PrivacySwap continues its update as mid year approaches; here’s what you missed
Indeed, the month of May is packed with brand new releases for PrivacySwap. We implemented a large number of changes to improve our system and make certain that it provides the highest possible level of service to our customers. As a result, the following is an explanation of some of the most significant updates.
We planned to include a 20% sales tax for a month before launching PYDEX. It was something we believed was required, despite the fact that it was quite unusual and contradictory of a DEX’s native token. The major goal of the sales tax was to ensure that PYDEX’s pricing did not fall too far while we were focused on developing our PrivacyCard platform. But, now that we’ve launched and can see that the PrivacyCard platform is nearly complete, we decided to remove the sales tax in order to promote a new influx of users. As a result, despite having coded the sales tax, we have opted not to deploy it in order to encourage a healthy and free PYDEX market.
Moreover, we were particularly focused on providing value in the form of a big bump in APR when staking NFTs in PRV2 and PRVG. When we implemented it, and throughout the PRV2 and PRVG, we realized that such high APRs and boosts were simply unsustainable in the long run. When calculating the pending rewards of users, it would double it by a specific percentage and add that to what was originally intended to be minted for them, and then distribute that to them. When combined with a high APR, it’s easy to see how emissions would skyrocket in no time.
We have since changed our NFT boosts to provide a sustainable boost based on existing emissions. The current NFT boost system uses a different approach than minting ON TOP of rewards. It decreases the base APR of staked amounts and distributes it to NFT stakers. This means that if the rewards are 100 percent and people are staking NFTs in that farm or pool, the rewards will be split so that 80 percent are awarded to base stakes (the principles), and the remaining 20 percent are 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 poses a unique problem in which Diamond or Gold NFTs may earn less in absolute terms if there are more Diamond and/or Gold NFT stakers than Silver NFT stakers. This is also why some of the users may have noticed that different tier NFTs provide varying increases.
This is operating as expected, since we expect NFT stakers to even out in terms of how many users stake their NFTs over time. Please keep in mind that rising APR is not the only benefit for NFT holders. Other utilities, such as NFT only allocation for new Launchpad tokens, NFT games, NFT participation in partner ecosystems, and NFT only staking pools, will be added in the future weeks/months.
Our strategy is to establish a strong framework around our Genesis NFTs in order to deliver value all along the route. They are our valued pioneers, and we are only getting started on the next leg of our journey.
Our card loading platform is finished, and we plan to launch it within the next few weeks. The utmost purpose of the card remains the same. Our card loading platform will allow users to use their MetaMask address as their primary entry point for obtaining and loading their PrivacyCards.
We will be releasing the PrivacyCard staking pools in the coming weeks, allowing 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.
To those who inquired about farm and pool deposit costs
Unless otherwise noted, ALL of our farms and pools, whether native or not, will have NO deposit costs. The reasoning is straightforward: we are now a DEX. We are encouraging liquidity to ensure that consumers can easily locate the best swap rates for large cap coins. To encourage liquidity, we are making it as simple and painless as possible for everyone to participate in PYDEX. We do not charge any fees.
We’re pleased to inform everyone that our card loading platform is nearing completion and will be ready for you early next week.
We have made the platform more accessible to all users, including partner projects.
Moreover, we intend to hold the AMA. During this AMA, we will answer your questions and lead you through the card loading procedure on the platform.
Lastly, we are also holding a card giveaway. Check out this post to know the mechanics and good luck!