How to create your first Crypto SIP?
Last updated
Last updated
You will be redirected to CrSIP Platform once you click on the “Launch App” button.
You will be redirected to our CrSIP Platform >> Select the network on which you would like to create your crypto SIP.
Click on "Connect Wallet", then choose your wallet from the list (for example, MetaMask).
On the navigation bar click on “Create Crypto SIP”, SIP manager dialogue box will be shown.
Now, you have to choose between EVM Chain (Ethereum Virtual Machine Chain) and Non-EVM Chain (Ethereum Virtual Machine Chain) for creating Crypto SIP.
5. Choose your token >> Put the Recurring Amount of which you want to create the SIP (Recurring amount should not be less than 5 CrSIP) >> Select the Start Date, End Date & Frequency of the SIP (i.e., Daily, Weekly, Monthly)
Click on "Create Crypto SIP” (you will not be able to create SIP, if you don’t have a sufficient balance of CrSIP).
Click on "Confirm” to give permission to access your CrSIP.
Check the total Gas fees and click on “Confirm”.
On Dashboard, you will get the details for your Crypto SIPs –
A. Click on “Dashboard” on the navigation bar.
B. You can see all your Crypto SIPs in "My recent SIP transaction" section.
You can click on “View All” for all your SIP transactions. And then click on any particular SIP for a detailed view.
EVM-based networks like Polygon and Ethereum use a programming language called Solidity to create smart contracts. Solidity is specifically designed for creating smart contracts on the blockchain, and it is the most widely used programming language for smart contract development. These networks use a virtual machine called the Ethereum Virtual Machine (EVM) to execute smart contracts. The EVM is like a virtual computer that runs on top of the Ethereum blockchain.
On the other hand, Non-EVM-based networks like Solana use different programming languages, such as Rust, to create smart contracts. These networks use different virtual machines than the EVM to execute smart contracts.
In terms of functionality, EVM-based networks like Polygon and Ethereum are more flexible and support a wider range of use cases because Solidity is a more complex and powerful language. This means that developers can create more complex and advanced smart contracts on these networks. Non-EVM-based networks like Solana, on the other hand, are more focused on specific use cases, such as high-speed transactions and scalability. These networks are optimized for executing smart contracts quickly and efficiently, which makes them a good choice for certain types of applications.
Tokens on EVM (eg Polygon, Ethereum, BNB Smart chain) VS Tokens on NON-EVM (eg Solana)
Tokens on EVM networks like Ethereum and Polygon are typically ERC-20 tokens, which means they are built using the ERC-20 standard on the Ethereum blockchain. These tokens are stored on the Ethereum blockchain and are executed using the Ethereum Virtual Machine (EVM). ERC-20 tokens are popular because they are widely supported by wallets, exchanges, and other blockchain applications, and can be easily traded across different platforms.
On the other hand, tokens on non-EVM networks like Solana are typically built using Solana's own token standards, such as SPL tokens. These tokens are stored on the Solana blockchain and are executed using Solana's unique technology and infrastructure. SPL tokens are optimized for Solana's high-speed transactions and low fees, making them a good choice for certain types of applications that require fast and efficient transactions.
When the customer starts a new SIP, he can choose any of the following options as purchase frequency duration for that particular Crypto SIP :
Daily (every day).
Weekly (every 7 days).
Monthly (every 30 days).
For creating a new Crypto SIP with our Platform minimum duration is two days, while the maximum duration is five years.
Example:
David wants to create 2 Crypto SIPs on 24th January 2023, let’s assume he creates SIP 1 with a minimum period of 2 days and creates SIP 2 with a maximum duration of 5 years.
SIP 1 (2 days)
Start date: 24th January 2023.
End date: 25th January 2023.
SIP 2 (5 years)
Start date: 24th January 2023.
End date: 24th January 2028.
Recurring amount means the amount for which crypto will be purchased for the customer at each purchase frequency interval chosen.
Example: David Creates a new Crypto SIP for the UNI coin token, on starting date as 1st January 2023 and the end date as 7th January 2023 for a recurring amount of 10$ on a daily frequency basis.
