About FairySwap V2
🧚♀️ FairySwap Reignited: What’s New in Version 2?
Last updated
🧚♀️ FairySwap Reignited: What’s New in Version 2?
Last updated
FairySwap was founded to be a community-governed platform and to transform DeFi into PriFi. And that is still our vision!
In January 2022, Fairyswap was deployed as the inaugural decentralized application (dApp) on its Findora’s EVM chain. We launched it as a fair launch project (hence the name “FairySwap), meaning that the vast majority of governance tokens were reserved, not for the team, but for community members participating in liquidity mining.
The founding team’s vision was to create a comprehensive DeFi platform for token swaps, lending, NFT trading, collateralization, and more. DeFi had taken off the year before in the “Summer of DeFi” in 2020 — but many of those projects wanted to make a quick buck instead of focusing on long-term value creation. We decided to do something different. We launched with the long-term in mind, focusing on capturing value, not just TVL, and solving real pain points for users.
That’s why we decided to build on Findora. Building on Findora, our goal was and is to create a private lending platform and be one of the first PriFi dApps in Web3.
We faced some challenges starting out, such as limited liquidity. But after a year of operation, we are proud to be an integral part of the Findora community.
We’re excited to share with our community the launch of Fairyswap v2, our new governance token, $FAY, and our plans for reimbursing liquidity providers who were impacted recently. We are committed to our mission to empower the Findora community with democratic finance by providing a safe and secure platform.
We understand that the recent breach on our platform might have caused concern, as unauthorized wallets gained access to specific liquidity pools due to a precompiled contract vulnerability. We want to assure the community that the problem did not originate from our smart contracts, but rather from a vulnerability in the FRA pre-compiled contract, which was quickly resolved by Discreet Labs. Further details about the fix are available here.
To ensure the continued safety of our users, the FairySwap contributors team has thoroughly reviewed all of its smart contracts and will work closely with auditing groups such as CertiK. We are now focused on reimbursing the affected wallets.
As part of our commitment to prioritizing protocol security, the FairySwap contributors’ team has conducted a thorough review of all smart contracts and will continue to work with auditing groups like CertiK . We’re now focused on launching Fairyswap v2 with new contracts for all liquidity pairs, and prioritizing reimbursement for impacted wallets.
First of all, it’s more secure. Not only was the underlying issue that caused the exploit fixed, we also reviewed all internal smart contracts for any other vulnerabilities. We have an audit as well from CertiK from 2021 and will continue to get 3rd party audits done for the safety of our community.
We are thrilled to introduce $FAY, the new governance token for Fairyswap. $FAY preserves most of the tokenomics design from $FAIRY, which means users are still incentivized towards liquidity mining, and the majority of tokens are reserved for mining rewards.
The total supply of $FAY tokens is capped at 50 million, ensuring a more stable and sustainable token that is less prone to volatility. Moreover, 35% of the 50 million $FAY tokens are dedicated to earlier supporters, including $FAIRY holders and impacted wallets from the previous issue.
Starting on 2023, March 7th, users can visit fairyswap.finance/fay to exchange their $FAIRY tokens for $FAY tokens or claim their $FAY airdrops. You can check this clear and simple instruction to check the detailed process for the token migration. With $FAY, we are confident that we can offer a safer and more reliable platform for the community to trade and invest in a variety of tokens.
V2 will have a new aesthetic to reflect the changes to FairySwap. You can see part of the new site here.
Our redesigned interface will give users a better trading experience. We’ve been taking your feedback to heart and working tirelessly to build a more intuitive, user-friendly platform. You’ll notice some changes when you connect to FairySwap, including a cleaner design and streamlined navigation.
In addition to the UI overhaul, we’ll be migrating our current smart contracts to new ones, which will provide better security and improved performance. This will ensure that our platform remains safe and stable, even as we continue to expand and grow.
Not everything is different, however. We’ve left the parts of FairySwap that you love the same.
Despite changes to tokenomics, FairySwap remains community-governed with the majority of tokens still reserved for the community. In addition to the allocation set aside to reimburse affected wallets, the distribution of most $FAY will continue through liquidity mining, similar to $FAIRY. This gives miners the power to shape the future of the platform.
FairySwap’s mission to transform DeFi into PriFi remains a top priority, with a continued focus on privacy. The current use of Findora’s privacy features enables users to protect their transactions to and from FairySwap. This privacy-centric approach will be further enhanced in the future with the integration of additional privacy features through Findora Privacy Routing SDKs, solidifying FairySwap’s position as a leading PriFi dApp in Web3.
We can’t wait for you to see the new and improved FairySwap in action! Stay tuned for more updates and announcements as we get closer to our launch date. As always, thank you for your support and feedback, which help us to continually improve and refine our platform. To stay in the loop, be sure to follow FairySwap on Twitter or join the conversation on Telegram.
