Remember how CORE blew your mind? Well, you’ll need to take your socks off for this one, thanks to Dr. Mantis.
PRIA is the world’s first innovative perpetual inflationary and deflationary token. Yes, you heard that right. This is unlike anything we’ve ever seen before because it feels as if you’re standing at a roulette table. Cup in one hand, $100 in the other, and putting it all on red (or black), forever.
But with any investment, the number one rule to remember is knowing when to bet and when to pull out strategically.
- What is PRIA?
- How does Pria work?
- What is “burning”?
- What is “minting”?
- How does “burning” work?
- Developer rate & lockup period
- How does “minting” work?
- System Safeguards
- Pria Airdrops
- The inactivity burn system
- Advantages (for profit)
- Recent News & Latest Events
- Our Thoughts and Opinions
- How to get yourself some PRIA via Uniswap
- The Community
What is PRIA?
PRIA was created by Defi LABS, the same folks that introduced Galore, an experimental DeFi. The main personality behind both these projects is Dr.Mantis, though it’s just an alias.
“Most if not all monetary systems we had so far have been absolutist—either 100% deflationary or 100% inflationary. With PRIA, the aim was to have a token that shifts between the two states. I’d like to think of it as pioneering ideas and experiments to what I believe will evolve into being a crucial foundation of modern monetary policy. This is just the tip of the iceberg. There’s still much to explore.”Dr. Mantis
PRIA is the first of its kind that boasts an ultra-deflationary model in the world of cryptocurrency. It’s fully automated and decentralized for everyone to enjoy, with a monetary policy banking on perpetual inflation and deflation cycles to keep everyone at the edge of their seats.
It’s truly one of the more exciting technological breakthroughs to come out of the market so far. The smart contract, the trading ebb and flow volume, and the community all dictate Pria’s dynamic tokenomics.
You can see the mechanics manifesting in every micro and macro transaction that occurs. The system also leans on inflation arbitrage to make the token “fun” to traders in the market.
Have we knocked your socks off yet?
Good! Keep reading because we’re going to discuss some interesting pitfalls to watch out for, especially if you’re new to cryptocurrency or have just returned to crypto after the last “bull-run.”
How does Pria work?
Picture in your mind a roulette wheel turning. Each “turn” triggers deflation and inflation cycles, with deflation cycles happening on every odd number and inflation cycles occurring on every even number.
During TURN #1: Pria gets burned, aka deflation.
During TURN #2: Pria gets minted, aka inflation.
And so on…
Eventually, the system will burn the max supply until it reaches 1.2 tokens, then mint until the max supply reaches 100,000. And it does this forever.
Together, a full burn and mint cycle is called an “Ultra-cycle”.
What is “burning”?
Pria starts off its deflationary process on TURN #1.
During this cycle, “burning” happens on every transaction as part of the system mechanics indicated in the smart contract.
It begins burning the total token supply from 100,000 all the way to 10,000. And this occurs on every odd turn: 1, 3, 5, 7, 9, 11, …
Once the supply of 10,000 tokens is reached, the second turn starts, and inflation occurs.
What is “minting”?
Pria begins the inflationary process On TURN #2.
During this cycle, “minting” happens on every transaction as part of the smart contract’s system mechanics.
Tokens will be minted from 10,000 until there are 50,000 tokens in the total supply.
Why 50,000? It is exactly half of the previous maximum supply cap.
You can start to see the whole system’s genius as if it were some fractal. With mint and burn correlating mathematically in each micro and macro parts of the system
Once inflation has let the number of tokens reach 50,000, turn 3 will start, which is basically another deflation turn. On turn 3, 50,000 tokens would be burned to 5000 tokens, exactly half of the previous minimum token cap.
This burning and minting would continue until the only supply of PRIA tokens left is 1.2. In the process, every turn’s maximum and minimum supply would decrease by half until the specified number of 1.2 PRIA has been achieved. When the token reaches the minimum supply of 1.2, everything resets, and the token would then mint back from 1.2 to 100,000, which would be the new maximum supply cap. From here, the cycle would then again repeat.
Okay, now that we have the basics down, let’s move onto discussing how Pria’s perpetual inflation and deflation systems work.
How does “burning” work?
For the coin to drop in supply, a burn rate must be present. In the first turn, the value of the burn rate starts at 1.25%. A “burn” can be seen when a transaction occurs outside of Uniswap.
