AMA: PRV crypto debit card is launching with PRV2.0: Recap
Another day, another update! To prepare the community and manage expectations, PrivacySwap gave a generous amount of updates for the upcoming great migration. Here’s a recap of what happened at our event entitled AMA: PRV crypto debit card is launching with PRV2.0.
We start the program by kicking off what PRVarmies should expect from us on the great migration. In addition, we also showcased our updated roadmap for the coming year.
The Great Migration roadmap
Simply put, we will hold the price pegging of our new tokens on October 25th. We will stop our old farms on October 31st. The 1st phase of swapping for Pre-PRVG and Pre-PRV2 will happen from November 1st until November 5th. We will also have our 48-hour Pre-Sale on November 6th-7th. Then, the second swapping phase will be done on November 8-9. Furthermore, on November 11th, our new farms will go live, and the PrivacyCard will have its official beta launch.
The roadmap beyond The Great Migration
To continue our roadmap, we will support Bitcoin and Ethereum’s chain in December, and in Q1 of 2022, we will invest in more chains such as Polygon, Solana, and Fantom. At the end of Q1, we will move into a DEX and introduce our new token, PRV3. Further down the roadmap, we will also aim to be listed on centralized exchanges (CEX) in Q3 and launch our Hackernet security in Q4.
The Great Migration: tokenomics, pre-sale, swapping system, and the referral system
As announced, the total supply of our new tokens will be 33,000,000 for PRV2 and 3,300,000 for our PRVG. For the swapping system, you can take a look at the screenshot below for a better understanding.
The referral system was also explained during the AMA. For normal holders, everyone who refers someone to stake in the platform will receive an equivalent of 1% of the harvest(of the referred person) as a referral reward. To spice things up, everyone who stakes $2000 in PRVG will be eligible to receive a referral reward of up to 8% for the first tier, 3% for the second tier, and 1% for the third tier.
For price pegging, take a look at the EXAMPLE scenario below:
Questions from Community
After explaining the updates regarding the great migration, we answered some questions from our community that the PrivacySwap team gathered. You can listen to the answers to all the questions on our Youtube channel. Nevertheless, here are some of the questions and their solutions from the core team.
Q: Why does the “Total Supply” keep changing on BSC scan?
A: “… So the reason why this happens is because the total supply you see on BSC Scan is the total supply that is currently in circulation. Now when you talk about PRV, our tokens are not 100% minted at the start and then distributed. What happens is that the smart contracts mint the rewards as time passes and distribute that block by block..” -L
Q: Is it possible to share the Tokenomic insight for our PRV Project?
A: “… One thing is that we want you to understand is that tokenomics is very reliant on several factors, one of which is the pegged price and the current circulations of PRV at the time of stopping the emission and commencing the swap for PRV to PRV2… we (should) know that we have sufficient amount of PRV2 and PRVG to encompass all current PRV holders and more. We can only review the final tokenomics once we have the final numbers… the best day would be next week…” -L
Continually, L explained that PRV holders would be more incentivized to swap their PRV to PRVG and PRV2, so holders do not need to worry about PRV losing value over the pegging. In addition, he also explained that whatever happened (on the price of the token) after the price pegging was something that PrivacySwap does not have control over.
Q: How many more versions of PrivacySwap can we expect to be launched in the coming months or years?
A: “…The move from the PRV to PRV2 is a drastic move… We find it necessary to have a dual token structure where we have a very stable/ utility token ( which is PRVG). We didn’t want to dilute the value of the PRVG. That is why we added PRV2 for farming. Moving to a DEX, we need to have a token with a (very) high emission rate with a (very) high maximum supply… DEX runs long-term. There are lots of things to learn with the dual-token structure, and we want to improve the PRV2 to its final form before we move into a DEX.”
Moreover, another set of FAQs was done by our team to answer questions that were posted on the event itself. Feel free to watch that segment here.
The webinar ends with over 150 participants from Zoom, 130+ viewers from YouTube and Facebook, and over 30+ answered. Nonetheless, the team ensures that any updates that were not mentioned on the AMA will be posted on our official social media accounts. Further, we will make more AMAs in the future, so if you want to secure your slots or get updates regarding the platform’s new feature, check us out on the accounts below.