A Fair Transition
Pera Finance will be burning more than 500.000 $PERA until the end of migration.
Dear Pera Family,
This week has already exceeded our expectations regarding the activities on the Testnet and the migration contract. Thank you so much for your contributions, and as you might already know from previous updates, you may be eligible for rewards.
However, the migration and the Testnet incentives are not everything we have been working on.
This week a total of 1.500.000 transactions have been made on the Testnet, and more than 11.000.000 $PERA has been staked in the migration contract.
By contributing highly within the first week of the migration process we, all together, have created an opportunity that would benefit the community and the platform significantly. To ensure a fair migration, we thought of ways to benefit from the locked liquidity.
Here is what we are set to do and how it’s estimated to affect the platform and the users:
At its current state PERA smart contract is set to push emissions to incentivize traders and liquidity providers. The protocol distributes 50.400 $PERA every day to LPs, in proportion to their contributions.
By having most of our investor’s tokens locked in the migration contract, we can yield most of the daily emissions by providing new liquidity, which would be utilized in a manner that would benefit the community and the value of $PERA token.
Hence, we are removing all of the collected LP emission rewards from the circulation.
To our estimations, around 25.000 $PERA, almost 50% of the daily emissions for LPs, will burn each day until the migration ends. The burn transaction will be shared with the public once completed.
This burning process would not only aid in reducing the selling pressure from the token but also aids us in keeping price fluctuations to a minimum upon the completion of the migration.
Furthermore, the reduction of the circulating supply will be supported by two additional measures.
First of which is about the tokens sent to the burn wallet, caused by the DAO incident: (refer to the “Launch Saga” for more)
Tokens were sent to this burn address :
The amount sent to the burn wallet, 7.1M $PERA tokens, is a significant proportion of the circulating supply. So, we excluded this address from the holders’ list.
But, in light of the migration, we realized that this much $PERA can yield a significant amount of holder rewards from swap fees.
Thus, we decided to include the account back in the holders’ list to yield $PERA fee rewards; and since nobody is the owner, the yielded rewards would be sent to the DAOMaker burn wallet, effectively taking them out of circulation.
The second is about the unclaimed rewards from the daily trading competitions:
The daily trading competitions are coming to an end. Instead, we will be providing our services to partner projects and DEXes, and occasionally, we will be launching competitions in the new PERA platform.
Claim your trading competition rewards if you haven’t. For those who have not claimed their rewards until the migration is complete (April 7, 2022). We are sorry to inform you that the unclaimed competition rewards will be burned.
Disclaimer: As some of you may recall we are removing infinite emissions from our contract to sustain the platform better. This burning process will be complete once the migration is. (est. April 7, 2022)
About Pera Finance
Pera Finance is the first DEX optimizer, designed to secure and boost long-term trading volume, improving the capital efficiency for the entire DeFi space. Pera Finance is a service provider offering decentralized trading competitions with customizable parameters, and adjustable swap farming tools to manage protocols’ liquidity while improving user experience. Pera Finance aims to become DeFi’s most sustainable protocol by introducing innovative volume-boosting tools to the DeFi space and improving the user experience.
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