We get a ton of questions daily. This section will compile all the frequently asked questions we get. Hopefully it helps you.
The Great Migration for PrivacySwap is the transition from the current PRV ecosystem to PRV 2.0. This move to the second layer is intended to provide a better and bigger ecosystem for our users, which include high APR farms, a two-token system, and a slew of utilities.
For current PRV holders - They can swap their PRV for a guaranteed amount of PRV2+PRVG tokens at a set ratio. The swapping has two phases:
- 1st phase (8-12 November) - a period to swap PRV for (pre) PRV2 and (pre) PRVG tokens
- 2nd phase (15-16 November) - a period to convert (pre) tokens to actual tokens of PRV2-PRVG
For non-PRV holders - There will be a 48-hour BUSD presale happening on 13-14 November wherein they can buy (pre) PRV2 and (pre) PRVG tokens.
No. PrivacySwap is decentralized and runs on smart contracts. We do not have custody of anybody's funds.
We have a trusted team member who is the one and only person who holds the address that queues transaction to timelock. Our token smart contract is and will be owned by MasterChef, and MasterChef in turn is owned by Timelocks, and we can only queue transactions to execute AFTER the elapsed timelock.
Currently 24 hours, moving forward will be 6 hours to facilitate quick and easy adjustments to APRs or farm additions/removals. Timelocks can only queue functions written in smart contracts which will be audited before launch. There is no way we can drain funds (we do not have or use migrator) and we cannot call a direct "transfer" function from MasterChef. No way.
The reason this happens is because the total number that you see on BSC scan is the total supply currently in circulation. When you talk about PRV, our tokens are not 100% minted at the start and then distributed. What happens is that the way the smart contract works is that it mints the rewards as time passes and it distributes that on a block-by-block basis. It happens every time an update pool function is called. So that's why the total supply increases slowly, in line with our emission rate.
In short, the total supply on BSC scan is not reflective of the supply cap on the maximum supply of the token.
It will look for the particular contract of the LP, and then identify transactions where the receiving party of the PRV is the contract. That's how. We can single out transactions in such a manner. So, adding liquidity and other actions will be excluded from this tax.
Up to 30,000% APR, but as more people stake, the APR will decrease. Note that the APR is not fixed. Here is the formula for calculating APR:
APR = Emission Per Day * 365 * Current Price of PRV * Multiplier of the pool you are calculating / Total liquidity in pool / Total multiplier of ALL pools.
So really, it fluctuates as more or less people enter the pool, price fluctuates, etc.
Correct. So only if there are 3 tiers will it be 12%. All of which is transparent and on chain.
Deductions are done from harvest only.
Yes, it will earn yield.
Because we are giving people the chance to own a part of governance to PRV, and if we airdropped it, it would be worthless. So, we wanted to create value for it, and this is the most sensible way of doing so.
The funds are partly obtained via presale as well as our own pockets via dev fees and our own team's investments.
Well, there may be. But once people sell either, they are either saying "We don't want to farm and earn high APR" or "We don't want to earn BUSD from deposit fees and other taxes etc. We also don't want to stake for PRV cards." We leave this to you, the user. We provide the values, the users decide which value suits them most.
HackerNet is a service. So, people pay for that service. It's something we as IT professionals know is of great benefit and use. The card's benefits are beyond just crypto - it's about enabling users to decide how they wish to use their crypto holdings. Any and all distribution of fees and the likes will be announced and shared with the community!
APR depends on multiple factors. We are unable to tell you what it is!
There are a few things that come into play. Yes, we foresee that price MAY drop - they always do for yield farms. For PRV2, we have a sales tax which is funneled back into PRVG stakers via the BUSD reward pool. This won't stop dumps, but it will encourage holding a bit more. With high emissions, we expect that APR would be an easy way in which more people will join us and find out just how serious we are about PrivacySwap.
That being said, PRVG holders will be able to use their PRVG to earn BUSD from this reward pool, or use it to increase their referral commissions, or even use it just to stake for more high APR PRV2 farming. You can also stake PRVG to get your hands on our PrivacyCards. As of now, that is the ONLY way to get a hold of one.
Sustainability is about continuous growth. And we believe that PRV2 equips us with a lot more to keep going.