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Swag Finance Token Launch guide

Swag.live is a popular adult entertainment platform with over 10 Million users worldwide with over $12,000,000 USD annual revenue (source). SWAG pioneered the Asian adult entertainment industry, offering both streaming and pay per view videos for over 10,000 content producers. The team is headed by Sam Liu and had origins in Taiwan. Currently, SWAG has set up offices in Montreal in charge of expanding operations to North America and worldwide. SWAG has signed up top global talents such as Eva Elfie to produce content for the platform.

Swag is offering a decentralized community governance token – SWAG – to continue the expansion and move to a Decentralized Autonomous Organisation (DAO). Overall, SWAG is issuing a total of 540 Million tokens to achieve decentralized governance.

Swag Governance Tokens

SWAG Live platform

SWAG has decided that instead of growing the community in a centralized fashion with few participants, they are choosing to embrace community governance. The key is to allow more participants in their ecosystem, allowing for faster product iteration and better product design by including community feedback and design making. The key is to harness the power of the community and decentralization to push SWAG’s growth to the next level. In many ways, SWAG’s token offering is an experiment, as the adult industry has been traditionally shrouded in secrecy – with big players making most of the decisions and taking most of the profit.

Each SWAG token is entitled one vote in community governance. Governance voters will be rewarded via “Squirt pool” that have valuable rewards (see below).

Token information:

Initial offering price: $0.10 per SWAG
SWAG Total Supply: 625,000,000 SWAG tokens.

To guarantee the governance of the SWAG community, the team has stated the following

  • Team will not privately coordinate any decisions
  • Team will no actively participate in DAO governance
  • Team will not pay for DAO maintenance, and DAO management is not hired by the team.

SWAG token offering – First Swap Event

Swag will offer tokens via a “First Swap Event” (FSE) held on Cream.finance (you can read our take on CREAM here). The FSE event will take place on the 14th October 2020 at 2:00pm (UTC), with an initial price of $0.10 per SWAG. Cream offers the ability to swap tokens via its decentralized exchange component. The FSE will start with each SWAG token through two 50/50 pools:

SWAG/USDC (500,000 / 50,000)
SWAG/CREAM (500,000 / 50,000 USDC equiv)

To swap for SWAG in the FSE, participants will need to have both $USDC and $CREAM, along with $ETH (for gas fees). The Team does remind people that after submitting a transaction, it could take 1-2 minutes for confirmation. Also, CreamSwap runs on an Automated Market Maker (AMM) mechanism. Hence it is possible that prices of SWAG may change whilst the transaction is pending confirmation. However if this happens the transaction will simply fail, but your tokens will not be lost.

After the FSE, participates will also be able to earn extra SWAG tokens via a yield farming event on CREAM. Users will be able to provide liquidity to SWAG trading pairs, thus increasing the size of the liquidity pools for SWAG. Cream liquidity pools function same as Balancer, so the more liquidity that is added, the more stable a trading pair will be. To find out more about liquidity pools and how they work, you an check out our article on Balancer and Liquidity Pools.

To reward community liquidity providers, those who provide liquidity to the SWAG/USDC and SWAG/CREAM pair will able to stake their liquidity tokens (CRPT) for additional SWAG rewards. A total of 1,015,000 SWAG has been allocated for yield farming. This event is designed allow the community to provide extra liquidity token trading.

How to participate in the First Swap Event by swapping SWAG

To participate, you will need to go on Cream Finance. There you can choose the ERC-20 tokens (either $CREAM or $USDC) you want to swap for SWAG, remember to select $SWAG in the lower row. Then unlock and swap your ERC 20 tokens by clicking “Unlock” and then “Swap”.

SWAG Reward Pools

SWAG will have yield farming features. There will be 2 Reward Pools: $SWAG/$CREAM and $SWAG/$USDC. SWAG holders who want to join these Reward Pools must provide their tokens, known as liquidity. The purpose of this is to increase the depth of trading pairs, reduce the likelihood of price slippage and keep the stability of SWAG tokens. In return, SWAG hotels can benefit through earning passive returns by means of swap fees.

