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Welcome to PyreSwap! - The Short Version

The following provides a brief overview of PyreSwap's products.

For a more comprehensive exposition of PyreSwap's products, please read The Long Version.

Swap

If you are unfamiliar with Swap, please review PyreSwap's NFB policy.

PyreSwap uses the Constant Product Formula, xy=k, as its automated market-making equation.

During its beta phase, its initial swap fee is 0.7%. Of which:

  • 0.35% of this swap fee is distributed to the liquidity provider.
  • 0.35% of this swap fee is distributed to the SummoningCircle, which reconfigures it and queues it for distribution via the process known as the Incantation.

In the future, PyreSwap will have four tiers of swap fees:

  • 0.1%
  • 0.4%
  • 0.7%
  • 1.0%

These future tiers will also enrich the intricacy of the fee's division and routing, in a way that supplements PyreSwap's auxiliary functions and features. For more information, please see PyreSwap's roadmap.

Liquidity

If you are unfamiliar with Liquidity, please review PyreSwap's NFB policy.

PyreSwap's initial beta version utilizes factory code that descends from Uniswap and SushiSwap.

Providing liquidity allows the contributor to earn swap fees from their deployed pairs.

PyreSwap Liquidity can be designated as psLP, or pyreLP.

Proprietary dashboarding will be created for liquidity providers on PyreSwap for the purpose of comprehensive examination of liquidity positions, in later phases of the roadmap.

One of the unique features of PyreSwap (which already exists during beta) is the "Explore" button on the Liquidity interface, which will open that particular LP contract in the relevant block explorer website. (bscscan.com, ftmscan.com, snowscan.xyz, etc.)

Farm

If you are unfamiliar with Farming as it pertains to incentivized liquidity deployment, please review PyreSwap's NFB policy.

PyreSwap is not planned to have farms until later in its roadmap.

However, its genesis event will be placed on the Farm page.

Genesis Pools

Fantom

  • axlWBTC-WETH psLP
  • axlWBTC-WFTM psLP
  • WFTM-WETH psLP
  • pyreFTM-axlWBTC psLP
  • pyreFTM-WETH psLP
  • pyreFTM-WFTM psLP
  • pyreFTM-2OMB psLP
  • pyreFTM-3OMB psLP
  • pyreFTM-ZOMB psLP

Avalanche

  • BTC.b-WETH.e psLP
  • BTC.b-WAVAX psLP
  • WAVAX-WETH.e psLP
  • pyreAVAX-WETH.e psLP
  • pyreAVAX-BTC.b psLP
  • pyreAVAX-WAVAX psLP
  • pyreAVAX-FTOMB psLP
  • pyreAVAX-STOMB psLP

BSC

  • BTCB-ETH psLP
  • ETH-WBNB psLP
  • BTCB-WBNB psLP
  • pyreBNB-BTCB psLP
  • pyreBNB-ETH psLP
  • pyreBNB-WBNB psLP
  • pyreBNB-DIBS psLP
  • pyreBNB-USDibs psLP

The emission weights of the genesis pools may be operationally shifted at any time, but by default, will approximately be:

  • 5% for the first section
  • 15% for the second section
  • 80% for the third section

The genesis contract will contain a 0.1% staking tax, which is taxed as psLP token, on every staking transaction. This taxed psLP is sent directly to the DEX's liquidity holdings.

In addition to the staking tax, there is also an automatic gratuity of 1% of the emitted token (pyreAVAX, pyreBNB, pyreFTM) rewards tipped directly to the Incantation queue whenever genesis emissions are claimed, which are then considered pending Incants for the next Incantation. These pending Incants are held custodially in the "Meed" smart contract's inventory. This gratuity is a hidden gratuity, because the dApp interface will obfuscate its existence by only displaying 99% of the user's pending rewards, however it does exist in the background, and is worth mentioning in this documentation.

Stake

If you are unfamiliar with Staking as it pertains to web3, please review PyreSwap's NFB policy.

However! Simply being familiar with how "Staking" was implemented in the past, does not necessarily qualify you to understand how it works on PyreSwap.

During Phase I, PyreSwap's "Stake" feature is oriented around the Incantation WitchVault.

The Incantation WitchVault's debut is a new concept in DeFi that has not been seen before.

This concept should aptly be called “Active Staking,” and it contrasts with “Passive Staking.”

Passive Staking is what is usually found in other staking mechanisms across web3.

Active Staking is what applies to WitchVaults.

Passive Staking versus Active Staking
Passive Staking versus Active Staking

PyreSwap distributes a portion of its collected swap fees back to its stakers, in an event known as the Incantation.

In order to acquire these rewards, known as "Incants," a user must stake in the Incantation WitchVault.

It is considered more accurate terminology, to refer to the activities surrounding staking in the IWV as "yield scalping," and not "yield farming."

Incants are distributed in synchronization with the epoch system.

For more information on passive staking versus active staking, or the Incantation, please read Concepts.

For more information on positive yield versus negative yield, please read Strategy.

For more information on staking in the Incantation WitchVault, please read Strategy.

For more information on smoldering, please read Tokenomics.

Meed

In the context of PyreSwap and the GPSE, a meed is the conversion of one instrument into a different one, at a fixed rate of conversion.

For example, the following conversions are examples of meeds:

  • DIBS into pyreBNB
  • STOMB into pyreAVAX
  • 3OMB into pyreFTM

Meeding can be interfaced with, and the relevant metrics associated with it can be observed, on the "Meed" page.

Every token that has the meeding utility integrated with it has a fixed ratio associated with it.

These ratios range between 1:1 and 1000:1, and are indicated in labeling.

These ratios are static, and do not change based on price action.

Meeding is limited to a certain quantity every epoch, configured to 1% of the total supply of the convertible token.

The meeding quantity limit will not reset until the previous amount has been reduced to zero.

Meeding is permanent, and there is no mechanism for reversing this conversion.

For more information on meeding, please read Strategy, and Tokenomics.

The Epoch System

PyreSwap's epoch system functions like a universal event trigger, and it "governs almost everything."

The epoch is six (6) hours long.

It transpires at 00:00, 06:00, 12:00, and 18:00 UTC time, across all chains PyreSwap is deployed on.

The epoch will stall, if no transaction is initiated to transpire the epoch.