In this Scenario, 10 CrSIP = 10USD$, 10USD$ worth of UNI coins will be purchased for David daily at the predicted lowest rate during the 24hr cycle and those many UNI coins will be transferred to David’s non-custodial wallet, which David had connected during the time of SIP creation.
The staking amount is the total amount you are investing in the SIP.
Example:
David Creates a new Crypto SIP for the UNI coin, starting date as 1st January 2023 and the end date as 7th January 2023 for the recurring amount of 10$ on a daily frequency basis.
In this scenario, 70 CrSIP tokens will be staked which CrSIP platform sent smart contracts at the time of Crypto SIP creation.
Every day 10 CrSIP tokens (worth 10$) will be liquidated for David and UNI tokens worth 10$ will be purchased and transferred to David daily at the predicted lowest rate of the 24-hour cycle.
To create a new Crypto SIP on our platform you first have to purchase stablecoins and with that, you can buy CrSIP tokens. Once you have purchased CrSIP tokens, you can create one or more Crypto SIPs on the platform.
Example: If David wants to invest 1000$ in the crypto market and create multiple Crypto SIPs for the same. To start Crypto SIPs on the CrSIP platform, David will purchase 1000 CrSIP tokens using 1000 stable coins (DAI/USDT/USDC). Once he purchases 1000 CrSIP tokens David can create one or more Crypto SIPs for any cryptoassets with respect to the selected network.
To check your CrSIP Balance you need to follow these steps:
1. By clicking on the “Launch App” you will be redirected to the CrSIP Platform.
2. Select the network on which you would like to create your Crypto SIP.
Click on the “Connect Wallet” button on the top right of the website dashboard.
Customers can choose the Wallet service that you would like to connect.
On the Navigation Bar, you will find your CrSIP Balance.
To check the transaction history of Buy and Sell of CrSIP tokens or the created Crypto SIPs you can follow the below steps:
1. By Clicking on “Launch App” you will be redirected to the CrSIP Platform.
2. Connect your wallet to the CrSIP platform.
3. On the navigation bar, you will find the “Dashboard” option.
4. After connecting your wallet, in the "My recent transaction" section, you can find different sections for Buy/Sell and Crypto SIPs.
To terminate your Crypto SIP, follow the below steps:
1. You will be redirected to the CrSIP platform once you click on the “Launch App” button on the website.
On the Navigation bar, select the “Dashboard” option.
3. In "SIP transactions history" section, click on the SIP that you want to terminate, and a detailed view of that particular SIP will be displayed.
4. Click on the "Terminate SIP" option on the screen.
5. A pop-up for Termination charges will be displayed, click on “YES” for confirmation of termination of Crypto SIP.
Click on “Confirm” to give permission to Metamask to access your CrSIP.
Check the total Gas fees and Click on “Confirm”.
If you don’t have sufficient balance to create a new Crypto SIP, then you have to purchase CrSIP Tokens from our platform in exchange for Stablecoins.
1. First make sure the token you are interested in purchasing via SIP exists on the blockchain explorer.
For example, etherscan.io and polygonscan.com.
2. Copy the address of the token from the blockchain explorer.
3. Go to the Crypto SIP creation form. Click on “More tokens” and paste the address of the token in the box.
If you see your token in the dropdown, it means the CrSIP platform supports the token.
If the token in which you have started your Crypto SIP, runs out of liquidity across all popular exchanges, there are a couple of scenarios you can deal with:
Scenario 1:
If the token is reputed and you believe that the lack of liquidity across all popular exchanges is temporary, and you believe in that token, then Do NOTHING.
Our platform will automatically try to search for liquidity for your token on the date of Crypto SIP-CYCLE. If it cannot find liquidity on that day due to whatever reasons, our product will return you STABLE COINS worth the recurring amount of that SIP on that specific day.
Scenario 2:
If you believe the token is a fraudulent token and you feel there is a rug-pull in the market, you can simply just terminate your Crypto SIP for that token.
Our platform will automatically return the staked CrSIP tokens to your non-custodial wallet (the balance of CrSIP Tokens that have not been liquidated yet across your SIP-Cycles for that specific Crypto SIP) after deducting early termination penalties. This way you can then reinvest these received CrSIP tokens into a Crypto SIP for some other genuine reputed tokens of your choice.
For more detailed info on Crypto SIP termination penalties, you can check here.
