Swift Finance initially launched in September 2021 and has been operating up to the first week of March 2022.
This means we have been operating for over 7 months proving that our degen yield farm has surpassed any other yield farms in terms of longevity & sustainability!
So what happened?
In short, our burn pool was not enough to counter-act the incoming supply of $SWIFT. In fact, when we first launch, we didn't actually have a burn pool, it was more of a staking pool where users could unstake their $SWIFT, and eventually sell it on the market further reducing the price of $SWIFT.
Anyway, once we eventually deployed the burn pool, at most it was around 25% of supply that has been burnt, which has unfortunately proven to be insufficient in providing positive price action.
Although 7 months is pretty incredible given that most farms last at most of 2 weeks, this still led to an eventual decline on the price of $SWIFT and eventually a decrease in interest from the community.
So what can be done?
The lesson here is simple, we simply need to provide more burning mechanisms to increase the overall % of $SWIFT burnt, providing stable demand for $SWIFT which will in turn maintain a healthy market for $SWIFT.
Burn Mechanism in V2:
- 10% Transfer Tax
- Burn Pool
- Harvest Lockup
- Play to Earn game, burning SWIFT to upgrade NFT skills & aesthetics
This time however, we will launching with 3/4 burning mechanisms right out of the gate, rather than having it implemented over time like with $SWIFT v1, which unfortunately was proven to be a little too late.
Not sure what is an APR Reset? Check it out here!