Hi!
We promised a definite course of action for DEFYSWAP in our last article and here we are.
And, without much forewords, lets hit the point home.
What’s happening!
DEFYSWAP is moving to Echelon chain.
This is a Metamask compatible chain which means you just need to add this network to your Metamask and you are good to go.
Learn more about the chain here: https://ech.network/
WHY?
Simply due to the opportunity. This chain is absolutely new, blazing fast and Tx is dirt cheap. We will have the first mover’s advantage and can grow exponentially. As our fully audited and completely functional FTM-chain codes work OOB on Echelon, we can simply go ahead and launch.
What will happen to the FTM chain project?
1. FTM chain DFY holders will get 1:1 swap to Echelon chain.
2. Emission on FTM chain will stop and farms will stop sending out rewards. However, whatever reward you have earned, you can collect those. You can still liquidate your LP and get tokens back.
3. No further development will take place on FTM network.
What’s New?
No Major changes in how we operate. Which means:
· Token supply is limited, as before. The Max Supply is capped to 10 million. When we reach that, we recycle. You know the drill, right?
· Forever sustainable, as before. You know this as well, no? Due to our innovative mechanism, we never need to mint more or burn manually.
· No mint for the team, as before. Yup, this stays the same. We will not pocket a single DFY ourselves.
· The emission rate remains the same. 0.116 DFY/sec.
Then, what’s really new!
· We will go for a soft launch. Which means, we will go somewhere between a fair launch and a secret launch. In other words, marketing shall begin afresh once we launch.
· We will be minting just enough to cover the circulating supply of the token. Part of that will go to initial liquidity and the remaining will be offered to present FTM-chain DFY holders on a 1:1 basis. The reimbursement for FTM chain holders will be kept in a separate smart contract.
· We will mint some more to offer to those who don’t claim their refund by 31st May. However, we strongly recommend that you claim the refund and re-enter the project if you wish so. If people claim the refund, we will send these tokens directly to the burn vault on 1st of just as 31st May is the deadline for claiming the refund. Till then, these will be held in a smart contract.
Launch:
We will be launching on the 10th of May (GMT). The exact time won’t be disclosed before launch to keep the turbulences to a minimum.
There will be a Max Tx cap in place for the first few hours to ensure everybody gets a fair chance.
The team will add initial liquidity to two pairs, ECH-DFY and USDC-DFY.
Start Price
We will match FTM chain DFY prices as closely as possible.
What about farms?
As you can guess, there will be 3 confirmed farms, namely ECH-DFY, USDC-DFY, and ECH-USDC. We are in chat with other projects and new farms will be added right after the launch.
Important things to remember
· Existing holders will start to get new tokens 24 hours after the launch. So, if you want to join early, you know what to do.
· Due to absence of a reliable bridge, the swap will be offered manually by the team using a smart contract.
· You need to send your FTM chain DFY to this contract (will be shared shortly) and fill up this form (will be shared shortly). We will start to process the claims on FIFO basis, and 100K DFY will be released every day to users.
· Those who are invested in farms etc can remove liquidity, dissolve LP and claim the new tokens.
· Emission on FTM chain will be stopped 5 mins prior to ECH chain launch.
· The main domain will be redirected to Echelon chain with the link to FTM chain subdomain in the footer.
· Limit order won’t work for now as there is no Limit Order processor support for this chain. We are in talk with third party providers as well as researching ourselves to build one and host it, in case they don’t support it.
· Charts will be added within a week of launch
