Printer Financial March 15 updates: Bridge launch, expansion to AVAX, CRO next week, and more!
What an exciting week! After the successful launch of the Printer Financial bridge on March 12, we expanded to our third chain (AVAX) on March 14! After a minor issue related to AVAX network congestion, we employed a fix that ensures smooth bridging under varying network conditions between FTM, BSC, and AVAX using our $PAPER token. As a reminder, bridging $PAPER between these chains is free of fees other than standard gas fees on the chain of origination. As of March 15 23:00 UTC, >250k $PAPER tokens (>60% of the total supply) have freely traveled between these three chains, with most transfers complete within 10 seconds or less, limited only by the speed of the respective blockchain confirmations. Now, let’s discuss a few important protocol updates from the week, including a move further away from Tomb fork mechanics, the effects of arbitrage, and CRO genesis pool launch FAQs.
(1) Three and six epoch time locks removed from the Printer! As of March 12, $INK staked in the Printer no longer has any time lock, so $PAPER rewards can be claimed at any time, and $INK can be freely unstaked at any time. The three and six epoch time locks were likely added to the Tomb model in part to discourage large sell-offs of the share token when under peg. Since Printer Financial does not have a peg, we determined the time locks to be unnecessary and removed them going forward, allowing consistent access to your $PAPER rewards and staked $INK.
(2) Arbitrage works! After the initial frenzy of the ultra-degenerate APRs on the AVAX LPs, the price of $PAPER gradually converged until an equilibrium was achieved between the three chains. This was expected and is an important part of the Printer Financial protocol. When the $PAPER price differs between chains, $PAPER can be bought on the less expensive chain, bridged to the more expensive chain, and sold for an immediate profit. The result is constant buy-pressure on the lower-priced chain and subsequent sell- pressure on the higher-priced chain. Those observing the price action of $PAPER witnessed arbitrage in real time, and as of the writing of this article, $PAPER continues to “peg to itself.” We strongly encourage everyone to do-your-own-research (DYOR) and start slow to ensure complete understanding of the nuances and risks associated with arbitrage. We will write a more extensive article on arbitrage in the near future.
(3) Wen CRO? We are expanding to the Cronos (CRO) blockchain, with genesis pools launching March 21 at 15:00 UTC. Here are a few details to help clarify some FAQs:
- The genesis pools will last for 72 hours and will allow you to stake a variety of tokens from CRO projects to earn $PAPER. The specific tokens will be announced ~12 hours prior to launch.
- A total of 10000 $PAPER tokens will be distributed during the genesis pool period. An equal number of tokens will be allocated to each staking pool, and rewards will be distributed proportionally to the total value (TV) of staked tokens There will be no deposit or withdrawal fees for staking in the genesis pools.
- The APRs for the genesis pools will be highly variable and are impossible to predict. The APRs that are displayed prior to launch are meaningless numbers and should not being considered predictors of the real APRs after emissions begin at launch. Rather than APR, a better way to approach genesis pool reward focuses on token rewards. To roughly estimate token rewards, consider that we are emitting 10000 $PAPER tokens over the course of 72 hours, and we will likely have >$1M total value locked (TVL) in the genesis pools. Assuming the TVL is equally distributed across all genesis pools, staking 1% of the TVL would net you 1% of the available $PAPER tokens. (As an example, if the genesis pools have $1M TVL and Chad stakes $10000 of TV, he would receive ~100 $PAPER tokens. As another example, if the genesis pools have $5M TVL, and Chad stakes $100 of TV, he would receive 0.2 $PAPER tokens.) It’s important to keep in mind that genesis pools are not meant as a way to earn money, but rather for the protocol to distribute tokens (for free) and let people get started with free tokens.
- The $PAPER-$CRO, $INK-$CRO, and $PAPER-$INK liquidity pools, as well as the single stake $PAPER pool will open upon launch of the genesis pools, allowing everyone an equal chance of contributing and earning early $INK rewards.
- The bridge to/from Cronos is currently up and running, and will remain open during the genesis pool period. You can bridge $PAPER to Cronos any time and pre-stake if you’d like, but keep in mind that no rewards will be given until the genesis pools go live on 21st March at 15:00 UTC.
- Liquidity pools (LPs) on CRO will likely have low liquidity to start, and we recommend everyone DYOR to understand the nuances and risks associated with creating and swapping from low-liquidity LPs.
- If you plan to purchase $CRO to participate in the genesis pools, ensure the centralized exchange (CEX) allows withdrawal of the mainnet (Cronos) token. The most common CEX is crypto.com. If purchasing from crypto.com, keep in mind that in order to withdrawal to an external wallet such as Metamask, you will need to whitelist your wallet address and then wait 24 hours prior to withdrawal. Be sure to plan ahead!
- You can access the CRO genesis pools at: https://cro.printer.financial/pools
What’s next? As we continue our expansion to new chains, we will have a community vote VERY SOON to choose our next targets! In addition to printing $PAPER in the Printer, $INK is our governance token that lets you participate in community votes. Our goal is to launch a new chain approximately every week as move into Q2, so be sure to accumulate $INK to make your voice heard! Check out our Q1 2022 roadmap at the top of this article for a summary of all we’ve accomplished, and a preview of what we have lined up for Q2 and beyond.
We are grateful for the engagement of our amazing Discord and Telegram communities! We look forward to welcoming new members as we realize our goal of becoming Your Bridge to the DeFi World!
Quick links:
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