablecoins

Stablecoins are cryptocurrencies pegged to a stable asset, such as the US dollar (USD) or Euro. They are less volatile than cryptocurrencies like BTC and ETH, which makes them more suitable as a medium of exchange. They also maintain their value and are preferred as collateral when borrowing.

Broadly, there are two types of stablecoins. Tokenized stable assets are assets where a third party issues a cryptocurrency by holding an equivalent amount in a bank. In this case, the issuer acts as a counterparty from whom users can buy stablecoin from. These assets are not decentralized and can be seized by the issuer.

A decentralized stablecoin is created by users (market makers) providing another asset as collateral. Market makers generate the stablecoin in a permissionless manner by depositing collateral. The market makers take on a debt position. This is known as a collateralized debt position (CDP). In this case, the market maker is borrowing from a smart contract that acts as a counterparty.

Decentralized stablecoins cannot be seized as there are no 3rd parties involved.

Synthetic Assets

Traditional brokerages often have high barriers to entry, making it difficult for some individuals to invest in stocks and other assets. This is due to factors such as geography, high account balance requirements, high fees, and cumbersome paperwork.

Synthetic assets provide an alternative solution by allowing users to gain exposure to a specific asset or group of assets through tokenization. They are derivative instruments that derive their value from the price of another asset, like a stock or commodity (e.g. TSLA, Gold, S&P 500, etc.). They can be traded on decentralized exchanges (DEXs) without any geographical restrictions or minimum requirements, which provides global access to markets.

Synthetic assets are a generalized form of stablecoins. That is, instead of pegging the price of the generated asset to 1 USD, one can generate an asset pegged to any arbitrary asset that has a price. Like with stablecoins, market makers can borrow synthetic assets by providing collateral. They can then use it to create liquidity on DEXs, and regular users can trade these assets.

At Kresko, our mission is to make wealth accessible to anyone, anywhere. To that end, we are building a platform for synthetic assets that aims to provide access to financial assets that are not currently accessible.

Conclusion

Access to traditional financial services is often limited by various factors such as geography, high account balance requirements, high fees, and cumbersome paperwork.

DeFi is a new type of financial system that removes these barriers by being open, permissionless, and borderless. This means that anyone on the Internet can access these services without restrictions.

DeFi provides a level playing field for everyone to access financial services and opportunities. By understanding the key building blocks of DeFi, you can take advantage of the many opportunities.

Join our mission to make wealth accessible to everyone, everywhere.

Kresko Mainnet Beta Launch

Join us on the journey to make wealth accessible to anyone, anywhere.

Be the first to hear about Kresko’s upcoming beta launch. Join over 30k subscribers on our waitlist!