July 27, 2021 — PrivacySwap, a decentralized finance yield farming ecosystem, announced that it would remodel its PrivacyVaults with better yields, and the launch of its PrivacyCard is just around the corner. The changes made are to adapt to the PrivacySwap community’s active participation and offer a much more competitive platform.
Ever since PrivacySwap started its Telegram community, the members have continually shared ideas and constructive comments, with the viable ones adopted by the team. In addition to that, the team aims to offer a much more competitive platform that will surely optimize the use of the strategy in staked users’ assets, providing more yield in the process.
The added features were to leverage the vaults with the following components.
Leveraged vaults: A new way to provide passive income while staying private
The notion of leveraging users’ assets is as easy and simple as supplying Binance Coin (BNB) followed by borrowing Binance USD (BUSD), so you can swap it for more BNB, supply more BNB and repeat the process.
You can also do this with two accounts if you don’t wish to swap and take a leveraged position on the supplied asset. You can supply BNB, borrow BUSD and send it to your second account, and subsequently supply BUSD, borrow BNB and then send it to your first account, and so on.
Regardless, you run the risk of liquidation, which can be mitigated by using a pair of stablecoins pegged to the same price, and both ways can also result in a higher yield. Although the consequences of leveraged vaults amount to a higher risk, it can exponentially increase the annual percentage yield. Do keep in mind that the higher the risk, the higher the return.
Furthermore, the platform’s long-awaited PrivacyCard will soon be launched in August 2021. With the information from PrivacySwap’s Telegram announcement, the core team announced some new features.
PrivacyCards: PrivacySwap’s answer to the debit card
– The artist’s visualization of the PrivacyCard (the final design could change without prior notice)
As first announced on May 26, 2021, the platform’s PrivacyCard will finally be launched in September 2021. The PrivacyCard will act as a regular debit card but has an extra feature since it accepts PrivacySwap’s native token, PRV. The launch of the PrivacyCard will also lessen the long and painful process of buying and converting BNB to PRV and vice versa.
Furthermore, you can “buy” your card by staking a specific amount of PRV for a six-month lock-in duration. After that, you can load your card with various tokens such as PRV, Tether (USDT), BUSD, BNB, Ether (ETH), Bitcoin (BTC) and more. In addition, the core team also discussed lowering the staking requirements across all tiers, and the adjustments are as follows:
Black premium tier’s initial stake requirement was S$5,000, now reduced to $3,000 worth of PRV at the time of stake.
Black metal tier’s initial stake requirement was $20,000. This was reduced to $7,000 worth of PRV at the time of stake.
Silver metal tier’s initial stake requirement was $35,000. This was reduced to $12,000 worth of PRV at the time of stake.
Gold metal tier’s initial stake requirement was $50,000. This was reduced to $18,000 worth of PRV at the time of stake.
The significant changes will provide much more convenience to PrivacySwap users. The back-end development of the PrivacyCard is in full swing at the moment, and also includes Know Your Customer processes for card delivery and acquisition.
Moreover, the announcement of the features and everything you need to know will be posted before the launch, so make sure to follow PrivacySwap for more updates. If you are keen to be one of the early adopters of this awesome utility, sign up here to express your intent.
Winning formula: A robust community and a clear roadmap with strong utility
PrivacySwap’s continuous growth is made possible by its proactive community and its strong utility. On the community side, PrivacySwap is highly receptive to viable ideas from its users. To this end, the team continuously updates its platform to adopt such ideas.
Admittedly, PrivacySwap is still in its early stages. But the platform’s forward-thinking innovation to revolutionize the DeFi space is significantly noticeable, with the community holding their PRVs or buying more in great anticipation of what’s to come.
Changes and updates on the platforms and extra features are unveiled every week. On top of that, PrivacySwap promotes its platform not just by showcasing its most substantial assets but also by educating and enlightening people about the crypto market so everyone can be both wealthy and knowledgeable.
The leveraged vaults and PrivacyCards are just part of the beginning. Much more is coming.
Do you have any questions? Join PrivacySwap’s Telegram channel and let the team know.