SWPR Conversion and Farming Plan Update
Background and Timeline
Note: Users won’t need to take action until a DXdao proposal is submitted and passed on-chain, updating the Swapr ENS and opening the SWPR converter. This can be done after the ENS update proposal has been passed on-chain, with a written conversion guide available at that time. The only place to convert SWPR will be through the Swapr.eth domain; follow the Swapr Twitter for follow-up announcements.
A misconfiguration with a new DXdao governance framework on Abritrum One has been identified, making it impossible to launch Swapr farming campaigns or manage the Swapr protocol fee. DXdao community members are working around the clock preparing the deployment of a new governance framework on Arbitrum One and a new SWPR token with a one-to-one conversion. Instructions on the conversion process will be shared once the Swapr.eth ENS has been updated.
DXdao’s base on Arbitrum One is using a new governance framework, DXvote. A test proposal demonstrated that proposals cannot ‘be boosted’ on DXvote and thus cannot use holographic consensus, rendering the base unusable.
This affects the SWPR token because SWPR in its treasury cannot be used to launch farming campaigns. This also means that the fee controller contract on the current Swapr deployment cannot be governed.
The DXdao community has been focusing on redeploying the Arbitrum One DXdao Base, a new SWPR token contract and a one-to-one conversion process to allow for SWPR farming on Arbitrum One as soon as possible.
The Swapr Squad and DXdao community have been working tirelessly to prepare for the redeployment. As soon as it is ready a proposal to update the Swapr.eth ENS will be submitted, followed shortly after by a Farming Announcement. The aforementioned proposal will take 4 days to move through DXdao governance. As soon as it has passed, old SWPR tokens can be converted to the new SWPR directly within the Swapr.eth UI. The community is preparing to launch farming campaigns within two days of the proposal passing!
All DXdao products are updated through ENS domain proposals, which require 4 days to pass without a majority vote. Until that proposal, Swapr.eth will not display the SWPR conversion UI. For questions until then, please see the DXdao Twitter, Swapr Twitter and the #🪂│swpr-airdrop channel in the DXdao Discord.
To give an update on timing, farming campaigns will no longer start on Monday but will launch as soon as feasibly possible. Once the new DXdao base is live, the community will be able to launch and vote on SWPR farming campaigns.
To start, the community is planning at least 8 farming campaigns across some of the most popular DeFi pairs on Arbitrum One, with over 2.2 million SWPR tokens planned as incentives in the first two weeks. There are also allocations for additional pairs as well as the 1% Airdrop Reserve allotment which the Swapr community can decide on how and where to distribute.
Look forward to a formal farming announcement, including finalized pairs, rewards and chains later this coming week. You can keep up to date with the release timeline on the below Swapr socials.
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.