Telegram Announcement: The Upcoming PYDEX Launch

The long-awaited PRVAdmin announcement is here!

PRV Admin on Telegram: There are a few things which we need to get out of the way. First off, we have been really caught up getting everything ready for the launch of our DEX along with our PrivacyCard loading platform. It is with utmost pleasure to announce that we are about 90% done. This update has A LOT of important updates, so please do pay close attention. We will touch on issues one by one, so please bear with me as you read through this update.

PrivacyCard

The PrivacyCard loading platform is pretty much complete and ready to go. As of now, it has gone through multiple rounds of testing and we are proud to say that it allows for seamless staking for, purchase and loading of your PrivacyCards — all under one singular portal accessible via MetaMask. It will allow you to submit details relevant to KYC and once approved, allow you to actually load your cards with some of the larger cap tokens/coins in existence. For our launch you can expect to utilize only BSC to stake, purchase and load your cards. Once we are certain that things are working smoothly and we iron out whatever kinks may surface, we will venture into including other chains and also other tokens/coins to be accepted.

PYDEX Audits

Will be uploading the finalized report here as well. But all in all, 21 issues were identified, none of which are high risk. We have resolved 17 issues and acknowledged 4. Acknowledged issues are due to the intended design of our ecosystem, and thus cannot be avoided. But we will be mitigating them by implementing upper limits as well as ensuring transparency through every step of the way. PYDEX’s smart contracts have been the toughest contracts we have yet to have written. The biggest issue was our new and improved NFT staking reward calculation system as well as our three tiered referral system which we have managed to implement to work as intended and fairly. More will be shared once our new PrivacySwap UI is complete.

PRV2 Pending Rewards

We understand that some of you are pretty worried with regards to your PRV2 rewards. Our official announcement is that we will be recognizing the rewards as reflected when we call the pending rewards and your stakes directly via the blockchain. We will compile all the data (truncated so no one’s addresses are doxxed) and put them up along with the calculations and any instructions for you guys in a spreadsheet. We will announce once we have taken the snapshot, and along with that announcement will come with instructions of what you need to do. The reason that we are putting this closer towards us moving to PYDEX is because we wanted the data to be as current as possible, leading up to the launch.

PrivacySwap’s New Web

We will be unveiling our new web very soon. There are still a little bit of fixes and polishing to do. Basically once the UI is good to go, we will be able to launch very shortly after that.

On the Price Peg

This is pretty much the most important part of our announcement. We have recently received a tip-off from a community member (who chooses to remain anonymous) that he/she has heard of a plan by other community members to do a coordinated pump and dump. In normal circumstances, this would not be a cause for concern, considering that pump and dumps do happen everywhere. But in PYDEX’s launch, it is a major cause for concern and here is why. As you may know, we have pegged the price of PRV2 and PRVG a while back. 1 PRV2 = 0.002163 USD and 1 PRVG = 0.108507 USD was pegged on 14 December 2021. The prices now are 1 PRV2 = 0.001 and 1 PRVG = 0.047. This is a problem as PRV2 has since dropped by roughly ~50% while PRVG has dropped ~56%. We had initially included a sales tax on launch in an effort to allow for PYDEX to stabilize instead of face a sharp plunge in price as it did when we migrated from PRV to PRV2 + PRVG. The max sales tax is at 20%, and anything beyond that, we felt would impede any potential adoption of PYDEX. If we did simple mathematics, that would ultimately allow ANYONE to purchase PRV2 and/or PRVG now and have a free arbitrage opportunity of at least 30% upon launch. This would result in an irrecoverable situation of a price dump yet again.

Upon very, very tense and heated discussions amongst the PrivacySwap Core Team, we have collectively come to the following two options.

Option 1:

You may choose to NOT be pegging the price of PRV2 and/or PRVG anymore. Instead, we will be letting users swap 1:1 in USD value. This means that when we launch our PRV2 and PRVG to PYDEX swaps, we will be taking the price of PRV2 and PRVG at THAT time, and allowing you to swap for PYDEX at a dollar value. The initial price of PYDEX is still 1.88 USD, so going by today’s current PRV2 price of 0.001 USD, for example, 1 PRV2 = 0.0005319 PYDEX. The same goes for PRVG. There is no locking of the PYDEX you receive for any duration of time. The sales tax will still remain nonetheless.

Option 2:

You may choose to still go for the pegged price of PRV2 and PRVG. The sum of PYDEX you will receive will be vested over 6 months, linearly. Meaning upon swapping, you will be eligible to claim only 16.66% of the PYDEX you are supposed to get. And subsequently on set dates, you will be able to claim another 16.66% until after 6 months when your PYDEX would be fully vested.

We understand that these two options are very different from what we said we would do initially. But due to time constraints and quite a bit of unforeseen circumstances, we have had to rethink our strategy. We are in PrivacySwap for the long run. And another dump of such a magnitude would not be the best way to start our next leg. From PRV2, we have learnt a very valuable lesson. We initially split it into PRV2 and PRVG as a farming and governance token respectively. When we distributed these two tokens, we did so by giving PRVG as a bonus. Instead of bringing PrivacySwap further, it instead worked against us and caused a very big blow to our platform. We would like to avoid that at all costs now, and in doing so, we have had to make a few very tough, but necessary decisions. We are still going to be using at least 100,000 USD worth of initial liquidity.

This update has a lot to take in, so we will end this update here for now. There will be another update at the end of the week by me. As usual, we hope that you know that we cherish your support. We are doing everything we can to bring PrivacySwap to new heights. We do understand that we are really, really shorthanded and we are looking at getting more people onto our team so that we can do more, faster and better.

Although some decisions are hard to make, we know for sure that with our PrivacyCards and our PrivacySwap DEX, we are very well equipped to grow to once again be a force to be reckoned with. We have so many exciting partnerships waiting for us to launch. With our PrivacyCard cross-staking with other projects coming up along with the launch of our dedicated first in class web3 PrivacyCard platform, there is only going to be increased utility for PYDEX. Our new and improved NFT staking would create much more benefits for our NFT holders (without the lags and mistakes in displaying NFT numbers etc). We also have our new PrivacySwap Launchpad for other projects to launch their tokens via our platform, giving our users much more exposure to different kinds of projects in a fair and transparent manner. We are primed to launch and we, the team are so excited. It has been tiring but it is all well worth it seeing everything come together.

As always. I will be continuing with my catching up with messages tomorrow after some rest. Will check back again tomorrow!

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