FAQs

Your questions, answered.

What is Wrapped Monad?

Wrapped Monad is an ERC-20 wrapper of Monad, pegged 1:1 and redeemable with no fee at any time. This grants the token greater flexibility when used in DeFi, such as being supported by smart contracts designed to accommodate any ERC-20 token. Limit orders for Monad are filled using Wrapped Monad, as the underlying smart contract behind each of Crystal's markets is designed for ERC-20 tokens. To convert Wrapped Monad to Monad and vice versa, head to the swap tab and perform a 1:1 trade between the two tokens as you would with any other.

What sets Crystal Exchange apart?

Crystal combines the capital efficiency of a Central Limit Order Book with the permissionlessness and security of blockchain technology. Crystal also seeks to improve upon existing exchange UX while avoiding custodial risks that centralized exchanges pose.

Why Monad?

Crystal is deployed solely on Monad, chosen for its best-in-class performance while maintaining a high degree of decentralization. Due to liquidity fragmentation, we do not foresee deployment on any other chains in the near future. Instead, integrations with third-party bridges will allow for seamless trading of cross-chain assets across all EVM-compatible chains.

How can I start trading?

To use Crystal, navigate to https://app.crystal.exchange with an EVM-compatible wallet installed and funds on the Monad blockchain.

For a more in-depth tutorial, please refer to Onboarding.

Do I control my assets?

Yes! Crystal is non-custodial, meaning you retain full ownership and control of your assets at all times. Crystal does not require deposits and withdrawals like centralized and hybrid exchanges do.

What are the fees?

Crystal's fees are universally competitive across both CEXs and DEXs:

• Maker Fee: 0.00%

• Taker Fee: 0.01-0.03% (effectively 0.005%-0.015%)

For additional details on fees and how they apply, please visit our Fees page.

Is Crystal safe to use?

Absolutely. Crystal's smart contracts are thoroughly audited, immutable, and operate on-chain without reliance on external dependencies.

Does Crystal Exchange require KYC?

No, KYC is not required as Crystal Exchange is entirely permissionless. We do not require or collect any personal information, and all you need is an EVM wallet to start trading.

Why are referral fee discounts claimable as rebates?

For external integrations, a fixed taker fee greatly simplifies output calculation and provides a singular case regardless of whether a referral code was used. If a direct fee discount were applied, this would alter the output amount of trades, introducing unnecessary complexity that strongly impacts composability.

Why are there no maker rebates?

Maker rebates, while seemingly attractive, typically represent only a small fraction of the total fee. Additionally, these rebates introduce additional complexity when calculating limit order output amount, require complex logic that requires additional gas each trade, and if significant, may result in a case where market makers would benefit from creating negative spreads. Rebates can be effectively substituted by placing orders with a slightly higher spread. For instance, a limit order purchasing ETH at 3000.3 with a 0.01% rebate yields the same outcome as a limit order purchasing ETH at 3000 without any rebates.

How can I earn by providing liquidity?

Anyone is welcome to market make on an equal playing field, although it requires some technical knowledge and programming experience. In the future, you will be able to deposit into our earn vaults, in which experienced algorithmic traders can provide liquidity on your behalf.

If you still have questions, feel free to reach out through our Discord.