The expansion of the DeFi space to incorporate additional value propositions can result in exciting new opportunities for the entire ecosystem. Untapped markets start revealing themselves, new use cases begin to emerge, and the innovation potential is limitless.
AshSwap introduces a novel approach to stable-to-stable asset trading, making them more accessible, efficient and reliable for the new internet economy.
Most of its functionalities are already live on the Elrond Devnet and anyone can interact with them to get familiar with how they work.
The ASH token listing on the Maiar Exchange will feature the Price Discovery mechanism, which will enable the ASH token to find its way towards all interested parties, in a fair and balanced manner.
Who should join the ASH Price Discovery mechanism?
Price Discovery is designed to mitigate the volatility that is inherent to any new listings and to help align the interests of market participants without any incentives for speculators or bots. It offers advantages for buyers, sellers and long term supporters alike.
Buyers who want to grab a share of the tokens as early as possible - there are a lot of great reasons one would want to join AshSwap in their journey from the Maiar Launchpad towards building an efficient medium of exchange for similar-priced assets. Joining in the price discovery phase can be a great opportunity to secure ASH tokens as early as possible, before even more people have a chance to understand its potential.
Sellers who want to protect their investment and allow more participants to join - if you are lucky enough to already own ASH tokens, you might want to recover some of your initial investment, while at the same time giving the opportunity for more people to own a piece of the AshSwap project and join you on your common mission of helping it become a success.
Liquidity Providers can deposit Regular and/or Locked tokens and get up to 1000% APR by staking LP tokens - smart DeFi actors will want to benefit from the excitement around a new hot token getting listed on the Maiar DEX. The reduced volatility will keep Impermanent Loss to a minimum, while interest around the trading start will still generate significant volume that LPs will want to grab as many of the resulting fees as possible. Better yet, staking LPs in the farm will yield up to 1000% APR in the first 7 days.
ASH Token Listing Schedule and Participation Instructions
The ASH token listing on the Maiar Exchange will be a process spanning over a few days, during which the market will be able to discover the token’s real value, and participants will be able to further use tokens obtained from the price discovery process in liquidity provision, farming and trading.
Detailed instructions are available in video format thanks to our talented partners from Carpathian Staking, who made a great explanation clip covering the process. Watch it here: https://youtu.be/0Syo8zfuZsA
If you prefer written instructions, please find them below:
Go to https://maiar.exchange/launch and log in with your wallet containing the EGLD or ASH tokens you are looking to use in the Price Discovery process.
ASH Staking - October 25 17:00 UTC, rewards start on October 26 09:00 UTC
As an improvement on the first iteration of the Price Discovery mechanism, ASH staking will be made available immediately, and rewards will begin shortly after.
Staking ASH will yield up to 15% APR and there will be a 10 days unbonding period for unstaking.
*Please note that only ASH tokens can be used for Staking, LKASH tokens cannot be staked.
Price discovery October 26 17:00 UTC - October 27 17:00 UTC
Phase 1: Deposit & Free Withdraw October 26 17:00 UTC - October 27 09:00 UTC
The initial phase will allow everyone to deposit ASH and EGLD tokens. The price will reflect the deposited amounts. If participants decide to withdraw tokens, they can do so without any penalty.
Phase 2: Deposit & Up to 10% Penalty Withdraw October 27 09:00 UTC - 13:00 UTC
In this phase deposits are still possible. As sufficient time will have passed for the participants to indicate their intentions, a range of the final price becomes apparent. Participants who think this range is outside of their interest area can still withdraw, but at a penalty that increases over time up to 10% at 14:00 UTC
Phase 3: 10% Penalty Withdraw (No more deposits) October 27 13:00 UTC - 17:00 UTC
As the participants in the previous phase could make their decisions at a lower penalty, the range of the final price becomes even more clear. Deposits are no longer possible here and participants who chose to withdraw will incur a hefty penalty of 10%.
Claim Tokens, Add Liquidity & LP Staking October 27 17:00 UTC
This is the time when the Price Discovery mechanism ends, and the new ASH market price is known. The price will be calculated by the ratio of ASH to EGLD resulting from the amounts of tokens deposited in the price discovery smart contract. The ASH USD price will consider this ratio and the real time EGLD USD price.
Participants will now be able to Claim the tokens. Those who deposited EGLD will get locked ASH tokens. Those who deposited ASH will get locked EGLD tokens.
