Frequently Asked Questions

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What is FairySwap v2?

FairySwap v2 is the latest version of the popular decentralized exchange, featuring a new governance token, FAY, and a revamped platform designed to provide a more secure and seamless user experience.

How is FAY different from FAIRY?

FAY is the new governance token for FairySwap v2, replacing the original FAIRY token. It features an upgraded smart contract and a new tokenomics model, with 73% of tokens allocated to liquidity farming, and the remaining percentage allocated to team shares, marketing efforts, and airdrop reserves.

What happened to the original FairySwap platform?

The original FairySwap platform experienced an exploit due to a vulnerability in the FRA precompiled contract. While Discreet Labs launched an update to fix the issue, FairySwap decided to launch a new version (v2) with upgraded security measures and a new token.

How can I migrate my old FAIRY tokens to FAY?

The migration process will begin on March 1, 2023, and will last for a period of two weeks. During this time, users will be able to migrate their old FAIRY tokens to the new FAY token. After the migration period ends, the old FAIRY token will be retired, and FAY will be the sole governance token for FairySwap.

How are liquidity providers impacted by the exploit being compensated?

FairySwap has created a plan to reimburse impacted liquidity providers, with a 1:1 airdrop for certain pools and a 1:2.67 FAIRY to FAY airdrop for the FRA<>FAIRY pool. Full details on eligible wallet addresses and compensation amounts are available on FairySwap's website.

What is the mining-focused token distribution model for FAY?

73% of FAY tokens will be distributed to LP liquidity mining, with mining rewards calculated based on a user's staked tokens in the pool and the total staked tokens. The remaining percentage of tokens is allocated to team shares, marketing efforts, and airdrop reserves.

How can I get involved with FairySwap and FAY?

Users can participate in liquidity mining for FAY by staking tokens in eligible pools on the FairySwap platform. Additionally, users can join the FairySwap community on social media platforms such as Telegram to stay up to date on the latest news and updates.