Introducing FairySwap and $FAIRY Token

🧚‍♀️ Introducing FairySwap and $FAIRY Token

Public blockchains like Bitcoin and Ethereum are constantly blabbing about what you are doing and what trades you are making. FairySwap is the enchanted space that gives your privacy back to you.

FairySwap is like Pancake Swap, but private and faster. It’s the first Automated Market Maker (AMM) Decentralized Exchange (DEX) built on Findora, a new kind of blockchain that protects your personal information by making it publicly verifiable without making your information public. With Findora’s EVM, FairySwap gives you unbelievably fast cross-chain swaps with Layer 1 chains like Ethereum and Binance Smart Chain, while minimizing fees and maximizing efficiency. Fast and inexpensive privacy on public blockchains — that’s the magic of FairyLand.

At the core of this 100% community-driven, fair-launch initiative is the FAIRY token (FRC-20 standard), introduced to guarantee long-term sustainability, directed by a dedicated governance mechanism and shared community ownership. FAIRY features an elegantly designed deflationary mechanism and a mining-focused token distribution model, without any unfair allocation to early investors, teams, advisors or insiders.

FairySwap unlocks the exponential growth potential within Findora’s ground-breaking privacy blockchain. FairySwap is pioneering Findora’s DeFi and future metaverse, and is 100% committed to privacy protection, auditable transparency, and permissionless access. We’re creating a future where anyone in the world can access needed financial services without exposing personal data or identity theft.

FAIRYENOMICS

FAIRY Distribution Breakdown

No FAIRY tokens are allocated to the team, investors, advisors, or any sort of insiders. FairySwap is entirely community-driven and fair-launched.

A total of 10,000,000 FAIRY tokens are minted at genesis, of which fully 100% will be distributed to the community according to the allocation chart.

  • The majority (97%) of FAIRY tokens will be dedicated to the community treasury and distributed via Liquidity Mining.
  • The remaining 3% of FAIRY tokens are dedicated to other community incentives like airdrops.

FAIRY Mining Schedule

The vesting schedule is algorithmically specified as follows: the first 24 days after launch features extremely lucrative returns for yield farmers with 1.7M FAIRY tokens released through liquidity mining: 100K FAIRY released daily for the first 10 days and 50K FAIRY released daily after the first halving happening on Day 10. After the initial 24-day period, the number of FAIRY released daily “halves” at a rate of 80% every 40 days. This pattern continues into perpetuity. For example, during the first four years, roughly 9,697,404 FAIRY will be distributed to liquidity miners cumulatively. The full schedule of distribution of FAIRY in the liquidity mining allocation is shown below.

The liquidity mining program starts on mainnet launch and will cover the following pools on FairySwap:

FAIRY mining rewards will be allocated per pool, proportional to its liquidity as calculated by the total value in the pool, adjusted by reward multipliers. To reward early holders of Fairy tokens for their dedication, evangelism, and engagement which secure the sustainability of the protocol, FAIRY trading pools are configured with higher initial multipliers.

FAIRY - Token Utility

  • Protocol Governance: the most prominent usage of FAIRY tokens. The majority of FAIRY tokens will be distributed via Community Incentives and Liquidity Mining to balance high market utilization with wide distribution of governance participants. FAIRY holders- can vote on Fairy Improvement Proposals (e.g. adjusting pool parameters and yield farming multipliers, adding/subtracting trading pools, integrating new ecosystems, taxation policies, etc.) to collectively decide on the best solutions for the protocol.
  • Staking & Yield Generation: FAIRY tokens are awarded to Liquidity Providers who lock LP tokens in the farms via yield farming to optimize for stability and consistency of liquidity locked on FairySwap. Extremely lucrative rewards are allocated to early yield-farmers/supporters.
  • Launchpad: FAIRY tokens are supported in the realm of Dreamland🍄, a launchpad for new project incubation and decentralized fundraising on Findora to further bootstrap the FairySwap ecosystem.

FAIRY - Innovative Deflationary Mechanism

FAIRY features a unique, elegantly-designed deflationary economic design.

