Swift Finance
Swift Finance History
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!
Last modified 3mo ago
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