I found your article very helpful. Beautifully articulated. I have a really important question that I can’t seem to get answered. There are rumors out that pulseX sacrificers will have the opportunity to swap pulseX (at a currently unknown exchange rate) 24-48 hours prior to pulsechain launch. Is this true? Any information you have on this would be greatly appreciated
It is not prior to PulseChain launch. It is prior to the bridge launch. You need the Mainnet to be live, otherwise you cannot change the data on the blockchain
Ah, thank you for clearing that up! Now, for this swap from plsx to pls that is available to plsx sacrificers 24-48 hours prior to the bridge, will I need to already have some pls for gas fees to complete the transaction?
Yes, but the fees on PulseChain are super low. You can try the testnet. I think I sent PLS for 0.001 PLS or less.
If you have any ETH on snapshot date in your wallet you will get an equivalent amount in PLS. I will keep around 0.01 ETH in my sacrifice wallet to then have 0.01 PLS for transactions.
I suggest you do the same if you want to swap before the bridge is live.
Here is how you can connect to the testnet v2 and try it out:
There is also a PLS faucet in the Testnet (will not be in the Mainnet). So if you don't have any PLS now, you can get some.
Watch out what you do and what contracts you interact with though. I recommend trying this out with a new wallet so you don't accidentally agree to some crazy permissions when interacting with smart contracts (Uniswap should be safe though).
You’re great. This made my day. Will be Atleast adding to—if not doubling my initial sacrifice. Thank you so much for your timely and thoughtful responses. I subscribed. Is there other way I can help? Maybe somewhere to leave a review
I shared the shit out of this article. I It attracted the attention of, and helped 100+ sacrificers on the main pulseX FB group. Thank you for your time and hard work. Many people appreciated this
Once PulseChain mainnet launches you can set up your network parameters in MetaMask (please be aware of scammers and only use official sources).
I think TrustWallet needs to update their extension/app to support the new chain, we need to see about that.
Once you are connected to the mainnet you should see your balances of PLS, PLSX PRC20s etc. If you don't make sure you are on the right network, right address and have also imported the addresses of your PRC20s (this is a MetaMask issue, it does not show you your balance automatically).
Now you can go to the PulseX frontend and start swapping tokens (URL will be announced officially).
Be aware that the rate might fluctuate a lot in the first 24h and first days after the bridge goes live.
tl;dr Once you connect with MM to the PulseChain Mainnet you can swap tokens in your wallet just like you would now with Uniswap on Ethereum. Check google for details on how swapping tokens on a DEX works.
Awesome article! The only thing not 100% clear (in your example) is the resulting balances of the pair in the PulseX pool. I'm guessing on one side it'll be the 107,315,171 pUSDT extracted, and on the PLS side it'll just get some kind of matching amount?
The bot will inject the necessary amount of PLS to fix the ratios. In the example I provide the pool will need 33,829,000 wPLS at the end so the bot will need to inject 33,829,000 - 33,829 = 33,795,171 wPLS because the way the pool is kept at a constant ration:
I currently own 0 hex, plan on buying a good amount and setting up staking ladders, in your opinion, should I wait and stake on the PLS network? also the hex prices across the boards will be very different correct, if you had hex on the pls network (pHex) I assume it will be called, and you wanted to sell out and it was worth far more on the Eth network, I would have to pay swap fees back to the eth network to sell it there? or does the bot make sure prices stay the same/equal on both chains constantly for no need to swap back?
1) the bot does not have anything to do with that (It will harvest HEX in ETH pools and might harvest it (like other PRCs) from other pools)
2) Hex is not a special case for the bot, nor PulseX
3) Yes, you can call it pHEX (I do too) - Richard Heart calls it just HEX and eHEX on the ETH chain
4) pHEX is a copy of eHEX through the snapshot. There will also be bridged-in versions that I'll call bpHEX (pHEX from PulseChain to Ethereum) and beHEX (eHEX from Ethereum to PulseChain)
5) Yes, you pay gas and fees when you bridge things. More on the Ethereum side of course.
