Halfway through 2022: PrivacySwap continues to blaze through
PrivacySwap spent the first half of 2022 developing its software and its features. The team continues to conduct multiple tests on the DEX and the PrivacyCard to ensure their seamlessness. Now that the second half of the year is approaching, let’s look back on what we have done so far.
During the first month of 2022, PrivacySwap focused on enhancing the DEX first. They coordinated with Paladin to address any underlying security vulnerabilities in the platform. As of writing, the DEX is now up and running. You can check the new dapp page at https://pydex.privacyswap.finance
Additionally, we held the first AMA of the year at around this time. Our AMA revisited the PYDEX token’s pricing once more, which was previously discussed in other AMAs. The roadmap, which includes revised timetables as a result of the unforeseen delays, was also tackled during the AMA.
The Paladin audits, as mentioned, took place this month. KYC verifications were also launched as a means of enhancing the platform’s trustworthiness.
In addition, PrivacySwap doubled its efforts in contacting other projects about possible collaborations. We were also at the receiving end of enquiries from projects keen to work with us.
In February, prior to going live, the team conducted a series of tests on the card loading platform. As part of the DEX rollout, they worked on UI design as well. Additionally, tokenomics was released at this period of time.
Moving to March, after figuring out the best solution for the PRV2 concerns, the team immediately announced to the community the next step everyone should take. Snapshots of everyone’s wallets were taken. They were then told they could already unstake their tokens on PRV2-rewarding farms and pools. After everyone withdrew their tokens, the team took another snapshot of everyone’s wallet.
PrivacySwap also announced that the NFT unstaking is already up. After that, the numbers of PRV2 needed to be converted to PRVG were tallied, and airdropped to everyone. While this was happening, the team also prepared the swapping pages.
Moving forward to the second quarter of this year, a lot of things were developed and improved. For your reference here are the improvements that happened during this quarter.
PrivacySwap Decentralized Exchange
PrivacySwap has come a long way since the first announcement that it will have a Great Migration from one ecosystem to the next, providing the community with the PRV2 and PRVG for the many pools and vaults in which they may join and increase their money.
During this time, PrivacySwap launched the Decentralized Exchange, a significant step forward from the older platform, which had far less promise than a DEX.
With PrivacySwap becoming a DEX, the community will be able to benefit and flourish from a far broader range of services, from pools and vaults to NFT games and Privacy Launchpad.
Collaborations and Partnerships
The team has also gone out to other crypto projects interested in collaborating under the new DEX, which opens the door for users to have access to additional services that could help them expand their assets.
PrivacySwap has also worked and partnered with other crypto projects so that PrivacySwap’s PrivacyCards can support other tokens and users can easily and conveniently spend tokens other than PYDEX, the native token of PrivacySwap DEX.
PrivacySwap will make seamless crypto spending a reality for the PRV community as the dawn of frictionless crypto spending arrives. PrivacyCard has never left the team’s mind since the inception of PrivacySwap, as it would allow users to utilize their cryptocurrency to shop, pay bills, and withdraw cash without a middleman.
While the team acknowledges that it took some time for PrivacyCard to become a reality, this was done to ensure that the product is flawless and error-free, and would not disappoint its users. It was not introduced prematurely, and the card loading interface was refined over time to be simple, straightforward, and aesthetically beautiful.
In May, the team implemented a big number of improvements to strengthen the system and ensure that it gives the best possible service to clients.
The team was especially focused on offering value in the form of a significant increase in APR when staking NFTs in PRV2 and PRVG. PrivacySwap knew that such high APRs and boosts were just unsustainable in the long run when it was implemented, and throughout the PRV2 and PRVG. When calculating users’ pending rewards, it would double it by a certain proportion, add it to what was initially planned to be minted for them, and then distribute it to them. When coupled with a high APR, it’s simple to understand how emissions would quickly increase.
Furthermore, PrivacySwap has modified the NFT boosts to provide a long-term boost depending on existing emissions. The current NFT boost system employs a different strategy than minting ON TOP of incentives. It lowers the base APR of staked amounts and distributes it to NFT investors. This means that if the rewards are 100% and people are staking NFTs in that farm or pool, the rewards will be split so that 80% is granted to base stakes (the principles) and the remaining 20% is distributed to NFT stakers in the following manner.
