🧚♀️Genesis Mining, Full-Feature functionality on Mainnet, and Bridge Integration — FairySwap is Here!
Calling all Fairies and Mining Elves!
We are proud to announce the launch of FairySwap on the Findora Smart Chain — the first AMM (Automated Market Maker) Dex to be launched in the Findora ecosystem. Users can now migrate their assets from Binance Smart Chain (BNB Chain) to Findora to swap, earn LP fees and farm Fairy tokens.
TLDR; $FAIRY tokens will be mined through farms, starting on March 20, 2022, UTC 0:00.
FairySwap is now live on Findora Mainnet with full features!
FairySwap first debuted on the Findora Smart Chain to enable lightning-fast trades, minimal slippage, and maximum liquidity efficiency. In future versions, FairySwap will leverage the privacy-preserving features on the Findora native chain to protect users from value extracting players and other malicious exploits.
FairySwap allows users to trade any FRC-20 token (Findora Smart Chain Tokens) for any other. It works like Uniswap or PancakeSwap, but with lower costs and faster finality.
FairySwap currently supports any FRC-20 tokens, including all the tokens currently supported by the Rialto bridge, including FRA, FAIRY, ETH.b, BNB.b, BTCB.b, USDT.b. Users can swap any pair of tokens in the trading pools, contribute liquidity to an existing pool or add their own pools.
Commission Fee
(1). A 0.3% commission fee is charged for each swap on FairySwap. 0.15% given to LP; 0.15% charged as protocol fee.
(2). 80% of the commission fee is used for $FAIRY token buyback, and the other 20% is used for protocol maintenance (parameter subject to adjustment via governance voting).
(3). $FAIRY token buyback — 50% burnt, and 50% distributed to Fairy staking pools (parameter subject to adjustment via governance voting).
You can access FariySwap at fairyswap.finance, or go to docs.fairyswap.finance for more details.
Genesis Mining is here — Announcing Fairy Farms
We’re excited to share with you all our launch farms, which will be the primary distributor for $FAIRY. The farms will begin issuing $FAIRY tokens on March 20, 2022, UTC 0:00 / Mar-19, 2022, PST 5:00 PM (join our Telegram and Discord channels for live updates).
$Fairy Token
Project name: FairySwap
Token name: $FAIRY
Total supply: 10,000,000
Distribution breakdown: 97% are distributed to the community via liquidity mining, 3% are distributed to airdrops
$FAIRY Protocol Farms
(1) When the size of the trading pool exceeds 100k USDT and the commission fees exceed 100 USDT for 3 consecutive days, protocol farms for $FAIRY trading pairs can be supported.
(2) 62% of $FAIRY daily emission is allocated to $FAIRY Protocol Farms.
(3) Multiplier of each pool is subject to adjustment based on commission fees and total value locked.
Community Farms
(1) When the size of the trading pool exceeds 200k USDT and the commission fees exceed 200 USDT for 3 consecutive days, Community Farms for those trading pairs can be supported.
(2) 18% of FAIRY daily emission is allocated to Community Farms.
(3) The multiplier of each pool is subject to adjustment based on commission fees and total value locked.
Reward Calculation
$FAIRY rewards for each LP = LP staked amount / Farm Size * Farm Daily Emission
Daily Issuance = $FAIRY Daily Issuance * Farm Multiplier
Staking Farms
(1) 20% $FAIRY is allocated to staking farms
(2) The multiplier of each pool is based on the number of participant addresses or the amount of funds (tbd). In the future, FairySwap will partner with other DeFi protocols to set up trading pools for their governance tokens and support staking farms for those protocols to increase TVL.
Friendly reminder: There are no FAIRY token pre-sales, private sales or direct public sales. All public distribution will be to liquidity providers through our farms.
Bridge Integration
FairySwap is integrated with the first cross-chain bridge on the Findora Mainnet (rialtobridge.io) to connect Binance Smart Chain (formerly, the BSC but now renamed to BNB Chain). $Fairy farmers can migrate assets from BNB Chain to Findora in a seamless, permissionless, and trustless manner to start experiencing all the features on FairySwap and yield farming.
We are currently speaking to multiple ecosystem partners including a few renowned bridge protocols. Rialto is the first cross-chain bridge to connect BNB Chain’s ecosystem and the Dapps deployed on Findora like FairySwap or VeniceFinance — there will be many more cross-chain protocols, including bridges and Dex aggregators, built to connect different ecosystems to Findora and FairySwap, solidifying them as a privacy-first liquidity hub.
The Findora ecosystem is growing at an amazing pace and FairySwap is the first Dex deployed on Findora to capture this momentum. There are many projects currently being built by many different community teams in the ecosystem and we look forward to synergizing and working together with them. This is a momentous launch for the whole ecosystem to revolutionize DeFi and PrFi and build the next era of Web3.