When a user makes a trade on FairySwap, a 0.3% fee is charged with a 50% used for LP tokens, i.e. 0.15% goes to Liquidity Providers to compensate impermanent loss as well as rewarding liquidity provision; The other 0.15% are transferred to a treasury address. For privacy transactions on FairySwap, an extra 0.1% commission fee is charged and transferred to the treasury; for cross-chain private transactions, an extra 0.04% commission fee is charged and transferred to the treasury.

The Treasury is used for FAIRY token buybacks, which are later transferred to a “swamp address🐊” and are effectively burnt, making FAIRY a DEX platform token which incorporates a feedback-loop that creates deflation and value accrual.

SECRET GARDEN: STAY FOR PRIVACY

Inheriting default programmable privacy from Findora’s privacy-preserving UTXO ledger, FairySwap is able to protect its users from malicious privacy exploits prevalent on Ethereum and other fully-transparent ledgers, including transaction linkability, identity traceability, front-running and so on.

This is achieved through a process called Privacy Loop, which breaks the on-chain link between sources of transactions and their destination. Leveraging cryptographic algorithms including atomic swaps and anonymous transfers to create ZK synthetic assets, FairySwap creates aa “decontamination” process to help users establish anonymous on-chain identities. Users can use these secret on-chain identities to migrate and trade their assets from “contaminated” accounts on any of the many ecosystems supported by Fairyswap for privacy protection. FairySwap thus automates the transfer of user assets from a traceable account, linked to an identity that was KYC’d on a CEX, to an untraceable address on FairySwap’s DEX.


*Figure 1: there are two types of address space in Findora Layer 1, i.e. the Findora EVM address space (address space I) and the Findora UTXO address space (address space II). An asset withdrawn from a Centralized Exchange (CEX) to a Findora EVM address is linked to the users’ KYC’ed identity.

User Flow

Four addresses and 2 sets of mnemonic keys are created in a Privacy Loop: UTXO addresses A, & B, and Findora EVM address 0x… (UTXO address B and EVM address 2 share the same mnemonic; UTXO address A and EVM address 1 share the same mnemonic;)

  1. Internal transfer from EVM Address 1 to UTXO address A

  2. Convert transparent UTXO token to ZK synthetic asset

  3. Anonymous transfer of the ZK synthetic asset from UTXO address A to UTXO address B

  4. Convert ZK synthetic asset to transparent UTXO token

  5. Internal transfer from UTXO address B to Findora EVM address 2

All the bridges to Fairyland

FairySwap leverages the efficiency of Findora’s EVM ledger to achieve transaction speeds that are orders of magnitude faster than Ethereum with gas fees that are a fraction of the cost. This is not limited to trades of FRC-20 tokens native to Findora. Integrating with the Rialto bridges to interoperate with major ecosystems, FairySwap begins with BSC and Ethereum but will later expanding to Bitcoin, Avalanche, Polkadot, Cosmos, Terra, and more. FairySwap supports liquidity migrated from other ecosystems to capture high yields and provide privacy protection.

FairySwap envisions itself to steward the exponential growth of value migrated to and generated within Findora’s DeFi and metaversal ecosystems as a pioneer project launched on Findora.

The Fairyverse

FairySwap not only intends to introduce a trustless and permissionless marketplace for FRC-20 tokens but also for FRC 721 tokens. FairySwap enables any user to establish anonymous on-chain identities in its ecosystem through the creation of FairyNFTs.

Similar to Bored Ape Yacht Club and Cryptopunks type of PFP(Photo for Profile)-games, FairyNFTs will be launched in collaboration with the most well-known artists, as a first building block of the Fairy-verse. FairyNFTs can be verifiably owned by anyone as avatars to represent on-chain identities in the FairySwap ecosystem. At launch, each FairyNFT is uniquely designed with several identifiable rarity attributes, e.g. pieces of jewelry, the color of eyes, the shape of wings.

FairyNFTs are not only PFP collectibles but will also be the building blocks for an upcoming play-to-earn RPG game to be launched in the next stage; FairyNFTs will steward the upcoming GameFi scenes on the Findora platform as a pioneer project.

Hello. Do you have Twitter Account?

https://twitter.com/fairy_swap