The launch of the SWOP token is coming up, and we are working hard to prepare the infrastructure. The four new smart contracts will be created:
- Early-bird smart contract that delivers an available portion of the early-bird reward by a claim.
- SWOP farming smart contract where liquidity providers can stake their share tokens to earn the SWOP farming reward.
- Governance smart contract that enables SWOP staking, and later — voting for SWOP-farming pools.
- SWOP-USDN liquidity pool that makes it possible to perform swaps, provide liquidity to it, and farm SWOP, like other pools.
Launch timeline
- First of all, we are going to run the SWOP farming tool where liquidity providers can stake their share tokens in advance (scheduled for January 27–28).
- The early-bird reward will be calculated and recorded. That will be the end of the early-bird epoch. From then on, only those providers who staked their share tokens will be rewarded with SWOP.
- On launch day, the SWOP token will be issued.
At launch, the early-bird smart-contract and the SWOP farming smart contract will be initialized as if they have already been launched and within 7 days. Therefore, there will be ~ 38,356 SWOP available at launch: ~ 19,178 SWOP for early-bird liquidity providers (1 M of the early-bird reward / 365 days × 7) and 19,178 SWOP for those who managed to stake share tokens (1 M of the first-year reward / 365 days × 7). It does not matter at what point before the launch the share tokens were deposited: at launch, they will be counted as if they were added 7 days ago.
SWOP staking
At launch, you will have new opportunities:
- Claim your available SWOPs to receive them on your account.
- Provide liquidity to the SWOP-USDN pool.
- Stake your available SWOPs to get the governance reward.
The governance reward source is governance fees that are currently 40% of swap fees from all the liquidity pools. Since the beginning of the project, about $ 34.000 of governance fees have already been collected. Both previously accumulated and newly received governance fees will be swapped to USDN and then swapped to SWOP in the new SWOP-USDN pool. The daily buyout volume cannot exceed 1% of the SWOP amount in the pool so that the price movement is smooth. SWOP tokens purchased with governance fees will be distributed among the SWOP token holders who have staked their tokens.
Governance
Each pool will receive a certain percentage of the SWOP farming reward determined by the project team. Later, you will be able to vote for SWOP-farming pools with your staked SWOPs, and the reward will be divided between the pools pro-rata number of SWOPs voted for them.
See also questions & answers about providing liquidity and share tokens in Swop.fi FAQ.
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