Posted Saturday Oct 02, 2021
Hello, #PartySquad. This article will cover essential changes that will come with the new PARTY V2 token! A new coin we are launching in order to improve our platform incentives. We have received very positive feedback in almost every other area of our platform; However, our rewards aren't competitive, and that's an important issue we need to fix.
The new $PARTY V2 token is needed in order to make the essential changes to our reward system. Sadly, all our $PARTY V1 reward tokens are locked in the TreasuryVester contract (which distributes rewards among Liquidity Providers), and taking those coins out to transfer them to a new contract with the new rules is impossible. That's why a new $PARTY token is needed!
$PARTY V2 token information:
We decided to keep the symbol exactly the same; However, the token name, which is only visible in the Avalanche Explorer, will be PARTY V2. Also, the token icon will be different now, with a Party Popper instead of a piñata!
⚠️ Note: As we mentioned in our previous article, $PARTY V2 will be exchangeable 1:1 with $PARTY V1. That means our users will be able to swap their $PARTY V1 tokens for the new version by only paying the minimal gas fee.
⚠️ Note (2): Our token lockups will remain in $PARTY V1: Once one of our scheduled unlock finalizes in our current lockup contracts from TrustSwap, we will exchange those PARTY V1 tokens for PARTY V2 tokens. That means: no new lockup contracts!
Now our Piñata pairs will offer x8 rewards. If we used to give 16,450 $PARTYs daily, now we will give 131,600 $PARTY tokens per day. This is an insane increase from our previous version, which will surely increase our APR. Also, the token will decrease x0.75 per month instead of halving every four years!
Considering how fast the crypto space changes, we plan to distribute these rewards based on these tokenomics for only one year period. That means we will make the contract operate for 365 days. This will help us make important changes mid-term in case there are better ways to distribute reward tokens. However, if the current system is successful, we will continue operating with the same distribution plan for another year.
The $PARTY V2 piñata pairs will be very similar to V1. However, the list below can change, and the definitive pairs will be published in our new Litepaper (V2).
⚠️ Note: The native Avalanche project tokens will increase their multipliers in the future, just after testing how well this new reward distribution is received by the community.
⚠️ Note (2): The tokens left from the Liquidity Mining allocation will be locked for one year period (That way, the unlock happens just after the previous TreasuryVesting contract is over).
For the Jacuzzi, there are not many changes. The rewards will still be very similar to today's pool: The jacuzzi V2 single-sided pool will now offer 40,000 $PARTYs per day. However, we know this isn't a lot compared to the new Piñatas' distribution plan. That's why we will give extra rewards to the jacuzzi stakeholders once our NFT collection is released, taking a percentage of all the NFT transactions to the jacuzzi pool. This will work as a great incentive for our Jacuzzi stakers, which can surpass Piñata incentives if the PartySwap NFT collection becomes popular.
Also, the Paper Hands Penalty (PHP) will decrease to 5% from the start, slowly reducing until it reaches 0% over time. We will post the schedule and the rules behind the PHP in our Litepaper V2, so please stay tuned!
For now, no. We think our current user interface looks great. Also, the community feedback in that regard is incredibly positive. However, we are constantly improving it to make it better, and we won't stop reading your comments to take notes on how to evolve positively.
As we announced before, the delegator's airdrop phase 2 is scheduled during the $PARTY V2 release. Also, a new airdrop is planned for our current platform supporters, but its details will be published very soon in a new article.
Thanks a lot for reading this important update about our platform! More specific details about $PARTY V2 will be published in our Litepaper V2 document.
PartySwap is a Decentralized Exchange (DEX) launched in Avalanche where you can do permissionless swaps between currencies, earn interests in farms and liquidity pools in one interoperable, highly scalable ecosystem.
If you have inquiries about our platform, please don't feel afraid to ask! firstname.lastname@example.org