PartySwap PARTY V2 announcement and Information

Published on: 02.10.2021

$PARTY V2 token

The new $PARTY V2 token is needed in order to make the essential changes to their reward system. Sadly, all their $PARTY V1 reward tokens are locked in the TreasuryVester contract (which distributes rewards among Liquidity Providers), and taking those coins out to transfer them to a new contract with the new rules is impossible. That’s why a new $PARTY token is needed!

$PARTY V2 token information:

Contract Address: 0x3EA3e5C6957581F3e70b2C33721D4E6844f60619

TotalSupply: 110,000,000

Name: PARTY V2

Symbol: PARTY

They decided to keep the symbol exactly the same; However, the token name, which is only visible in the Avalanche Explorer, will be PARTY V2. Also, the token icon will be different now, with a Party Popper instead of a piñata!

⚠️ Note: As they mentioned in their previous article, $PARTY V2 will be exchangeable 1:1 with $PARTY V1. That means their users will be able to swap their $PARTY V1 tokens for the new version by only paying the minimal gas fee.

⚠️ Note (2): Their token lockups will remain in $PARTY V1: Once one of their scheduled unlock finalizes in their current lockup contracts from TrustSwap, they will exchange those PARTY V1 tokens for PARTY V2 tokens. That means: no new lockup contracts!

Piñata rewards enchanced!

Now theirPiñata pairs will offer x8 rewards. If they used to give 16,450 $PARTYs daily, now they will give 131,600 $PARTY tokens per day. This is an insane increase from their previous version, which will surely increase their APR. Also, the token will decrease x0.75 per month instead of halving every four years!

Considering how fast the crypto space changes, they plan to distribute these rewards based on these tokenomics for only one year period. That means they will make the contract operate for 365 days. This will help us make important changes mid-term in case there are better ways to distribute reward tokens. However, if the current system is successful, they will continue operating with the same distribution plan for another year.

The $PARTY V2 piñata pairs will be very similar to V1. However, the list below can change, and the definitive pairs will be published in our new Litepaper (V2).

AVAX/PARTY (50X)

AVAX/WETH.e (30X)

PARTY/USDT (26X)

AVAX/USDT (25X)

USDT/USDC (12X)

USDT/BUSD (12X)

AVAX/WBTC.e (5X)

AVAX/GB (4X)

AVAX/QI (2X)

AVAX/renDOGE (1X)

AVAX/PEFI (1X)

AVAX/SNOB (1X)

AVAX/SHERPA (1X)

AVAX/PNG (1X)

AVAX/BAG (1X)

AVAX/AVME (1X)

AVAX/ELK (1X)

AVAX/XAVA (1X)

⚠️ Note: The native Avalanche project tokens will increase their multipliers in the future, just after testing how well this new reward distribution is received by the community.

⚠️ Note (2): The tokens left from the Liquidity Mining allocation will be locked for one year period (That way, the unlock happens just after the previous TreasuryVesting contract is over).

Jacuzzis re-balanced

For the Jacuzzi, there are not many changes. The rewards will still be very similar to today’s pool: The jacuzzi V2 single-sided pool will now offer 40,000 $PARTYs per day. However, they know this isn’t a lot compared to the new Piñatas’ distribution plan. That’s why they will give extra rewards to the jacuzzi stakeholders once their NFT collection is released, taking a percentage of all the NFT transactions to the jacuzzi pool. This will work as a great incentive for their Jacuzzi stakers, which can surpass Piñata incentives if the PartySwap NFT collection becomes popular.

Also, the Paper Hands Penalty (PHP) will decrease to 5% from the start, slowly reducing until it reaches 0% over time. We will post the schedule and the rules behind the PHP in our Litepaper V2, so please stay tuned!

Airdrops

As they announced before, the delegator’s airdrop phase 2 is scheduled during the $PARTY V2 release. Also, a new airdrop is planned for our current platform supporters, but its details will be published very soon in a new article.