Silver NFT holders will receive 20% of the 20% distribution
Gold NFT holders will receive 30% of the 20% distribution
Diamond NFT holders will receive 50% of the 20% distribution.
This creates a unique situation in which Diamond or Gold NFTs may earn less in absolute terms if more Diamond and/or Gold NFT stakers exist than Silver NFT stakers. This is also why some users may have noted that the boosts provided by different tier NFTs vary.
This is working as planned, because we anticipate that the number of NFT stakers will even out over time. Please keep in mind that growing interest rates are not the only advantage for NFT investors. Other utilities will be added in the coming weeks/months, such as NFT only allocation for new Launchpad tokens, NFT games, NFT involvement in partner ecosystems, and NFT only staking pools.
The strategy is to establish a strong framework around Genesis NFTs in order to deliver value all along the route.
In addition, the card loading platform has been completed. You may find it at https://cards.privacyswap.finance/ . The card’s primary purpose remains unchanged. The card loading platform will let users use their MetaMask address as their primary entry point for getting and loading their PrivacyCards.
PrivacySwap will be releasing the PrivacyCard staking pools as soon as it is finalized. This is to allow users to begin staking their tokens in order to obtain their PrivacyCards. They will then be able to utilize the same portal to submit their information and be processed. If all goes well, they should receive their cards soon.
ALL of the farms and pools, whether native or not, will have NO deposit costs. The reasoning is straightforward: the platform is now a DEX. They are encouraging liquidity to ensure that consumers can easily locate the best swap rates for large cap coins. To encourage liquidity, they are making it as simple and painless as possible for everyone to participate in PYDEX. No fees are charged.
June — Casual AMA
During this month,PrivacySwap did a casual AMA with the community to share status updates on the project. It was clear that the community was eagerly awaiting news about the PrivacyCards and their loading platform. In this session, PRVAdmin stated that one thing is certain: “We are very close to the release of everything.” He also emphasized that specific precautions should be made to ensure that the web3 card loading platform, PrivacySwap’s powerful tool, operates well once released.
Moreover, it was discussed during the brief AMA PrivacyCards had a soft launch already. Some members of the community are already cardholders through the early access programme that we launched last year. In addition, we are constantly testing our smart contracts. Because users will stake tokens to purchase a card, we are submitting smart contracts for audits to guarantee that the benefits are dispersed correctly. We are now doing continuous tests to ensure that it is flawless, and we are ready to launch.
The team also announced the revamp of the referral system. To ensure that sharing the amazing benefits of PrivacyCards would be beneficial, the team imposed a new system of referring–the Super Affiliate Program.
Super Affiliate Program: How to join?
To participate in this programme, you must be a PRIVACYCARD USER.
This is a significant improvement over the previous referral method. Previously, there were just one-time referral benefits ranging from $10 to $50. The recommendation has now been entirely altered to provide you with passive money.
Before delving into two scenarios to demonstrate how the programme works, keep in mind that it includes tiering rewards based on how much card load was accomplished by the sub affiliates. The statistics and percentages are not yet finalized, so keep an eye out for changes.
Default Master Affiliate Tiering Incentives at 1%
💎 1st tier: example $1 to $100,000 at 20%
💎 2nd tier: example $100,001 to $500,000 at 40%
💎 3rd tier: example $500,001 to $1,000,000 at 60%
💎 4th tier: example $1,000,001 to $10,000,000 at 80%
💎 5th tier: example $10,000,001 or more at 100%
Default Overriding on Sub-Affiliate Tiering Incentives at 0.5%
💠 1st tier: example $1 to $100,000 at 20%
💠 2nd tier: example $100,001 to $500,000 at 40%
💠 3rd tier: example $500,001 to $1,000,000 at 60%
💠 4th tier: example $1,000,001 to $10,000,000 at 80%
💠 5th tier: example $10,000,001 or more at 100%
If you want to learn more about this new program, you can refer to one of our recent articles: PrivacySwap’s Super Affiliate Program: Say YES to more earnings!
Indeed, the team saw 2022 as a busy year for PrivacySwap. We just reached the half of the year but PrivacySwap already showcased fantastic upgrades and development of the system to provide a better and convenient way of spending your crypto holdings.
Lastly, the team is very excited with the release of the Super Affiliate Program, the PrivacyCards, and more. Despite the various reasons for delay, PrivacySwap is very eager to release everything as soon as it is finalized.
For now, it is good to follow them to get updated!