Introducing SWPR Token Farming Rewards
Recently, the DXdao community identified a misconfiguration with its governance framework on Arbitrum, which effectively made it impossible for SWPR farming campaigns to be launched. If you owned SWPR before this time, you will be required to migrate your tokens over from the old contracts. See the “SWPR Conversion and Farming Plan Update” and “How to Claim and Convert SWPR on Arbitrum One” articles for details.
Since the issue has been identified, the DXdao and Swapr community has been working tirelessly to prepare the redeployment. As of today, DXvote, the Swapr dApp and SWPR token contracts have been redeployed on Arbitrum by the community. More importantly, proposals have been submitted to DXdao on mainnet to redirect the Swapr ENS to a hash of the latest Swapr release. The below timeline has been updated to reflect this.
EDIT: Farming is now live on Arbitrum!
As a reminder, Swapr is a fully decentralized AMM protocol with permissionless access to its various features. To achieve its goals, SWPR token was born — a governance token with direct control over the “Swapr Guild”. The following farming pairs, as well as the community airdrops, are solely intended to release the Swapr Governance token into the hands of relevant communities. To pass the torch of Swapr governance to those with a similar ethos to that of Swapr and DXdao.
Now that the proposals mentioned in the timeline have been submitted, the Arbitrum SWPR Farming Campaigns are set to commence on 2021/09/16 at 15:00 UTC. Mainnet and xDai will start the following week after their own respective proposals have been submitted and passed. This is, of course, assuming that no further issues preventing the submission and passage of DIY farming creation proposals occur between now and the mentioned start date. So, what should the first batch of Arbitrum farmers expect on Swapr?
In the initial configuration, SWPR rewards have been pointed to a variety of distinct pairs with varying weights on each chain. This decision was made to highlight and uniquely reward competitive pairs while still distributing to relevant pairs in the DeFi and DXdao ecosystem. To be clear; although DXdao governance currently controls the DIY farming proposals, the Swapr guild will ultimately dictate all aspects of the token release.
You may notice that there are a few changes from the chart shared alongside the SWPR token announcement. This is due to a variety of challenges that arose during the Arbitrum launch period. To start; DAI, AAVE, MOON, and PERP will be introduced at a later date. These pairs are currently not able to be bridged to Arbitrum for differing reasons. The Swapr community identified a strong alignment with these projects and would like to introduce them back as soon as feasible. Temporarily the DAI / WETH allocation was moved to USDC / WETH to keep an equivalent release percent to ETH pairs.
An allocation of USDC / USDT was added as well. This pool will be temporary; rewards are expected to phase out over the first few weeks. Users will be able to swap their stables directly within Swapr — especially in the absence of a stable centric protocol with significant liquidity on Arbitrum.
Finally, there is an “Unallocated” portion of SWPR tokens. These are a result of the aforementioned unbridgeable tokens and will instead be utilized as further community incentives however the community sees fit. As the token release schedule moves along, further pair additions and reductions are to be expected as their effectiveness is weighed.
Rumor has it; during the lifespan of these farming campaigns, SWPR token will implement “farming 2.0”… Head to the SWPR Discord to get involved.🥕
SWPR tokens will be released over two-week Epochs with increased amounts closer to the launch period. This initial token release will have a multi-chain distribution with a large focus on the emerging Arbitrum ecosystem. To be specific; 80% of tokens from each Epoch will be delegated to the Arbitrum network, while mainnet and xDai will each receive 10%. Similarly to the pairs, these allocations are ultimately to be dictated by the Swapr Guild over the lifespan of the following release schedule.
As soon as the SWPR farming campaigns commence on 2021/09/16 at 15:00 UTC users will be able to deposit their LP tokens to the campaigns as indicated in the UI. If you owned SWPR before this time, you will be required to migrate your tokens over from the old contracts. Luckily the Swapr UI will guide you through this process, but if you are looking for some extra assurance, you can follow step-by-step directions here: “How to Claim and Convert SWPR on Arbitrum One”.
About Swapr: Swapr is a multi-chain automated market maker (AMM), deployed on Ethereum mainnet, xDai, and Arbitrum. Swapr is the first AMM to allow for adjustable swap fees through governance, as well as the first DAO deployed DeFi protocol on Ethereum; developed organically within the DXdao community.