PrivacySwap February Recap: Here’s What We Have Done And What You Should Expect In These Coming Days

PrivacySwap February Recap: Here’s What We Have Done And What You Should Expect In These Coming Days

The first 2 months of 2022 saw our developers hard at work. We were all-hands-on-deck, preparing for PrivacySwap’s DEX launch. During this period, we also received multiple update queries regarding the DEX and the PrivacyCards. We completely understand and acknowledge everyone’s excitement and apprehension. However, we cannot compromise the platform’s quality, so we decided to push back the release of the DEX and the card-loading platform.

Nonetheless, we finally finished all the technicals and smart contract-related concerns; and we are ready for the release. For now, let us look back to what we have done so far and what you should expect from us these coming days.

How Far Along We Are

In February, PrivacySwap was busy strengthening the DEX and the PrivacyCard’s web3 card loading platform. We continuously test the system and its smart contract on the backend to ensure that it will run smoothly once launched.

We have already finalized how the UI will look and its features. We have also tested our card loading platform. By doing so, we can address concerns that we encountered during the test.

When it comes to audits, it was determined that none of the 21 concerns are particularly concerning. Seventeen issues have been resolved, and four have been acknowledged.

“It is impossible to escape the acknowledged problems because they are parts of our ecosystem’s architecture. We will, however, mitigate these risks by establishing upper boundaries and maintaining complete openness at every stage of the process.”

The smart contracts developed by PYDEX are the most difficult contracts we’ve ever created. NFT staking reward calculations and our three-tiered referral program has the most concerning aspects of our new and enhanced NFT staking reward calculation system.

Closer to the end of February, we also shared the tokenomics, and here are the important numbers you need to note.

We also continue reaching out to other projects for a possible collaboration to share the fantastic features of PrivacySwap. We will continuously update everybody.

What Can You Expect From Us These Coming Days?

After deliberations, we are finally starting our PRV2 and PRVG to PYDEX transition. As we shared on our Telegram Announcements, here are the tentative dates and what we are doing on such dates.

We’ve pushed the date back a few days. Thanks for the poll. It helps us organize the timeframe better. The numbers for the various pools, etc., are currently being collected. There are numerous ponds to consider and numerous computations to perform.

We calculated and finalized the numbers before doing the necessary last night (March 01, 2022). Calculating and distributing all the pending PRV2 rewards in PRVG will approximately take 1 to 2 days. After the calculation, we will then take an initial snapshot. We also need to account that customers may have to wait a few days to withdraw their present stakes due to the maximum supply of PRV2.

Until the snapshots are taken, we advise you not to do anything on your account to avoid further concerns.

The moment the photos are complete, we’ll make an announcement and ask for individuals to begin withdrawing their stakes from pools, at least until mistakes begin to appear. Snapshots will be available in this case.

We understand that these steps might be messy and confusing to most users as we foresee an error along the way. However, this part is essential to us. We must drain all PRV2 from the pools and farms to obtain an accurate count of PRVG to be minted in the system.

After everyone withdraws their tokens, we will need to take another snapshot to know the situation with the tokens. This is only applicable to all PRV2 earning pools and farms, and the one PRVG locked pool. If the first steps happen smoothly, this part is expected to be executed from March 3rd to March 4th, 2022.

The PRVG will be minted and then distributed as per our estimates. This shouldn’t take more than a day or two. Meanwhile, we’ll be handing out the transfer taxes to those who’ve staked their money in the PRVG-locked pool.

Users will choose between a pegged price and a dollar-to-dollar exchange rate when we implement the contracts for the pre-PYDEX swap page. Dollar-to-dollar exchange rates will be established by March 4th or 5th. The trading will begin. This phase will last for 3 days, ending around 7 to 8 March.

Users will be able to start claiming their PYDEX or start their vesting for PYDEX at tentatively 9th March 8 pm SGT, while farms will be live tentatively 11 pm SGT on March 9th as well.

Because there are numerous calculations to be performed, more time is required to ensure that the work is done correctly the first time around.

Conclusion

We understand how frustrating the delay was. But we are doing this to ensure that the system will run smoothly. In addition, due to PRV2 reaching its max supply, we must find ways to give you the rewards accordingly. With that, the delay is a must.

However, with the hard work of our developers, we can create solutions for such problems. Nonetheless, we will stick with this plan and we are also excited to launch our DEX, PYDEX, and the PrivacyCard.

For further updates, follow us on our social media below.

| Website | Telegram | Telegram Announcements |

| Medium | Twitter | YouTube | Gitbook | Blog|

--

--

--

Be a part of PrivacySwap, be a part of a better DeFi.

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Stag Basics #1: Remaking the DAO Treasury

AMA Recap — Francium

Jehan Chu joins Olyseum’s Advisory Board, ProBit listing and more!

Blockchain Gaming Investment Fund: Week 1

Reasons to Remember $FURY VOL2: Limited Supply & Deflationary System

The 9 Biggest Risks for Crypto Traders to Avoid in 2020 [Updated]

Decentralized Leverage Trading With Metavault.Trade

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
PrivacySwap

PrivacySwap

Be a part of PrivacySwap, be a part of a better DeFi.

More from Medium

PrivacySwap on crypto’s hyper-adoption: perfect time to buy crypto?

Vault Hill City — Initial Land offering (ILO) — All you need to know

High-End Game with Elite DeFi Features — Katana Inu

Breach — Telegram AMA — January 05