Our most awaited update is finally here! So, what did we do for so long? More than anything else, we worked on our crown jewel, Impermanent Loss Protection.
One of its kind Farmer Insurance, only from DEFY.Farm:
What is Impermanent Loss?
It’s simple to understand really.
Lets say, Defy is priced at $5 today. You buy today and pair it with BUSD and started to farm. However, when you decide to withdraw, the Defy price is, unfortunately, $3.50. Now, your harvested DEFY + your originally bought DEFY cant match your initial investment. This is when you are making Impermanent Loss.
Now that we have explained that, you realise how many times you have been burnt by this?
DEFY Farm will be the first save you from this menace! How? Simple.
Think, in the above example, when your harvested DEFY + Your originally bought DEFY doesnt fetch your initial amount back, Team Defy steps in, wearing a black hood and red cape and says, here, some more DEFY to you to make you recover initial investment!
Thats what we will do, exactly. Our ILP (Impermanent Loss Protection) smart contract will check for anybody making loss from farming and compensate them from the insurance fund.
So, what are the things you must know?
· You must farm for 30 days/720 hours. When you add LP, you get automatically protected for the current value of the LP. However, to become eligible for ILP, keep farming for 30 days.
· For now, only DEFY- BUSD farm protected under ILP. We will introduce it for DEFY-BNB soon.
· The insurance fund comes from a 0.5% tax introduced by the new tokenomics. While everything else remains the same, burn per transaction has been reduced to 2% (previously, it was 2.5%) and this extra 0.5% has been allocated to insurance fund.
Please note: The insurance fund is filled automatically and it disburses claims automatically as well. However, in the rare situation of this fund running dry, insurance will pause temporarily. It will be back and running as soon as new fund flows in from fresh trading.
Impermanent Loss Protection will be ON from the start on V2 farms on 03/05/2021. Initially, only DEFY-BUSD will be protected with DEFY-BNB coming shortly.
Aren’t you excited? DEFY Farm is the only project to offer insurance for farmers! No extra cost!
Swap & CS Mismatch Cure:
A lot of you wanted to know about the CS mismatch and we wanted to understand that ourselves.
Let us explain that happened.
We started DEFY with 100,000 fixed supply and each transaction burnt 2.5% of the transaction value. So, it is deflationary in nature.
Now when I am composing this article, the circulatory supply is well below 60,000 DEFY. All good?
Here comes the troubling part. For reasons unknown, when we add the number of tokens in all the holders’ wallet, the number shoots up to a much larger value.
First of all, this sounds ridiculous, yes we know. The Total Supply of any coin is calculated by adding all the token holders’ personal holdings.
Secondly, our code was audited by Techrate and they found no issue in the code.
Thirdly, we tallied deployer wallet balance as shown on MetaMask and as shown on BSCScan and they don’t match.
So, right now, the only way we can really find out the real Circulating Supply of DEFY is by offering this swap.
The amount of DEFY V1 swapped using our swap interface will be assumed as the real CS/TS of DEFY.
Is the new contract safe from this error?
Yes, yes and yes. We have tested the new contract on BSC Testnet with some 30 test wallets and even after some 1300 test transactions, the CS matches the holders’ data to the last decimal.
What happens during this swap?
Before anything else, DEFY team will take a snapshot of holders’ balance on 02 May’21 at 14:00 GMT. That will be the highest amount of V2 allocated to your wallet. So, please do not buy V1 coins after 02 May’21 at 14:00 as you will not be able to swap those.
Swap interface will be open to all at 16:00 GMT, ie, after 2 hours.
V2 will be added to Apeswap at 16:30 GMT, with initial liquidity.
V2 Farms will go live simultaneously.
V2 Farms will start earning rewards from 07.00 GMT 03 May’21
How do I swap?
You need to open this page: (link here)
Connect your wallet and click swap. Approve the tx from your wallet. Your DEFY V1 will be replaced by exact same number of DEFY V2.
Do I receive less amount of V2 coins because DEFY Tx is taxed at 10%?
No, you will receive the amount of V2 coins equal to the number of DEFY V1 you had in your wallet, ignoring the Tax.
So, if you had 100 DEFY V1, you will receive 100 DEFY V2 and not 90.
In other words, the transaction taxes are on us.
How long does swap window remain open?
It will remain open for 72 hours. So, please swap your old DEFY coins before 05/05/2021 at 14:00 GMT.
What happens once I have V2 tokens?
We will sell the V1 coins and use that fund to provide liquidity for V2 coins.
· Trade will after a short while, max 1 hour. We need this time to add initial liquidity.
· V2 liquidity will be initially added to ApeSwap. Apeswap will remain our preferred exchange and will have maximum liquidity.
· Later, liquidity will be added to PancakeSwap V2. (Please understand, DEFY V2 and PCS V2 are two different things and are not related)
Can I swap my existing DEFY LP?
Nope. That is technically impossible. See what happened when PancakeSwap migrated to V2, you needed to unstake, dissolve their LP, add liquidity to PCS V2 and farm.
Same with DEFY. Please unstake from existing farms and dissolve LP.
We will manually compensate the DEFY lost in this process. Please fill up the form we will provide shortly.
Please note: You are eligible for compensation only if you have swapped to V2. If you have sold off V1, there will be no compensation..
This is applicable to all the 4 DEFY Farms we have on our site. TNDR-DEFY farm will be paused for a while till we reach new agreement with them. However, we are confident of getting new TNDR farms up very soon.
Is this swap related to PancakeSwap V1 & V2?
Nope, not at all. Totally unrelated. The naming is similar, that’s all. DEFY migration has nothing to do with Pancake migration.
ApeSwap BUIDL Program:
We congratulate you, our loyal supporter that we have managed to graduate as the first ever graduate of ApeSwap #BUIDL program.
Which means, we will be getting all of the following benefits:
1. Eligible for an ApeSwap Farm rewarding in $BANANA 🍌
2. $5,000 to $20,000 to be used for collaborative marketing and business development 💰
3. A kickback of your trading fees generated 📈
4. Official marketing support from ApeSwap 🚀
5. Reimbursement of $5,000 on your audit expense 🛡
6. Access to our BUIDL network, where we get you connected to all of our top BUIDL projects and help to ensure you secure those partnerships 🤝
We will make a seperate a bigger announcement regarding this. Right now, our code is being audited by Cryptex and both we and ApeSwap will make a joint and bigger announcement on 6th May’21
Did we miss anything? Please ask us in our Telegram group and we will be happy to answer.
To swap your V1 tokens, Click the swap Button on our website Defy.Farm and reach the SWAP interface.
Telegram group: https://t.me/defy_farm
Telegram Channel: https://t.me/defy_farm_ann