BRUSH & LP migration from Fantom Opera to Sonic
Brief History
As our long time supporters will remember, PaintSwap started as a DEX and farm on Fantom in May 2021. While our DEX saw success and we surpassed $10M in TVL, our long term vision was to build an NFT Marketplace and dominate the NFT market on Fantom. We poured all our effort into building the best decentralized NFT marketplace possible, and during this time other DEXes on Fantom were actively adding new and exciting features which they were able to translate into traction for their exchanges. At the same time PaintSwap was realizing its vision to become the go to marketplace on Fantom and the team decided to put all their resources into the NFT Marketplace (and later Estfor!) — and left the exchange innovations to other teams.
In March 2022 we partnered with SpookySwap, moved our liquidity, and officially deprecated our DEX. The BRUSH farm on our site continued on to maintain the existing BRUSH tokenomics.
Sonic is Coming
Fast forward to today and the new Sonic network is here and with it many other changes to the Web3 landscape. Bribing is now common and the gauge systems that dominant are difficult to implement with the mechanics of our farm, making it harder to integrate into other protocols. As we plan for the future the BRUSH farm and staking will be removed on Sonic to open up more integrations, and more partnerships! What does this mean for the token?
BRUSH is Bridging
PaintSwap will be bridging BRUSH to Sonic. On Fantom Opera, BRUSH was scheduled to reach a max supply of 450M by September 2025.
With the move to Sonic emissions will halt, and the remaining supply will effectively be burnt, leaving a total supply of ~400M BRUSH. The remaining un-emitted supply represents unnecessary inflation for the token. The PaintSwap community’s liquidity is the highest(!) of any Fantom ecosystem token in a 50–50 pool, and Sonic projects are ready to compete for it with great incentives — more on that in a future post!
We won’t be needing the freshly redesigned yield pages after all…
Circulating Supply = Total Supply
This simple, no-nonsense approach means no new BRUSH will ever be minted again. The maximum BRUSH supply will reduce from 450M to ~400M.
Art Gallery Removed
The Art Gallery will be removed on Sonic. This contract was one of PaintSwap’s signature additions on Fantom, locking half the rewards for 3 months for both the BRUSH-FTM LP farm and BRUSH single sided staking. While we are sunsetting the Art Gallery, the contracts are immutable and will continue to exist on Fantom. The remaining 3 month BRUSH rewards can be unlocked at any time after as usual and then bridged to Sonic.
Deflationary BRUSH
The BRUSH token will continue to be burned through the many PaintSwap projects, giving BRUSH a deflationary supply. As a reminder the following dApps currently buy-back and burn BRUSH:
- PaintSwap NFT Marketplace (50% of fees)
- PaintSwap Financial fNFT Marketplace (50% of fees)
- NFT Launchpad (50% of fees)
- Estfor Kingdom (25–50% of fees)
PaintSwap is also looking forward to some exciting developments in our future:
- PaintUSD (50% of fees)
- Official Sonic Airdrop Marketplace (50% of fees)
What replaces BRUSH emissions?
BRUSH will continue to be used, and burned, in the many PaintSwap projects — old, and new.
Estfor Kingdom
This idle RPG is one of PaintSwap’s — and Fantom’s — premier dApps, leading the way for Web3 gaming. BRUSH is used for the Estfor in-game economy resulting in both burned BRUSH as well as generating fees for the DAO. The DAO has collected over $150k in fees (so far!) by being the most popular dApp on Fantom, and we expect this to continue to grow as we migrate to Sonic. These fees can be used for gauge bribes in various DEXes, generating additional rewards for LP holders, and the accumulated BRUSH can be used as liquidity for CEX listings on Sonic. For those new to the game, Estfor currently generates fees for the DAO through several means:
- Purchases from the in-game shop
- Clan war battles
- Baazar trading fees — our on-chain order book market for game items
- Clan and hero upgrades
- Editing clan and hero names
- Royalties from Item, Pet, and Hero NFTs sold on the PaintSwap Marketplace
NFT Launchpad
The NFT Launchpad provides an easy way for everyone to launch an NFT collection allowing them to focus on the important details of their project. From IPFS hosting, whitelisted addresses, and randomized minting through our own VRF, the NFT Launchpad will continue to generate fees in $S on Sonic.