6) Yes, price might be across the board, especially before the bridge launch. I do expect however some eHEX/pHEX parity on both chains. Don't expect cheap HEX on any of them (IMO)
7) I personally will load up on eHEX because I get a copy as pHEX on PulseChain. I will not stake most of it because I want different staking ladders on PulseChain and staking costs on PulseChain are negligible
8) Yes, if you want to sell pHEX into some form of fiat, you will need to bridge it over and do it via the Ethereum network. I honestly would not suggest that. Keep your HEX and see how the markets evolve, it will avoid the big volatility.
9) The bot only fixes ratios between the tokens, not their prices. Important distinction. Prices will be affected, but only because of the quantity change. And this is done so that the ratios will be the same as on the Ethereum chain. This actually means that the prices might tend to become equal on both chains.
Lastly, don't forget crypto is a free market and price discovery can be violent. I'm a more careful investor. I buy and hold and do the least amount of trading/rebalancing necessary.
PS: "sell out" does not mean what you used it for. It has a negative connotation. "sell my position" sounds better ;)
Another question: Do the original Liquidity Providers retain ownership of the shares of the PulseX Liquidity pools. e.g. Will they get PulseX LP tokens corresponding to their Uniswap LP tokens?
No, that is not going to be the case as it is not intended nor that easy to implement technically.
The new liquidity will be owned by the Address the bot operates from.
It will be interesting to see if LPs withdraw liquidity or they will use the PLS they get from the bot to purchase back their PRCs or just HODL. We shall see.
Of course this could change before launch, but I don't think it will.
I found your article very helpful. Beautifully articulated. I have a really important question that I can’t seem to get answered. There are rumors out that pulseX sacrificers will have the opportunity to swap pulseX (at a currently unknown exchange rate) 24-48 hours prior to pulsechain launch. Is this true? Any information you have on this would be greatly appreciated
It is not prior to PulseChain launch. It is prior to the bridge launch. You need the Mainnet to be live, otherwise you cannot change the data on the blockchain
Ah, thank you for clearing that up! Now, for this swap from plsx to pls that is available to plsx sacrificers 24-48 hours prior to the bridge, will I need to already have some pls for gas fees to complete the transaction?
Yes, but the fees on PulseChain are super low. You can try the testnet. I think I sent PLS for 0.001 PLS or less.
If you have any ETH on snapshot date in your wallet you will get an equivalent amount in PLS. I will keep around 0.01 ETH in my sacrifice wallet to then have 0.01 PLS for transactions.
I suggest you do the same if you want to swap before the bridge is live.
Here is how you can connect to the testnet v2 and try it out:
https://gitlab.com/pulsechaincom/pulsechain-testnet
There is also a PLS faucet in the Testnet (will not be in the Mainnet). So if you don't have any PLS now, you can get some.
Watch out what you do and what contracts you interact with though. I recommend trying this out with a new wallet so you don't accidentally agree to some crazy permissions when interacting with smart contracts (Uniswap should be safe though).
You’re great. This made my day. Will be Atleast adding to—if not doubling my initial sacrifice. Thank you so much for your timely and thoughtful responses. I subscribed. Is there other way I can help? Maybe somewhere to leave a review
Thanks :) I do like helping. Well, you can follow me on twitter, like some tweets you enjoy and stay tuned for my breakdown of PulseChain and Hex ;)
I shared the shit out of this article. I It attracted the attention of, and helped 100+ sacrificers on the main pulseX FB group. Thank you for your time and hard work. Many people appreciated this
Hi, thank you and yes.
Once PulseChain mainnet launches you can set up your network parameters in MetaMask (please be aware of scammers and only use official sources).
I think TrustWallet needs to update their extension/app to support the new chain, we need to see about that.
Once you are connected to the mainnet you should see your balances of PLS, PLSX PRC20s etc. If you don't make sure you are on the right network, right address and have also imported the addresses of your PRC20s (this is a MetaMask issue, it does not show you your balance automatically).
