What’s new with ParaSwap Δ3? Bridge and conquer!
By: Paraswap Community Recap
Tags: Paraswap, Deversifi, Psp, Bsc, Polygon Network

These last 2 weeks saw the highly anticipated implementation of $PSP on several blockchains and the way to bridge them 🎉🎉🎉. Discord channel was also the place of 🔥 debates on a $PSP proposal, leading to the closest election ever in ParaSwap’s history! All ParaSwap’s latest news in a nutshell and maybe even a little more 👀 just 👇👇👇

PSP-IPΔ9: Trade and bridge $PSP at low cost with DeversiFi!

ParaSwap will be a major player of Zk-rollups technologies. It already completed successfully a very first transaction on ZkSync and will now make the best use of DeversiFi, enabling $PSP to be traded gas-free and privately, using its StarkWare layer 2 solution!

To achieve that result, PSP-IPΔ9: PSP Loan to launch a PSP/ETH AMM Pool on the DeversiFi Layer 2 + Bridges to Ethereum & Polygon has requested $PSP holder’s approval to set up a 2M $PSP loan to DeversiFi (interest free and recallable at any time). That new trading option will come with requisite bridges from/to Ethereum and even Polygon!

The proposal is about to win a quasi-unanimity among voters, who are always eager to spread $PSP on new networks and applications.🦅

PSP-IPΔ5: Improving the PSP staking model distribution: rebalancing risk and liquidity

There are currently two implemented ways of earning $PSP:

Being a liquidity provider at SushiSwap/Bancor

Since $PSP launch, ParaSwap has provided (very) generous and low risk rewards for pool stakers. That’s probably one of the reason why 65M $PSP are currently locked on that system.

Now that more metrics are compiled on the efficiency of both systems, $PSP holders have been summoned to decide:

Whether $PSP staking budget should be progressively lowered from 5M to 3M, eventually be rebalanced as LP incentives and sustain long term value for ParaSwap (subject to further proposal).

Or if variables are well tuned and should stay as they are

The poll was very disputed till the last minute, and option 2 finally won the ballot.

All details of the proposal (text and audio) can be found here.

That first proposal rejection in ParaSwap’s history is still fueling interesting debates around $PSP staking model, and that would be no big surprise to see another proposal on the same topic soon popping up… 👀

PSP-IPΔ4: ParaSwap Improvement Proposal Framework

PSP-IPΔ4 proposed to make it easier for PSP community to read and understand future governance proposals. Targeting less technicalities for everyone, irrespective of how techie or non-techie you are, future proposals will also be properly structured with clear terms to enable the community to understand the effect of their votes and hopefully hasten proposals’ implementation by considering the topic at the drafting stage.

The votes have been cast; the people have spoken. Majority of the ParaSwap community voted FOR the ParaSwap Improvement Proposal Framework, with a huge landslide of 9.01M $PSP versus 73.42k $PSP voting against.

All the details of the proposal can be found here.

PSP on the Binance Smart Chain: voted & implemented!

Less than one month after ParaSwap first vote resulting in BSC being the first blockchain to be implemented for $PSP, the proposal is now live, and the token is available on the Binance Smart Chain! 🎉

The token contract address on BSC is the same than mainnet: 0xcafe001067cdef266afb7eb5a286dcfd277f3de5

You can thus now use ParaSwap to swap some BNB or others tokens to PSP directly on BSC (some initial liquidity has been provided on PancakeSwap) or bridge $PSP from/to Ethereum using CelerNetwork.

PSP launches on Polygon, more power for (all) $PSP holders! 💪

Barely 24 hours after its launch on binance smart chain (BSC), $PSP went live on Polygon with Quickwap liquidity mining. Similarly to the BSC launch, $PSP holders can bridge their $PSP from mainnet (ethereum) to polygon using the matic bridge. The bridge is done in two transactions, with the first transaction granting permission to unlock the token ($PSP) and the second transaction being the actual bridge.

The supply of $PSP is not altered with the development, as bridged PSP are burned on mainnet and equivalent amount of PSP is minted on Polygon. The whole process takes approximately 10 minutes, while reversal (i.e withdrawal from Polygon to Ethereum) takes between 45 mins and 3 hours.

A joint liquidity mining program by Paraswap Foundation and Quickswap accompanied the launch. 2M PSP was provided by Paraswap foundation while 700Quick was provided by the Quickswap team to bootstrap the liquidity mining pool to be utilized in 90 days. To earn liquidity reward in the pool, users need to provide wMATIC/PSP and then stake the LP token to Quickswap.

Similarly, users can participate in the ComethSwap liquidity mining program supplying PSP/wMATIC or PSP/MUST and then stake the LP token.

Details and addresses for polygon can be found here.

The launch was a welcomed development, as reflected in the significant increase in the daily volume of $PSP. Voting using $PSP on Polygon is not possible yet, but that might change in a matter of days 👀

ParaSwap DAO wishes you a happy 2022 year

2021 has been a busy and successful year for ParaSwap in many ways. Sometimes controversial but always thriving for the best model and the most innovative solutions, we are all working as a community to create real value out of our product and keep it a standard in DeFi. We hope we will pursue that goal together with you in 2022 and that no bears or bulls will prevent you from having the best decentralized 2022 year. ⏭️⏭️⏭️

Cheers 🎉

Written by Fasthubs, airdropseeker and CZhead