How to add liquidity to SWAG Reward Pools

Go to the Cream Finance Pools and select the trading pair (i.e. either $SWAG/$CREAM and $SWAG/$USDC). Unlock the permission to transfer ERC-20 tokens by clicking the lock icon for both tokens. Click “add liquidity”- after doing this you will get CRPT tokens.

Then, go to the Cream Finance Rewards page. There, choose the Reward Pool (i.e. either $SWAG/$CREAM and $SWAG/$USDC). Click “Enable” to unlock CRPT transfer permission. Then click “Stake” to stake your tokens.

Claiming your rewards is easy, simply click “Claim Reward” on the Rewards page on the side bar.

SQUIRT and Rewards for DAO participants

The SWAG community is rewarded in the form of “SQUIRTS” (yes, this is what they are actually naming it). SQUIRTS are a reward for SWAG token holders that participate in community governance by contributing their time to debate important issues, research and discuss important business matters to help grow the platform. To join SQUIRTS, SWAG holders can debate on a particular governance proposal, and then stake their SWAG tokens to vote.

Squirts can be rewards in the form of a stablecoin, SWAG token, or other tokens, and are designed to be rewarded pro-rata to all voters on the SWAG DAO. The rewards are split according to votes entered – with 1 token being 1 vote. This will drastically improve SWAG governance and community participation, as users are rewarded for taking part in the DAO.

SQUIRT 2 is ongoing and will end at 10:59 on 30th October 2020 (UTC) and note that your tokens will be locked up for 7 days from the time of your vote. There will be a total of 4 SQUIRTS in November 2020, with a total of 1million USDC to be distributed as follows:

November 2020 SQUIRTS
November 2020 SQUIRTS


SQUIRT 3: Oct 30 — Nov 6: 300,000 USDC
SQUIRT 4: Nov 6 — Nov 13: 200,000 USDC
SQUIRT 5: Nov 13 — Nov 20 300,000 USDC
SQUIRT 6: Nov 20 — Nov 27 200,000 USDC

How to stake SWAG to join SQUIRTS

Go onto the voting page. There, stake your SWAG tokens by clicking “Stake Token”. Register to vote for a proposal by clicking “Register to Vote”, and “For” or “Against” depending on your inclination. You can then collect you SQUIRT rewards by clicking “Collect”.

SWAG exchange pool on Uniswap

SWAG token holders can exchange their tokens through the SWAG/USDC Pool to get Uniswap LP tokens (UNI-V2). The Team have also set up a new reward pool for Uniswap liquidity providers who can stake their LP tokens to the reward pool.

Between 22nd to 28th October 2020, as an initial incentive for liquidity providers LP Token reward distribution will be available. Rewards will be given at each block with 25,000 SWAG available daily, totaling 175,000 SWAG for staking SWAG/USDC Uniswap LP tokens. Note however that there will be a 3 day lock for any LP tokens which are staked.

As a side note, our community has found there is a price discrepency between CREAM and Uniswap. So users who want to sell their SWAG may want to check and compare the prices on these two platforms!

Project: Referral Rewards- Refer a friend and get SWAG

From 12:00 on 14th October 2020 to 12:00 on 14th November (UTC+8) SWAG will be having their referral program. A total of 50,000 SWAG will be released as rewards for those who help promote and grow the SWAG community.

To participate, go to their event website: https://referrals.swag.finance/ and complete their Referral Rewards checklist. This checklist involves tasks such as following their Twitter, Discord and Telegram and afterwards completing the form on the site. Then you will be able to get an invitation code to send to your friends.

Completing the Referral Rewards checklist earns you 1 entry. Then if you refer a friend both you and your friend will each get one entry. So as an example, if you refer 5 friends, you would get a total of 6 entries. At 6:00p.m. on 14th November 2020 (UTC+8), the team will draw 1,000 winners who will receive 50 SWAG as a reward. There are no restrictions on multiple entries so you can refer more friends to increase your chances of winning more SWAG!