Now you can go to the PulseX frontend and start swapping tokens (URL will be announced officially).
Be aware that the rate might fluctuate a lot in the first 24h and first days after the bridge goes live.
tl;dr Once you connect with MM to the PulseChain Mainnet you can swap tokens in your wallet just like you would now with Uniswap on Ethereum. Check google for details on how swapping tokens on a DEX works.
Awesome article! The only thing not 100% clear (in your example) is the resulting balances of the pair in the PulseX pool. I'm guessing on one side it'll be the 107,315,171 pUSDT extracted, and on the PLS side it'll just get some kind of matching amount?
Thanks!
The bot will inject the necessary amount of PLS to fix the ratios. In the example I provide the pool will need 33,829,000 wPLS at the end so the bot will need to inject 33,829,000 - 33,829 = 33,795,171 wPLS because the way the pool is kept at a constant ration:
(1000 * existing wPLS) * (pUSDT / 1000) = constant
So in another way to see it is
existing wPLS = 33,829
(1000 * existing wPLS) = 33,829,000 (<- amount that needs to be in the pool at the end)
wPLS the bot needs to add = 33,829,000 - 33,829 = 33,795,171 wPLS
33,795,171 wPLS would be the matching amount the bot needs to inject into the pool to extract 99,9% of the pUSDT.
Is it a bit clearer now?
I currently own 0 hex, plan on buying a good amount and setting up staking ladders, in your opinion, should I wait and stake on the PLS network? also the hex prices across the boards will be very different correct, if you had hex on the pls network (pHex) I assume it will be called, and you wanted to sell out and it was worth far more on the Eth network, I would have to pay swap fees back to the eth network to sell it there? or does the bot make sure prices stay the same/equal on both chains constantly for no need to swap back?
Hi,
1) the bot does not have anything to do with that (It will harvest HEX in ETH pools and might harvest it (like other PRCs) from other pools)
2) Hex is not a special case for the bot, nor PulseX
3) Yes, you can call it pHEX (I do too) - Richard Heart calls it just HEX and eHEX on the ETH chain
4) pHEX is a copy of eHEX through the snapshot. There will also be bridged-in versions that I'll call bpHEX (pHEX from PulseChain to Ethereum) and beHEX (eHEX from Ethereum to PulseChain)
5) Yes, you pay gas and fees when you bridge things. More on the Ethereum side of course.
6) Yes, price might be across the board, especially before the bridge launch. I do expect however some eHEX/pHEX parity on both chains. Don't expect cheap HEX on any of them (IMO)
7) I personally will load up on eHEX because I get a copy as pHEX on PulseChain. I will not stake most of it because I want different staking ladders on PulseChain and staking costs on PulseChain are negligible
8) Yes, if you want to sell pHEX into some form of fiat, you will need to bridge it over and do it via the Ethereum network. I honestly would not suggest that. Keep your HEX and see how the markets evolve, it will avoid the big volatility.
9) The bot only fixes ratios between the tokens, not their prices. Important distinction. Prices will be affected, but only because of the quantity change. And this is done so that the ratios will be the same as on the Ethereum chain. This actually means that the prices might tend to become equal on both chains.
Lastly, don't forget crypto is a free market and price discovery can be violent. I'm a more careful investor. I buy and hold and do the least amount of trading/rebalancing necessary.
PS: "sell out" does not mean what you used it for. It has a negative connotation. "sell my position" sounds better ;)
Another question: Do the original Liquidity Providers retain ownership of the shares of the PulseX Liquidity pools. e.g. Will they get PulseX LP tokens corresponding to their Uniswap LP tokens?
No, that is not going to be the case as it is not intended nor that easy to implement technically.
The new liquidity will be owned by the Address the bot operates from.
It will be interesting to see if LPs withdraw liquidity or they will use the PLS they get from the bot to purchase back their PRCs or just HODL. We shall see.
Of course this could change before launch, but I don't think it will.