😈 FairySwap Reignited: What’s New in Version 2?

More Secure, More Private, More Rewards

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Fairy Swap

6 min readMar 7, 2023

FairySwap, a community-governed DEX built on the Findora blockchain, recently launched version 2 of its platform with new features and improved security. The new version of FairySwap, which remains community-governed with the majority of tokens still reserved for the community, introduced the new governance token $FAY. The platform’s privacy-centric approach will be further enhanced in the future with the integration of additional privacy features through Findora Privacy Routing SDKs, solidifying FairySwap’s position as a leading PriFi dApp in Web3.

TL;DR:

FairySwap is a community-governed DEX built on the Findora blockchain that offers unparalleled privacy and security through zero-knowledge technology.
Launched in January 2022, FairySwap was the inaugural dApp on Findora’s EVM chain, with a fair launch project that reserved the majority of governance tokens for community members participating in liquidity mining.
The founding team’s vision was to create a comprehensive DeFi platform for token swaps, lending, NFT trading, collateralization, and more, with a long-term focus on capturing value, not just TVL.
The team faced some challenges starting out, such as limited liquidity, but after a year of operation, they are now an integral part of the Findora community.
FairySwap v2 introduces a new governance token, $FAY, which preserves most of the tokenomics design from $FAIRY, and is less prone to volatility with a longer-term focus on decentralization and sustainability.
Starting from March 7th, users will be able to go to fairyswap.finance/fay to swap their $FAIRY to $FAY tokens or claim their $FAY airdrops.
The new version of the platform is more secure, with a review of all smart contracts, a new aesthetic, improved performance, and streamlined navigation.
Despite the changes, FairySwap remains community-governed with the majority of tokens still reserved for the community, and the distribution of $FAY continues through liquidity mining. The platform remains committed to offering a safe and private platform for trading and investing in a variety of tokens.

FairySwap Origins

FairySwap was founded to be a community-governed platform and to transform DeFi into PriFi. And that is still our vision!

In January 2022, Fairyswap was deployed as the inaugural decentralized application (dApp) on Findora’s EVM chain. We launched it as a fair launch project (hence the name “FairySwap), meaning that the vast majority of governance tokens were reserved, not for the team, but for community members participating in liquidity mining.

The founding team’s vision was to create a comprehensive DeFi platform for token swaps, lending, NFT trading, collateralization, and more. DeFi had taken off the year before in the “Summer of DeFi” in 2020 — but many of those projects wanted to make a quick buck instead of focusing on long-term value creation. We decided to do something different. We launched with the long-term in mind, focusing on capturing value, not just TVL, and solving real pain points for users. Building on Findora, our goal was and is to create a private lending platform and be one of the first PriFi dApps in Web3.

We faced some challenges starting out, such as limited liquidity. But after a year of operation, we are proud to be an integral part of the Findora community.

Reigniting FairySwap

After the exploit due to a vulnerability in FRA’s precompiled contact, we disabled the front end to help protect users. While Discreet Labs launched an update that would fix the issue, we were busy preparing for FairySwap v2. What’s different about v2?

Security

First of all, it’s more secure. Not only was the underlying issue that caused the exploit fixed, but we also conducted an internal audit of all smart contracts for any other vulnerabilities. We have an audit as well from Certik from 2021 and will continue to get 3rd party audits done for the safety of our community.

Tokenomics

We are thrilled to introduce $FAY, the new governance token for Fairyswap. $FAY preserves most of the tokenomics design from $FAIRY, which means users are still incentivized towards liquidity mining, and the majority of tokens are reserved for mining rewards.

The total supply of $FAY tokens is capped at 50 million, ensuring a more stable and sustainable token that is less prone to volatility. Moreover, 35% of the 50 million $FAY tokens are dedicated to earlier supporters, including $FAIRY holders and impacted wallets from the previous issue. For more details on the $FAY tokens, please check out our documentation and introductory post.

Starting from March 7th, UTC 0:00, users can visit fairyswap.finance/fay to exchange their $FAIRY tokens for $FAY tokens or claim their $FAY airdrops. We’ve provided clear and simple instructions to help the community prepare for the token migration.

Starting from March 14th, UTC 0:00, LP farming will begin for $FAY tokens on fairyswap.finance/farms. 73% of $FAY tokens will be distributed to LP mining based on the unlocking schedule, which will last for 2 years. Users’ mining rewards will depend on the number of tokens they have staked in the pool and the total amount of tokens staked in the pool.

Not everything is different, however. We’ve left the parts of FairySwap that you love the same.

Still Community Governed

Despite changes to tokenomics, FairySwap remains community-governed with the majority of tokens still reserved for the community. In addition to the allocation set aside to reimburse affected wallets, the distribution of most $FAY will continue through liquidity mining, similar to $FAIRY. This gives miners the power to shape the future of the platform.

Still Privacy Focused

FairySwap’s mission to transform DeFi into PriFi remains a top priority, with a continued focus on privacy. The current use of Findora’s privacy features enables users to protect their transactions to and from FairySwap. This privacy-centric approach will be further enhanced in the future with the integration of additional privacy features through Findora Privacy Routing SDKs, solidifying FairySwap’s position as a leading PriFi dApp in Web3.

Take A Sneek Peek At V2

V2 will have a new aesthetic to reflect the changes to FairySwap. You can see part of the new site here.

Our redesigned interface will give users a better trading experience. We’ve been taking your feedback to heart and working tirelessly to build a more intuitive, user-friendly platform. You’ll notice some changes when you connect to FairySwap, including a cleaner design and streamlined navigation.

In addition to the UI overhaul, we’ll be migrating our current smart contracts to new ones, which will provide better security and improved performance. This will ensure that our platform remains safe and stable, even as we continue to expand and grow.

We can’t wait for you to see the new and improved FairySwap in action! Stay tuned for more updates and announcements as we get closer to our launch date. As always, thank you for your support and feedback, which help us to continually improve and refine our platform. To stay in the loop, be sure to follow FairySwap on Twitter or join the conversation 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.