Cryptex Finance is a synthetic asset technology that makes untradeable data metrics tradeable. Users are able to post collateral to Cryptex vaults and mint index and/or data tracking tokens. Cryptex’s vaults can be used for various strategies within DeFi, such as going long/short on minted tokens. Cryptex is fully decentralized and controlled by smart contracts and protocol governance.
Cryptex launched in April of 2021. Cryptex has three cofounders, Preston Van Loon (founder of Prysmatic Labs), Joe Sticco, and Thomas Matzner. Cryptex is the first protocol that allows users to trade the entire crypto market cap, via the TCAP token. Cryptex launched TCAP and CTX governance coincidingly. Cryptex is a fair launch protocol with no ICO or VC's and is fully decentralized.
Total Crypto Market Cap token (TCAP)
TCAP is the total crypto market cap token. When minted, this token represents the total crypto market cap, and fluctuates as the crypto market does. Cryptex uses a decentralized price feed from Chainlink to track the crypto market cap for their TCAP token.
TCAP is a synthetic token, which can be minted with ETH, DAI, or other collateral options. TCAP is an overcollateralized asset, meaning users must lock up more collateral than the TCAP is worth. This offers a higher degree of safety for users of the protocol. TCAP can be held as an index for all of cryptocurrency, or it can be traded as a representation of the crypto market cap.
The Cryptex Protocol
Cryptex Finance is a decentralized protocol that is governed by the CTX token. CTX can be staked to “Crypt Keepers” (protocol delegates), who make decisions on the future of the protocol. Protocol delegates are responsible for advising changes to the protocol, such as collateral options or setting liquidity rewards. All contracts on the Cryptex protocol have been audited by Quantstamp.