These locked tokens can be used to add liquidity, and then further to stake the resulting LP tokens into the ASH/EGLD farm, which will yield up to 1000% APR LKMEX rewards, or up to 200% APR MEX rewards, for a period of 7 days. Rewards will be enabled October 28, 17:00 UTC.
The LKASH tokens received for the winning ticket(s) at the Maiar Launchpad lottery can also be used to add liquidity, and then further to stake the resulting LP tokens into the ASH/EGLD farm.
Swaps Enabled (Locked tokens) October 28 17:00 UTC - October 29 17:00 UTC
24 hours after the participants claim their tokens, deposit liquidity and stake their LPs, trading will begin. When swapping EGLD for ASH, traders will receive locked ASH, and vice versa.
Time locked tokens can’t be swapped (sold) but they can be used to add liquidity. They will unlock according to the following schedule:
- Price Discovery tokens unlock October 30, 17:00 UTC
- Tokens swapped in the first 24 hours after trading starts will unlock on October 31 17:00 UTC
Swaps (unlocked tokens) October 31 17:00 UTC & onwards
The ASH listing process will be completed and tokens can be fully unlocked. By then the token price movement should no longer be influenced by the excitement or speculation intentions around the initial listing, thus bringing the ASH token price at the value set by the market.
Why is there a time lock on the tokens resulting from Price Discovery and initial swaps?
Timelocking the tokens protects early market participants against speculators and bot operators who look to “buy low, sell high” in a short period of time.
What kind of tokens do I get during the Price Discovery phase
Depositing EGLD and/or ASH in the Price Discovery phase returns a special metaESDT token, which has meta-data attached to it that indicates the amount of EGLD and ASH deposited and the unlock epoch. This is then burnt during the claim process, when the metadata amounts are used to compute the amount of tokens that can be claimed, factoring in the final price.
Can I trade the locked tokens from Price Discovery and Initial Swapping?
No, these tokens are not tradeable.
What happens to the penalties incurred to those who withdraw?
The penalties collected from those who withdraw early are distributed pro-rata towards the participants who remain in the price discovery until the end. These amounts do not influence the price, but are rather distributed as a bonus to participants.
Example: Assuming that 10,000 ASH are collected from all penalties, and that you deposited 1% of all the total EGLD from the price discovery, you will receive 100 ASH tokens as a bonus, on top of the ASH tokens you will get from depositing the EGLD. The same is valid for the EGLD collected from the penalties, which is distributed towards those who deposited ASH in the price discovery process.
What is the value of lockedEGLD and lockedASH?
The locked version of the tokens retain a 1:1 value ratio to their unlocked pairs.
1 lockedEGLD = 1 EGLD. Unlocking 1 lockedEGLD will result in 1 EGLD
1 lockedASH = 1 ASH. Unlocking 1 lockedASH will result in 1 ASH
Can I add liquidity with lockedASH and lockedEGLD?
Yes. “locked” means the tokens can’t be traded, but they can be used for adding liquidity at a 1:1 value ratio to the unlocked tokens.
What kind of rewards will I get for adding EGLD/ASH liquidity?
When adding liquidity you will start earning liquidity provider fees. These are equivalent to 0.25% of every trade, proportional to your participation in the liquidity pool.
If for example the 24h volume is 10,000 EGLD, 25 EGLD will be earned by liquidity providers. If you contributed 1% of the liquidity, 0.25 EGLD will be yours. This is just an example to illustrate the concept, the actual figures will vary.
In addition, if you stake your LP tokens in the EGLD/ASH farm, you can earn additional rewards. You can earn up to 1000% APR in LKMEX (Locked MEX) and up to 200% APR in MEX (unlocked). You can choose the type of reward when staking the LP tokens into the farm.
What are the starting parameters for the initial EGLD/ASH liquidity?
The ASH tokenomics include provisions for liquidity, released on Day 1 as part of the Community tokens. AshSwap will use 15,000,000 ASH to provide liquidity on the Maiar DEX.
7,500,000 ASH - half of the amount - will be deposited in the Price Discovery phase. After this phase is over, the ASH deposit will be converted into lockedEGLD at the price discovered by the market.
This resulting lockedEGLD, together with 7,500,000 ASH tokens - the other half of the amount dedicated for providing liquidity on the Maiar DEX - will be deposited in the EGLD/ASH liquidity pool, thus consolidating the price discovered by the market and offering traders with a sufficient liquidity pool right from the start.