Let’s Talk About DEX: AMA Recap
PrivacySwap held another successful AMA! This time we covered more updates regarding the upcoming DEX alongside PrivacyCards and all the important dates you should look out for. In addition, we answered all the questions asked by the community members. Here are the highlights of our latest AMA entitled ”Let’s Talk About DEX.”
As usual, we reiterated what we’ve discussed in our previous AMAs. We again mentioned the ticker symbol of our upcoming DEX, the PYDEX. For the price, we pegged PRV2’s price at 0.002163 USD, while PRVG at 0.108507 USD.
Moreover, we also announced that the old farms would stop on January 21, 2022. Please note that this might still change, pending further updates from the team.
After that, we covered our roadmap for 2022.
For the first quarter of 2022, we aim to launch our DEX along with the PrivacyCards and web3 crypto loading platform. During this quarter, we aim to release our launchpad, which includes IDOs and NFT Projects, among others. Note that all Genesis NFT hodlers can access these IDOs earlier than the general public. So, if you want to be part of that, you can still buy and hodl your NFT here.
Moving to quarter 2, we aim to release our NFT-powered games. We will be releasing new Vaults in the third to the fourth quarter of 2022. Lastly, We will launch Hackernet Marketplace before 2022 ends.
Transition to DEX
We will be having a month-long swapping period from January 21st to February 21st, 2022. This swapping period is for you to swap your PRVG and PRV2 to (Pre) PYDEX. On any dates in between the swapping period, we will be launching the DEX and the PrivacyCard’s loading platform. The dates mentioned here are still tentative as we are still finalizing the smart contract and the audits from the third-party auditors.
After the DEX launch, our new sets of farms will then go live. We proposed the date of the farm launch on January 27th, 2022. We will be updating the community for any necessary adjustments with the dates.
Moreover, our website will also receive a major revamp. Here is a sneak peek of our new UI.
We also covered some of the major updates with our tokenomics. This includes our sales tax. During the DEX launch, we will be implementing a 20% sales tax. This tax will dwindle eventually. We imposed a higher tax compared to the previous version (which is 8%). We see this as a great way to mitigate the flow of the new token and to prevent dumping.
Deposit fees to both native and non-native farms and pools remain 0%.
Marketing and Collaborations
We continuously work on expanding the market of PrivacySwap. Hence, we are continuously reaching out to other projects to collaborate. Press releases, banner ads, and giveaways are also parts of our marketing agenda.
Questions from the Community
After that, we then proceeded with the main highlights of our AMA, the questions from the community. Here are some of the most notable questions and their answers.
Q: Why does the silver metal have the same staking requirement as the black metal? I think the silver should have higher staking requirements because it has more rewards and a higher top-up limit. $1200 or $1500 worth of PYDEX is what I’m thinking. Thanks!
A: We want to increase it slightly. (However) There are still a few people who prefer black cards to silver. To also keep the silver (card) in play we make it equal to black. Initially, we thought of increasing it (the staking requirements).
Q: When are we listing on CEX?
A: That was scheduled for the end of Quarter 1 to Quarter 2. We can’t confirm the dates yet as we need a few things to first release the DEX. Once we launch the DEX we would have a clear idea of where we stand and how we can be listed on the CEX.
Q: So basically reading the announcements: we shouldn’t withdraw anything from the pools?
A: PRV2 had already reached its max supply, meaning the smart contracts can no longer mint more PRV2. We don’t want you to withdraw yet as it won’t generate any rewards (as rewards are given through PRV2). You can only withdraw through emergency withdrawal. This means that you can only withdraw all your principal tokens and we will lose track of your rewards. We have no way of tracking how much you made since day one.
So anyone who has their tokens staked into pools that earn rewards through PRV2 should NOT withdraw yet. We didn’t do this on purpose. This is by design(smart contracts). The smart contract was designed with a limited quantity as those (platforms) that has infinite supply does not seem conducive.
PRVG, you can still do whatever you want with the token as it does not reach its max supply yet.
Q: What’s the need for migrating PRV to PRV2/PRVG, and eventually PYDEX? That is, why didn’t the team just keep PRV version 1 or why didn’t the team just migrate from PRV version 1 directly to PYDEX?
A: We want to separate the ecosystem for the people who are diamond-hands holders and people that just want it for a short run (short investment). That is why we moved to PRVG and PRV2. Now with DEX, we want to move into a DEX rather than just yield farming. Being a DEX allows us to do more and is a crucial step to building PrivacyCard.
Q: In withdrawing PRV2 LP, will it be affected as well?
A: Unstaking PRV2 from pools that will give you PRV2 as the reward, then Yes it is affected. If you are talking about PRV2 LP, then no it won’t be affected as the tokens inside the LP are unaffected by the max supply.
After answering the questions, we then moved forward and discussed some of the most exciting features we are going to release. These include the IDOs launch, PrivacyCards, and more.
The AMA ended with another set of Q&A. In this part, we answered the questions asked on the AMA. If you are curious or might have a similar question, you can listen to those live questions and their answers here.
Moreover, we are looking forward to another AMA in the future before we launch the DEX. So, if you have any questions, feel free to drop them on our Telegram community. You can also directly message Miss P (@missp_prv), so she can address your question if you need an answer right away.
Nonetheless, feel free to check us on our official websites and social media accounts below.