SWAG NFTs

SWAG will be doing non-fungible tokens (NFTs), it was only a matter of time. The NFT market is a huge opportunity for budding artists, and apparently now also the tens of thousands of SWAGGERs (i.e. SWAG content creators).

SWAG NFTs will soon be available on Opensea– a NFT marketplace and feature the best SWAGGERs on SWAG’s platform. They will be limited edition NFTs that will also be attached to various SWAG events and rewards.

SWAG roadmap: What’s coming up next?

Reward pools

The SWAG team observed that many SWAG token holders who participated in the reward pools were unable to participate in the SQUIRTS voting sessions. Therefore in future, SWAG will host less reward pool events that would result in decreased participation in SQUIRTS.

SWAG diamond drip

SWAG.Live is one of the leading premium adult content platforms in Asia, and many $SWAG holders also have accounts at SWAG.Live. Therefore to reward these holders, starting in November 2020, SWAG finance will build a system that would detect the amount of $SWAG in the wallets of registered SWAG.Live members. SWAG finance would then drip SWAG Diamonds which can be collected and used on SWAG.Live app for live chat, accessing stories, live streams and gifts to content creators.

Diamond distribution time: 4:00pm every Monday (UTC +8).
Diamond ratio: 1 SWAG.Live diamond for every 50 $SWAG in your wallet (this includes any tokens staked in the SQUIRT pools)
Distribution method: SWAG.Live diamonds will be sent direct to your SWAG.Live account.
Restrictions: Only one Ethereum address can be bound to one SWAG.Live account.

How to sign up for the SWAG diamond drip

Bind your Wallet and SWAG.Live ID:

  1. Go to diamonds.swag.finance and connect your Ethereum wallet.
  2. Enter your SWAG.Live ID and click “Sign and bind”. Your SWAG.Live ID can be found on the SWAG.Live site under “Me”.
  3. After the binding process is complete, SWAG.Live diamonds will be sent to your SWAG.Live account every week.

VIP group

Holders with over 200 $SWAG can join a VIP Discord group. In addition to having access to this more exclusive discussion channel with fellow SWAG holders, the SWAG.Live team have also agreed to give a number of perks such as behind the scenes access to the SWAG.Live content creation process, limited access to SWAG short films and SWAG diamond giveaways.

Exchange listings for $SWAG

SWAG is currently listed on Uniswap and Hotbit. Trading will begin on Bitmart from 8:00pm on 6th November 2020 (HKT) onwards.

The team mentioned in their latest article that their mid-term strategy is to maximise the number of potential SWAG buyers and are in discussions with the following exchanges to list their token: Binance, Upbit, Bitflyer, Bitthumb, Huobi, Bitkub, Probit, Kucoin and ZG.

See here for our picks for top cryptocurrency exchanges.

Conclusion

SWAG is strongly embracing decentralization and decentralized governance allows participation in the future direction of their adult industry platform. SWAG is an already profitable business of over $12,000,000 USD annual revenue (source) and a growing audience of over 10 Million users. This Decentralized Autonomous Organisation (DAO) is designed to take SWAG to the next level, fuelling future developments, and global expansion.

Resources:

Swag Live (18+ only): https://app.swag.live/
Swag Finance Medium: https://medium.com/@swag.finance
Asia Crypto Today Coverage: https://www.asiacryptotoday.com/swagfinance/
Block Tempo Coverage: https://www.blocktempo.com/adult-streaming-platform-swag-finance-will-issue-swag/
SQUIRTS, Rewards Pool & FSE participation walkthrough: https://medium.com/@swag.finance/squirt-voting-rewards-pool-fse-participation-walkthrough-1dad83cb4348

David Lancaster
David enjoys cryptocurrencies, photography, stealing candy from babies, and tennis. His top pursuit is to be financially independent.

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