Just made a first proposal, but had to add this as well as it will effect everybody here and with some preperation could benefit Paraswap, liquidity providers, stakers etc.
Richard Heart (not his real name) created HEX and has been building PulseChain in the last year, which will fork all ERC-20’s, NFTs etc. from the Ethereum Mainnet.
I’ll skip part of the details for now, but there are some aspects which are going to have effect for everybody who is active on the Ethereum Mainnet, as well as holders/stakers etc.
All forked tokens will start at 0 dollar, which is one of his loophole’s regarding taxation. He will start his own DEX called: PLSX.
At moment of the snapshot/or fork the first thing that happens on the PLS Chain is the harvesting of all liquidity pools of major AMM’s, all those he will include will have to be added by himself and therefore some will not be harvested.
Why harvest, that’s something we could get into and could be interesting for where we will land in our discussion on how to use this for our benefit instead of losing value on our ERC-20’s, NFTs or maybe if Paraswap is included in the AMM harvesting: loss of funds as you will not receive anything forked which resides in those pools on the Mainnet.
Pools will be added on PLSX which hold the bridged ERC-20 and will be pooled with the PRC-20 in order for price creation as everything starts at 0 dollar value.
He is definitely creating smart contracts in order to create value for the tokens which are used for the Sacrifice phase, which is basically everybody donating their assets to a wallet address who nobody knows owns and that sacrifice comes with a disclaimer which is another one of those loopholes and means you are sacrificing for free speech, as blockchain is free speech and you should never expect anything from the work of others.
1 billion was sacrificed in the second sacrifice phase, which was for PLSx tokens, the first one was for PLS which is the native (deflationary) token which replaces ETH. All ETH holders will receive 1PLS for 1ETH, while most sacrificed for a rate of 10.000 PLS(x) per 1 dollar.
I don’t know how the contracts of Paraswap work; cq admin keys etc. but one thing is for sure and that is the fact that PSP will be forked (the liquid ones, depending if he harvests Paraswaps liquidity pools.
As the fee’s on PLS will be 3 times lower as on the Mainnet, this could be a reason for people to bridge their tokens to PulseChain and I personally think it would be wise to build a frontoffice for Pulsechain to start Paraswap on PulseChain to be (one of the) only DEX’s available on Pulsechain and I also think it should be wise to create incentives for people to start using the Paraswap DEX instead of PLSX, for which I have bunch of idea’s ready to go.
Maybe it is also an idea to incentivise people to stake/lock their forked tokens to a Paraswap pool, either on this side or there if a frontoffice is build and Paraswap is launched on Pulsechain. If the latter is going to be done, it would also bring in revenue to reward users of Paraswap (who will do so), also either on this side or the other.
My last proposal (a cross-chain automated search function for swapping against any token with the highest value in $ at that given moment) would be a reason for most on PulseChain to start using Paraswap as this would be very lucrative (not only in the first stages after the chain is launched) and at the same time would excelerate forked tokens to rise in value and I think that in most cases this would actually create a higher rate for forked tokens than the original ERC-20’s on the mainnet, as for instance forked stable tokens will have no peg and could rise above the peg of their copies (maybe I should use the word clones here)
There is more there could/should be added here, which I will do at a later point, but last I could add is that this could also be an opportunity for Paraswap to accumilate partners, as in: platforms with their own tokens which do not have their own AMM, and could be used as a launchpad of already well established/functional/valuable etc tokens/platforms in order for them to save the value of their ERC-20’s, as I believe most will suffer if they are not going to be involved or are unaware of this factual future which is knocking on everybody’s door.
I’ve been working on some projects/platforms which plays with this given and there are a couple of ways to combine those with the proposed, which is something I also could('ve) create(d), but I think strenght lies in communities like these, it reminds me of the starting days; to close of on a light/high note:
found a old converstation dating 2013 on Bitcointalk where somebody suggested if it could be an idea to have a token which always stayed on the dollar value. We laughed and went to the next idea.
My advice: stay out of every stable as depegging is around the corner for all of them once this fork happens.
And like a wise man once said: “if you can’t fight them, join them”, I would disregard as good advice in most cases, but regarding this I think it is a necessary.
[PS: have been playing with the idea of proxy contracts as I am not sure if these will be forked, is there anyone here with some insight on that, or expertise for that matter?]