NFT Marketplace
The NFT Marketplace will also be moving to Sonic, so the trading fee buybacks that were seen on Fantom will be migrating to Sonic as well, along with the increased share of the pie for developers through the Sonic FeeM program.
What does this mean for current LP holders?
As we did on Fantom, we are committed to rewarding our LP holders.
- Superior APR: You will likely enjoy even higher APRs than the current 30–40%. DEX protocols are offering us direct incentives to BRUSH-S liquidity providers through their voting weight. We will also utilize our protocol fees to offer bribes where needed to boost this even further.
- Sonic Airdrop points for BRUSH liquidity: Sonic labs has confirmed that BRUSH/S LP holders will receive Sonic points (user points) for the $S portion of the LP! For all the details read their post Sonic Points and Gems Explained — ~200 Million S Airdrop.
- FeeM: PaintSwap has been either 1st or 2nd in the rankings for every quarterly fee monetization leaderboard this year (2024). This will be supercharged on Sonic giving developers 90% of gas revenue, up from the 15% share PaintSwap receives on Fantom — a 600% increase! This additional revenue can be used for bribing votes on pools to incentivize liquidity for the BRUSH-S pair.
What about staking?
Our plan is to create an 80–20 BRUSH-STABLECOIN pool on BeethovenX which is as close to single-sided staking as possible. You will receive LP trading fees and this may also be supplemented with S & BRUSH rewards from our DAO or receive BEETs emissions from bribing voters. This balanced pool incentivizes lower impermanent loss LP strategies.
BRUSH Migration Plan
Please read below for details on how to migrate your BRUSH and BRUSH-LP from Fantom to Sonic. Once the Sonic mainnet is open to the public Sonic Labs will provide a gateway for bridging your $FTM to $S on the new chain and we will provide a bridge for BRUSH from Fantom to Sonic.
Sequence of events for migration of BRUSH and BRUSH LP to Sonic
- Sonic opens to the public. (TBD announced by Sonic Labs this month)
- Rewards on Fantom stop, and ownership of the Decorator smart contract is renounced.
- Users remove LP from the farm, and BRUSH from the staking pool.
- Users break LP.
- Users migrate to Sonic. (See migration plan below)
- Users claim remaining Art Gallery rewards on Fantom using our legacy site and bridge to Sonic.
- Repeat Step 6 for three (3) months until all Art Gallery rewards are unlocked. We plan to run the legacy site for the foreseeable future.
How to migrate BRUSH-FTM liquidity to Sonic
- Withdraw from the PaintSwap Farm.
- Withdraw LP from SpookySwap V2. (May need to click “Import Pool”)
- Use the BRUSH Bridge to migrate BRUSH to Sonic. (See bridge details below)
- Use the FTM->S gateway to migrate FTM to Sonic and receive the new $S coin.
- Add liquidity on one of the approved DEXs to be eligible for snapshots.
BRUSH Bridge
The BRUSH Bridge is following the guidance set forth by Sonic Labs for the bridging of $FTM to $S. There will be a two-way bridge between Fantom Opera and Sonic for 3 months where BRUSH can bridge in both directions After 3 months BRUSH can only be bridged from Fantom to Sonic as we prepare to sunset operations on the Opera chain and look forward to a bright future on Sonic.
Join our Discord and Telegram and follow our socials for more posts coming soon that detail the migration of specific dApps like the NFT Marketplace, Estfor Kingdom, NFT Launchpad, Beardies + Colorful Coal, and more. Stay tuned, and…
Keep painting everyone!
