PrivacySwap Quarter 1 Roundup: First three months of 2022 with PrivacySwap
The first quarter of 2022 is an active phase for PrivacySwap, especially on the backend. We’ve done multiple tests on our DEX to ensure its seamlessness. We also reached out and were contacted by other projects to discuss collaborations once our DEX is live. To give you a further understanding of what we did this quarter, here is a quick refresher.
January: AMAs, Audits, Collaborations
As per the initial roadmap, January should be the launch month. However, Paladin and our developers found some points to resolve with our smart contracts. So, we deliberately decided to postpone the release to address these points. Despite that, all our hands are on deck during this month to ensure that these features will be launched as early as we reasonably can.
We kicked off our first AMA of the year. In the AMA, we reshared the price of the new token, the PYDEX, which has been tackled in previous AMAs. We also discussed our roadmap, with the timelines updated due to the delay.
As mentioned, Paladin audits happened this month. We also kickstarted KYC verifications to enhance the platform’s credibility.
Moreover, we started to reach out to other projects, and we also received notifications from other projects regarding a possible collaboration. January was indeed a busy month, but February was much busier.
February: Preparation for the withdrawal
This month, we ran periodic tests on our card loading platform to ensure its flawlessness before it goes live. We also had a UI development phase which we will apply once the DEX is up. Our tokenomics are also up, and we continuously reach out to other projects for collaboration.
We did multiple updates during this month. Our developers figured out how to solve the concern regarding PRV2. We encountered a problem regarding PRV2 no longer generating rewards. This is because PRV2 has already reached its maximum supply.
Because of that, our developers decided to replace the rewards for affected users and make it PRVG instead of PRV2.
March: Withdrawal phase
After figuring out the best solution for the PRV2 concerns, we immediately announced to the community the next step everyone should take. We took snapshots of everyone’s wallets and then told them they could already unstake their tokens on PRV2-rewarding farms and pools.
This process is quite messy, but this is the most viable way to do the withdrawal process and identify the underlying concerns we need to address. After everyone withdrew their tokens, we took another snapshot of everyone’s wallet.
We also announced that the NFT unstaking is also up. After so, we tallied the numbers of PRV2 we need to convert to PRVG and airdrop to everyone. While this happens, we are also going to prepare the swap pages. We will also announce the start date of the swaps, where users can choose if they want to swap from dollar to dollar with no lock or at the pegged price with a lock.
Where are we heading
After the withdrawal, we will be proceeding with the swapping phase. After that, we will be releasing the DEX and the PrivacyCards. We will also release the LaunchPad after the DEX and the debit card release.
We know how hard it is to continue waiting for the release of our DEX. We understand your frustration, and we acknowledge our shortcomings. However, we also announced during the withdrawal process that there are problems that we could encounter that could cause further delay.
Nonetheless, we are continuously working, and all our hands are on deck to hopefully release the DEX as soon as possible. Moreover, we are requesting your continuous cooperation and understanding regarding this. We ensure to update everybody on every step we take to keep you guys on board.