😈 New Chapter: Reimbursing the Community and Reigniting the Magic

Also, get a sneak peek at FairySwap v2 in 2023!

5 min readMar 7, 2023

We’re excited to share with our community the coming launch of Fairyswap v2, our new governance token, $FAY, and our plans for reimbursing liquidity providers who were impacted recently. We are committed to our mission to empower the Findora community with a democratically governed platform prioritizing decentralization and privacy.

We understand that the recent breach on our platform might have caused concern, as certain liquidity pools were accessed by unauthorized wallets due to a vulnerability in a precompiled contract. We want to assure the community that the problem did not originate from our smart contracts, but rather from a vulnerability in the FRA pre-compiled contract, which was quickly resolved by Discreet Labs. Further details about the fix are available here.

As part of our commitment to prioritizing protocol security, the FairySwap contributors’ team has conducted a thorough review of all smart contracts and will continue to work with auditing groups like CertiK . We’re now focused on launching Fairyswap v2 with new contracts for all liquidity pools, and prioritizing reimbursement for impacted wallets.

Introducing $FAY Tokens: Economics Model and Mining Rules

We are thrilled to announce the upcoming launch of FairySwap v2, which will introduce a new governance token called $FAY. With upgraded smart contracts and a new tokenomics model, $FAY will inherit $FAIRY’s utility and serve as the primary governance token for the revamped platform. Our team is committed to ensuring a smooth transition for our community as we introduce these exciting changes.

In the $FAY tokenomics, 73% will be allocated to liquidity farming, with the remaining percentage allocated to contributors, marketing efforts, and airdrop reserves. We believe this distribution will further empower our community with democratic governance, while also ensuring the continued growth and success of the FairySwap platform. Overall, we’re excited to introduce these changes and remain committed to providing a secure and user-friendly platform for our community.

1) $FAY Token Distribution (Allocation, percentage, Amount, Release Schedule)

Fairy Migration (10%, 5,000,000)
10% or 5,000,000 $FAY will be used to migrate existing $FAIRY tokens to the new $FAY tokens.
Contributors’ Reserve (5%, 2,500,000)
5% or 2,500,000 $FAY will be reserved for the contributors’ team (including ambassadors and community contributors), with a monthly unlock at a 2-year linear vesting schedule.
Airdrop Reserve (Reimbursement) (11%, 5,500,000)
11% or 5,500,000 $FAY will be used to reimburse the impacted liquidity providers for the original $FAIRY / $FRA pools.
Airdrop Reserve (Various Marketing Initiatives) (1%, 500,000)
1% or 500,000 $FAY will be reserved for various marketing and community initiatives.
Liquidity Mining (73%, 36,500,000)
73% or 36,500,000 $FAY will be released in a 2-year vesting schedule, with 9,125,000 $FAY being unlocked at TGE, T+60, T+180, and T+360.

2) $FAY Mining Rules

73% of FAY tokens will be distributed to LP mining of platform tokens based on the unlocking schedule
Your mining rewards = ($your staked tokens / $total staked tokens in the pool) * $FAY rewards of the pool
FairySwap will support $FAY minging for the following LP tokens. The parameters for the first 60 days after TGE are as follows:

Community Reimbursement

We are thrilled to announce our comprehensive reimbursement plan for liquidity providers impacted by the previous issue. The plan includes five rounds of token airdrops, with the first rounds already completed in January 2023. The second round of reimbursement for Fairy and FRA tokens is scheduled to take place on March 7th, prior to the launch of the new version. For more information on your eligible amount and rounds, please refer to the FairySwap documentation.

Liquidity providers for the following pools will receive a 1:1 airdrop based on their eligible amount:

FRA<>USDT.b
FRA<>WBNB.b
FRA<>WETH.b
FRA<>WBTC.b

Liquidity providers for the FRA<>FAIRY pool are eligible for:

1:1 airdrop to receive FRA tokens.
1:2.67 airdrop to receive FAY tokens.

Current $FAIRY token holders are eligible for:

1:1 tokens swap to receive FAY tokens.

To ensure transparency and clarity, we have developed user-friendly infographics to guide our community through the process.

Migrating to $FAY Tokens

Starting from March 8, 2023, users can begin the migration process to $FAY tokens on fairyswap.finance/fay. It’s important to note that users must perform all operations related to converting $FAIRY to $FAY themselves on Fairyswap’s official website.

If you are eligible for $FAY token airdrops, you will see your claimable amount after connecting your wallet to fairyswap.finance/fay. Otherwise, you will be directed to the FAY token swap page if you are currently holding FAIRY tokens in your wallet. If you have any questions, please don’t hesitate to reach out on Telegram. For a step-to-step guide on the migration process, please check out this guide.

This is a big change, and we will do everything possible to make sure it is a smooth transition for you. To that end, We will be releasing more detailed instructions on how to migrate your tokens in the coming weeks, so stay tuned for more information on the migration process and FairySwap v2!

If you have any questions, don’t hesitate to reach out on Telegram.

About Fairyswap

FairySwap is a community-governed DEX built on the Findora blockchain, offering unparalleled privacy and security with zero-knowledge technology. With cross-chain swaps and EVM compatibility, FairySwap provides an efficient way for users to swap tokens and earn rewards through liquidity mining. The recent launch of FairySwap v2 introduces a new governance token, $FAY, and further improves security and performance. FairySwap is committed to offering a safe and private platform for trading and investing in a variety of tokens.