[Check "Liquidity rewards program v2" ] Supply liquidity for Incognito DEX. Provide privacy for the world.

Hey guys!
We have awesome news for the liquidity pools for PRV/USDT/C pairs.

For the past week to the liquidity pools against PRV was added ~ 250,000 USD equivalent :muscle: :muscle: :muscle:

122,000 USDT (Link)

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128,000 USDC (Link)

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@andrey :wave:t6:
Liquidity pETH <> PRV pair it requires your attention!
20200415_210025

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Hey guys, after all trouble shootings with pETH <> PRV pair, I think make sense to add this pair to adding liquidity program.

What do you think about it, should we do it ?

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@everyone be aware about changes in your separate PRV/BTC liquidity balances

I’ve been checking my liquidity balance and was confused about the amount of PRV I had at the moment of the check. The number of PRV was less than I added to liquidity. I started to investigate how it could be that I lost about $20 of PRV and realised that the PRV balance decreased but BTC balance increased at the same $ equivalent in my liquidity pair.

Currently, I have the situation when the amount of BTC is higher than a PRV one in my liquidity pair

Q: @andrey does it mean I withdraw more BTC than added to liquidity (and less PRV than added)?

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I would believe this is due to trade activity likely more prv purchases with bitcoin. Thus the pool has more bitcoin then prv from the time you added your liquidity. Any withdraw made would reflect that as well.

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I guess your answer makes sense.

just wanted to notify others not to be confused about the same queries.

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Since it’s not mining, I strongly recommend that you do not call it mining, except when speaking Chinese, because then you’d call it mining.

In English, this is certainly not mining.

Otherwise “pdex mining” is some kind of staking or reward.

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Hey guys @Jacob @nickvasilich @ChrisMac

During the first week of this campaign I collected many feedbacks how to improve it this program.

Already working on

  1. Updating description & campaign name
  2. Adding more explanation and documentation (which fully covers @nickvasilich question)
  3. Updating the program conditions, which should make it more interesting
  4. And Improving UI

The first three points will be updated within this week. The forth one will take couple weeks.

Thank you guys for your inputs, and feel free to share more if you have, I note all of them and considering when we prioritize the most important features.

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i think this campaign covers all the basics of mining and it could be named “pDEX liquidity mining” so far - imho

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I don’t see any proof of work, so I don’t think it’s mining.

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HELLO @andrey
My question is, do you really need investors?
Is it really profitable for you?

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Hey @bedik, not fully get your questions.

We need liquidity providers, not Investors. This campaign is made for attracting liquidity to main pools and improve trading experience.

Not sure if we can call it investment. Please correct me if I am wrong.

What to you mean by it , the pDEX ?

the pDEX is open-sourced, decentralized exchange. We build this, but we are not own it. From the perspective of ownership, I think the liquidity provider - the only people which could generate profit from it.

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Hey @andrey, did we receive the reward yesterday? I’m asking since I deposited low amount of PRV&BTC so that I couldn’t notice the small reward :slight_smile: Besides, I didn’t get any receiving tx notification via the app.

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Yep, reward was distributed yesterday.

Could you please DM with details TX of adding liquidity, I’ll check the reward dashboard.

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Hey @andrey, do you think about rewarding also PRV <> pBNB (in Binance Chain, since its withdrawal fee is much less) pair? CZ always promotes BNB-related campaigns in his Twitter account. He previously promoted Aave campaign, now Kava.

P.S.: There are two pBNBs (one for Binance chain, one for Ethereum chain) in Incognito chain. I think this is confusing and will make liquidity management in pDEX difficult for pBNB pairs. If possible, merging them into the single pBNB would be better.

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How or where will we see the status of our pairs earning?

Also any chance we will see ADA in pDex?

Thanks

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Hey @Z3Y,
Yep, the devs team work on building the dashboard for liquidity providers. It allows to track and withdraw earnings in real time.

We expect to have the dashboard next week :pray:

Regarding adding ADA.

I have a chance to talk with Rob Cohen form IOHK, he said that make sense to raise this question to cardano community only when they launch own smart-contracts platform.

Probably we should push this question to cardano community https://forum.cardano.org/ I believe as bigger discussion will be around this as faster we can integrate it )

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Hi @andrey

I’ve provided liquidity and see coins changing from one side to the other, so when I want to revoke the liquidity, I assume I have to take the rate they’re representing on that moment?

Could you also explain how things work when someone exchanges a pUsdc to a pBtc token, specially when one wants to initiate a withdrawal.
How does the swap occur behind the scenes? I just have to wait untill the real btc is confirmed to withdrawal, or how does settlement work?

I see you are in the ren alliance, how are you working together?

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Hi @4ManDown very good questions. @nickvasilich here is also partly answer on your questions.

Yep, that’s correct. When the trades happen forth and back the balance of liquidity pools changed after each trade, which change balance all liquidity providers accordingly to their pool share.

For example: if you put 1000 pUSDT and 2000 PRV and someone bought 500 PRV. The pools balance will be 1250 pUSDT and 1500 PRV.
If you decided to withdraw exactly the same moment you will get 1250 pUSDT + 1500 PRV + trading fee happened on this pool while your liquidity were there.

Firstly - Chain
All trades which happens on pDEX they are happening on Incognito Chain and do not require confirmation on Bitcoin or ethereum blockchains.

As you can see in this image Incognito chain blocks confirms in parallel to the main chain.
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Secondly - pDEX.

The pDEX technology based on Automated market making algorithm.

In simple words it means that on back end set up fixed algorithm for all liquidity pools, when

poolA * poolB = Constant

It means, when you buy or sell, you change the quantity of tokens in each pool, which affect the token price accordingly.

Example

  1. Let’s take the same data as before. Initial pool is 1000 pUSDT & 2000 PRV. Which means 1 PRV ≈ 0.5 pUSDT.

  2. When someone bough 500 PRV. The pools size changes. Now its 1250 pUSDT & 1500 PRV. With such pools 1 PRV ≈ 0.83 pUSDT.

This algorithm is the same for all liquidity pools on pDEX. If you are interesting to understand deeper from technical perspective how it works, please check this publication: pDEX: The first privacy-protecting decentralized exchange

We integrated REN token to Incognito Wallet, which allows users shield transfer and trade REN confidentially. Hopefully will do something bigger in near future.


@4ManDown hopefully I answered on your questions, but feel free to ping me if any clarification is needed.

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The total volume of liquidity pools hit $2M :rocket:

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