The new $PARTY V2 token is needed in order to make the essential changes to our reward system. Sadly, all our $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 necessary.
$PARTY V2 will be exchangeable 1:1 with $PARTY V1. That means our users will be able to swap their $PARTY V1 tokens for the new version by only paying the minimal gas fee.
⚠️ Tokenomics will remain the same as before, so we suggest reading the following article.
After much analysis and requests from our community, we decided to increase rewards on our Piñata pairs. We will increase daily rewards to 131,600 in the short term, multiplying by 0.75 every Month following this structure instead of halving.
1st Month - 131,600
2nd Month - 74,025
3rd Month - 55,518
(...) More months in between.
12th Month - 4,168
We are also changing the Piñatas themselves. First of all, we observed our liquidity was too fragmented. So our focus turned into only incentivizing the most efficient pairs in the ecosystem.
⚠️ 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 a one-year period (That way, the unlock happens just after the previous TreasuryVesting contract is over).
Considering how fast the crypto space changes, we plan to distribute these rewards based on these tokenomics for only one year period. That means we 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, we will continue operating with the same distribution plan for another year.
Also, we decided to decrease the number of piñatas while also adding stable pairs. In addition, we have also partnered with AnySwap to release a BUSD pair directly from BSC (a way to bridge from BSC without the need for liquidity).
We have increased our focus on $PARTY token-related pools and temporarily removed or decreased pairs with smaller demand. All of these changes are variable and may change depending on further practical analysis.
We have slightly increased the Jacuzzi rewards; However, the Piñata pairs now offer higher incentives. This decision makes sense, as we aim to give more reasons to our users to provide liquidity into our platform rather than just holding the $PARTY tokens.
Still, just like our version one, we kept a very competitive APR. The Paper Hands Penalty (PHP) will start at 5%, which will heavily decrease compared to our previous version, making it less hassle for our users.
The daily rewards for the Jacuzzi will be 40,000 $PARTY tokens which will also follow the same pattern of incentive decrease as the piñatas, multiplying by 0.75 every Month, as seen below.
1st Month - 40,000
2nd Month - 30,000
3rd Month - 22,500
(...) More months in between.
12th Month - 1,267
⚠️ Note: Since the current system allows us to modify the reward distribution amount and PHP for the Jacuzzi anytime, we are open to apply changes to these attributes if necessary.
Other mechanisms will be integrated in the future to distribute profit to Jacuzzi users. As mentioned in our previous article, we plan to assign a percentage of every NFT sell to our Jacuzzi pool. Our NFT platform is set to release in approximately two months or less; more information will be released soon.
⚠️ Disclaimer for V1 users: The people that are staking in the jacuzzi will be able to withdraw their tokens from it with no penalty after the launch of the new $PARTY token. We recommend staying in the jacuzzi to keep farming rewards until the new token version launches.
Token Lockups and Audit
Our token lockups will remain in $PARTY V1: Once one of our scheduled unlock finalizes in our current lockup contracts from TrustSwap, we will exchange those PARTY V1 tokens for PARTY V2 tokens. That means no new lockup contracts.
To read more about the current Lockups, please check this article.
Also, we plan to release an audit shortly after $PARTY V2 launch day. However, we will verify all our contracts so users can audit the code behind them. The $PARTY V2 code doesn't have major modifications, just essential parameter changes to improve the reward system.