It has been a while since our last post. We have been hard at work as our launch was not as smooth as we had hoped it would be. We have fixed a number of issues that surfaced since after our farms went live.
Since then, we have been working on fixing the issue of web errors due to incorrect pointing to wrong pools and errors with staking and farming just to give an idea of how we had to really go full steam ahead. But we heave a sigh of relief as most of the issues have been fixed and we are moving forward!
One of the biggest concerns that we know people have is the locking of liquidity. We have said many times that we would lock it after things have stabilized, and now we feel would be the best time to do so as a show of our commitment to PrivacySwap. At the same time, in general, the fear of getting “rug pulled” or have money stolen is founded and the timelock is a very useful safety measure. We are and will stay transparent and we want to give our users the same kind of confidence they give us and a timelock is a definite necessity to do that.
A little background info is that the initial liquidity is hard earned money. We are not funded or huge by any means, so every cent that was put into PrivacySwap is precious. And we find that burning initial liquidity was, well, sad. We also understood that if we did not lock the liquidity, it would be a huge barrier for potential users to come on-board and we understand that. So the next best solution would be to lock it via a timelock. Deciding between 6 months to 12 months, we felt that 12 months was a tad bit long as we may need to use some of the liquidity in order to continue with developments (and also to eat, considering we are a bunch of struggling professionals) or to even fund incentives to bring PrivacySwap further. As such, we decided upon 6 months as:
- We conducted a poll in our Telgram group and although not a huge percentage of users voted, majority voted for 6 months.
- It is long enough to show our commitment to sticking around and continuously develop PrivacySwap, but also short enough that we won’t have to worry about going 100% broke down the road.
Then comes the timelocking of MasterChef and PRV token Smart Contract. This is essential in the mitigation of rug pulls. For any action be it changing of deposit fees, block reward allocations, calling nefarious functions (if any), it will require a time delay. In our case, we have implemented a 24 hour timelock to ANY change in ANY parameters of the MasterChef and/or Token Smart Contract. Which means that we will not be able to:
- Secretly increase deposit fees.
- Drain liquidity pools with a migrator function (although we did remove that in the first place).
- Randomly mint PRV, sell and dilute the token price.
As we are still facing some issues with our web with regards to ETH-SUSHI LP APRs being erroneously high, we will not timelock our MasterChef just yet. Once we sort that out, we will proceed to transfer ownership of MasterChef and PRV Token Smart Contract to the 24 hour Timelock immediately, and update you.
So in short, today we have implemented the 6 month timelock for ALL initial LP tokens for both PRV-BNB LP and PRV-BUSD LP.
Here is the 6 month Timelock Smart Contract address: 0x1bE4554bDec0A2Ca45737604abF9c04E9E70b8CF
and here are the hashes of the transfer of LPs into the 6 month Timelock Smart Contract:
As for the 24 hour timelock for MasterChef and PRV Token Smart Contract, please hang tight while we sort out existing issues before we proceed. This is just so we can react better to any changes that MAY be required.
With PrivacySwap not only is your personal privacy our concern, your assets are also under our care and concern.