CRUDEOIL FINANCE: MAY UPDATE!

6 min readJun 10, 2021

Here is a brief of progress made in the month of May.

Greetings Fam! Hope everyone is having a great month (even after the crypto market correction)

There is plenty of stuff to be conveyed to our faithful community. We have made excellent strides in our main product development; The yield farm optimizer. More details will be followed subsequently. We wanted to explain everything in detail. Hence this article will be a bit extensive.

Content Covered in the May Update

Finalizing Yield Farm Optimizer UI/UX
Yield Farm Optimizer Smart Contracts Development, Beta launch, Internal Testing and External Public Testing
Smart Contract Audits
Merging DIESEL and OIL into one single token called “CRUDE” and distribution to the DIESEL/OIL holders
What more to Come in the immediate future…
✔️ Heavy Marketing Campaign
✔️ Partnerships
✔️ CRUDE Tokenmetrics and Swap Details
✔️ New Logo

We pride ourselves on delivering the best user experience to the masses. Our in-house UI/UX developers have been doing one heck of a job. Following is just a taste of what’s to come. We always change the UI according to the suggestions made by our internal testers and external testers. The ultimate goal is to provide a clean, responsive, user-friendly interface for our users.

UI will be altered according to the community feedback upon launch. We strive to be the best in the business.

Backend Development

Our blockchain developers have completed sample strategies for Venus, Pancake swap, Bakery swap Farms. We are looking to add more vaults closer to the launch.

Internal Testing

Internal testing is being carried out as we speak. It’s only limited only to the team. We could be able to identify few minor bugs in the UI and backend. Developers are working on fixing it before the beta launch.

Beta Launch and External Testing Squad

We are a few days away from opening our platform for the beta external testers. Suitable testers will be selected from the community. So please fill the beta tester application form here and submit it. If you are selected, we will reach out to you.

Just a quick reminder that all the testers will be compensated in BUSD.

Fill and submit the form and we will reach out to you if you are selected.

📝 FORM LINK: https://forms.gle/aa3o8YRx1qiCpDSx8

As we had mentioned numerous times before; we want to stress the importance of smart contract audits for a project of this caliber. Unlike most of the projects in the space, we value our users and the protection of their funds. Hence, this is the first step towards achieving it. The product will not be launched until we complete our comprehensive backend (smart contracts) audit which comprises with few audits from few different auditing service providers. We are already in contact with Certik, Hacken, RD and Tech Rate companies and token contracts are being finalized for an audit shipment.

After extensive research and discussion internally. We thought the best course of action to move forward with only one token from this point onwards (even with the multiple products). Too many tokens per project often create complications. Hence as a team, we have decided to merge OIL and DIESEL tokens into one single token called “CRUDE TOKEN” The main purpose is given below.

Crudeoil Yield Optimizer is a next-generation product that offers additional reward from CRUDE token per each smart vault. This results in realizing a higher cumulative APY in order to get a competitive advantage over competitors in the space.
Example: If someone stakes CAKE/BNB pancake LP on our platform. We not only compound the LP (which will result in a higher APY compared to the Farm APR) but provide an additional CRUDE reward as well. This will result in an additional APY boost from the CRUDE token which will result in a higher cumulative APY

The process and calculations are pretty easy. If you hold OIL or DIESEL tokens. You are eligible to get CRUDE tokens. We will provide a separate article on how to claim CRUDE tokens with your OIL and DIESEL later on.

Important: We will take a snapshot of your DIESEL and OIL holdings (the date and time will be provided later on) Once the snapshot is taken. you are required to stake your OIL and DIESEL and claim CRUDE tokens later on according to the holdings you had during the snapshot.

More details will be shared in a separate article

Here is a list of stuff we planned for the immediate future. It is boring to read long documents so we will keep it short and simple.

🛢️Heavy Marketing Campaign🛢️

Our in house marketing team has been working tirelessly to formulate the best marketing strategy. The campaign will be aligned to the product launch. Therefore you will see heavy marketing activities closer to the product launch and subsequent to the product launch. Following is a list of few items included in our marketing strategy.

✔️ PRs (Press Releases)
✔️ AMAs with well-known telegram group in the space
✔️ Influencer Marketing (Twitter, Youtube, etc…)
✔️ Advertising on most engaged crypto websites
✔️ Contests and giveaways.
✔️ etc…

🛢️Partnerships🛢️

We got few partnerships under the wraps for now. It will be announced at the right time.

Our main focus is to partner with a reputed DEFI insurance provider

There are plenty of options available at the moment. We will assess and chose the best one according to our requirement

🛢️CRUDE Tokenmetrics and Swap🛢️

There will be a separate article on the CRUDE token which will soon after this article. we have tried our best to cover all the aspects in that article. As mentioned above, OIL and DIESEL both will merge together to form the CRUDE token. Hence only the OIL and DIESEL holders will be able to get their hands on CRUDE initially.

The CRUDE swap will be seamless with our swapping interface. The dates will be announced later and the swap will happen well before the product launch. Stay tuned for more update on it.

🛢️Crudeoil Finance New Logo🛢️

This has already been communicated and not a surprise though. We have decided to change the logo from a burning flame to a hot, nasty, bluish flame. Cuz blue flame burns the hottest.