Dear passengers, fasten your seatbelts. Our SpaceSwap 2.0 rocket is ready to take off! While v1 protocol will continue functioning, you have the chance to migrate onto the new platform with its universe of new Milky Planets and higher MILK2 profits.
Why did we upgrade the original SpaceSwap version?
The initial tokenomics model we proposed allowed customers to reap great profits in MILK, however, the current mechanisms make it hard to maintain the coin’s price. With the primary MILK costing $1 and the huge, fast-paced emission, it’s impossible to prevent inflation. Having too many coins in circulation means lowering their value. But we want to serve real MILK, not water.SpaceSwap v1 will remain available to users, though our team considers the second version to have better prospects in the long run.
Welcome to SpaceSwap 2.0!
What’s new? We rethought and refined the tokenomics model and the process of coin emission. From now on, SpaceSwap users will earn MILK2 coins and benefit from higher stability and bullet-proof safety.Slow food is better than fast food.
Realizing that too rapid coin emission takes a negative toll on the MILK price, we are introducing MILK2 coin with a different issuing mechanism. The reward will be gradually lowered to decelerate inflation:- While the first 10,000 blocks are being generated, 40 MILK2 coins will be minted per block.
- For the next 30,000 blocks, 20 MILK2 coins will be minted.
- And the next 60,000 blocks, users will share 10 MILK2 coins per block.
- After that, 2 MILK2 coins will be minted per block.
The original MILK coins will be preserved but will not be exchangeable for SHAKE or MILK2 coins.
This approach will reduce the MILK2 coin’s devaluation and price drop. A similar deflationary model will apply to the SHAKE super coin which will be introduced on the day of the official launch.
SHAKE owners will share 1% of the MILK2 minted coins - this reward will be distributed after every 100,000 blocks generated from the moment the project is launched. A SHAKE holder will start to receive their share of the 1% of minted MILK2 coins only after 100,000 new blocks have been generated, starting from the moment they make their SHAKE purchase.
Initially, SHAKE will be pegged to MILK2 coin at a 1:1000 ratio (1 SHAKE = 1000 MILK2). Once it enters the market, its price will start fluctuating just as regular cryptocurrencies do. To preserve the value of SHAKE, we are considering raising its price (+10 MILK2 per coin) with each SHAKE coin minted . Only 10,000 SHAKE coins will be issued!
The new smart contract will enable MILK2/SHAKE interchangeability in both directions. During the process of MILK2-SHAKE swap, the coins will be burnt/emitted. However, during the reverse exchange, i.e. SHAKE-MILK2, the price is lowered by 10 MILK2, so as to prevent instant arbitrage.
As previously announced, the SpaceSwap team will receive 3% of MILK2 minted coins.
We go original
No more Uniswap fork! We have refined MILK and Interstellar smart contracts by eliminating the Migrator part - a most questionable process which raises security concerns. Instead, SpaceSwap is leveraging the proprietary protocol with improved tokenomics and a safer smart contract. The improved protocol enables a more efficient and well-balanced liquidity distribution. Additionally, we will implement the TimeLock contract right from the start of the official launch.Bringing democracy to Milky Planets
Since we’ll no longer be tied to the list of Uniswap pools, SpaceSwap 2.0 users are free to vote for whichever pools they want to be included and our partners will be able to list their pools too!The starter list of pools will include:
- NOAH – ETH
- QDAO – ETH
- MILK2 – SHAKE
- YFII – ETH
- CVP – ETH
- DF – ETH
- UNI-MILK2 (Coming soon)
We’re also considering adding a SUSHI-MILK2 pool and a ETH-USDT pool with a moderate APY (up to 50%).
The SpaceSwap 2.0 universe counts seven Milky Planets (pools) but it’s up to users to decide which pools they’d like to see. After the generation of every 100,000 blocks, we’ll launch a vote on which pools to include, giving users the option to either vote ‘FOR’ a pool or simply not to vote. Each MILK2 holder can participate, the power of their vote being correlated to the number of coins they own. The pools that receive more than 50% ‘FOR’ votes will be listed. Each pool can function for two election periods (200,000 blocks).
Time for rising stars
Each SpaceSwap partner has a chance to get their pool added to the platform and listed. The process is simple:- Pay the listing fee of 50,000 MILK2 coins (coins will be burnt automatically).
- Have your pool introduced in the SPACEGROUND test area. Please, note that it does not guarantee the official listing - the community will decide upon the fate of your pool.
- Let users try it and if they vote ‘FOR’, your pool will be officially listed in 9 Milky Planets.
Thus, SpaceSwap gives projects a chance to promote their coins as well as offering users the opportunity to test the pools and find the best APY rates.
FAQ
- What will happen to the primary MILK coin?
- How does MILK2 differ from MILK?
- Will SHAKE stablecoin be present in SpaceSwap v1?
- What happens to pools when they get delisted after voting?
- What happens to a pool after the expiration of two election periods (200,000 blocks)? Will it be delisted forever?
- Does the MILK2 listing fee payment guarantee that my pool will be listed?
- Who is eligible for voting?
- What makes the new smart contract better than the previous one?
Want more info?
If you still have any questions, feel free to visit: https://spaceswap.app/ and check out our social media:Telegram: t.me/SpaceSwap
Twitter: https://twitter.com/spaceswapdefi
Blog: https://blog.spaceswap.app/
Discord: https://discord.gg/r6RymJj
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