When a transaction occurs outside of Uniswap, three things can happen:
- 1.25% of it burns (burn rate)
- 0.85% goes into an airdrop address (airdrop rate)
- 0.5% goes to the wallet of the developer (developer rate) — more on this in the next section
But it’s not that simple. The thing about these rates is that they dynamically change every after 200 transactions occur. That’s because 10% of the original rate gets added every time 200 transactions successfully process. However, they have caps in place.
The burn rate can’t go higher than 6%, while both the airdrop and developer rates can’t go higher than 3%.
When these rate caps are hit, a third of the maximum cap gets subtracted. From here, the cycle of the 10% addition and ⅓ % subtraction would ensue until the turn ends.
It takes a special kind of genius to design a system with these kinds of technical safety nets. As the system scales, microeconomics become macro to support the community.
Essentially, when the burn rate hits 6%, it automatically goes down to 4% again and would increase by 10% of the current rate for every 200 transactions. Then it will continue to cycle between 4% to 6% until the turn ends.
For the airdrop and developer rates, reaching 3% would automatically drop it to 2%, and 10% of the current rate increase would then proceed in every 200 transactions.
These airdrop and developer rates, in turn, would cycle between 2% to 3%.
Developer rate & lockup period
With .05% of each transaction going to the developer address, Dr. Mantis thinks it’s important to be transparent with the community.
Here’s how the funds are intended to be spent:
- Foster project development – like the dashboard, for instance, done by a community member
- Liquidity incrementation:
- these can be verified on etherscan.io
- there are 2 liquidity locks by the deployer address, one of 2 years and another of 5 years, totaling $127k.
- Can be verified by checking the lockup here: https://v2.unicrypt.network/pair/0xAc350EefCCdAE050614070E5040e17759Cebb3e9
How does “minting” work?
In the inflationary phase, a minting rate would come into play. This rate would be the amount of extra PRIA that you get in percentage for every transaction you make.
It’s just the same as burning, with only the activity of the rates varying and with it actually occurring inside an inflationary phase. Let’s use the second turn as an example.
We start with both the burn rate and the mint rate at 6% for the second turn. It starts at the same point since their rates move at the same pace in the first turn.
Whenever 200 transactions occur, the burn rate gets reduced by 10% of its current rate until it goes below one percent. On the other hand, the mint rate cycles from 4 to 6%, much like its deflationary phase’s burn rate.
Moving forward a bit more, when the burn rate reaches one percent, both the burn rate and mint rate resets to 1.25%. The airdrop rate and developer rates also follow suit, both resetting to 0.85% and 0.5%, respectively.
This rate will start to move again when the turn changes to its next deflationary turn.
To prevent the airdrop address and the developer wallet cut-offs from accumulating too much value, Dr. Mantis has added some code laws in place. System rev-limiters if you will.
The airdrop address stops receiving its cut when its balance exceeds 5% of the total supply. For the developer address, on the other hand, the cut happens when the balance exceeds 1.5% of the total supply.
With all these in place, there’s the elephant in the room yet to be discussed. What actually is that airdrop address for, and where does that airdrop balance go?
The airdrop balance is a percentage of each transaction sent back to patrons once they are deemed eligible for “cashback.”
Non-qualifying transactions: these burn rates, airdrop rates, and developer rates become ineligible transactions when you sell your Pria on Uniswap for ETH.
Qualifying transactions: To make an eligible transaction, all you need to do is make sure the amount you’re about to transact is equal or more than the minimum amount to the airdrop that’s indicated on the “Airdrop” tab official PRIA website.
In that tab, you can view:
- your airdrop queue number
- the current airdrop balance
- the current earnings you can have (if you make an eligible transaction)
- the minimum amount required to qualify eligible for the airdrop
Look at the “Minimum for airdrop” box to determine what 0.25% of the current airdrop balance is. Once your eligible transaction has been processed, you will immediately be put in a queue.
From here, you can only take your earnings from the time being after 200 eligible transactions have passed. So if your queue number is 7, you can only claim your airdrop reward after transaction number 207 is completed.
With all these systems in place to keep you from moving your PRIA tokens, what actually happens when you hold for too long?
This is where the inactivity burn system come into play.
The inactivity burn system
What makes Pria particularly interesting is that it keeps the community engaged, especially with its inactivity burn system.
If there is no PRIA activity in your wallet for 35 days, 25% of the current amount becomes eligible for burning. If you go inactive for 60 days, 100% of your PRIA wallet becomes eligible for burning.
So if you’re sitting on a fat stack of Pria, and haven’t touched it in 35 or 60 days, get moving!
Your wallet becomes “eligible for burn” in the airdrop wallet.
The good news is your Pria will NOT be automatically burned. This is a manual process that occurs from a community member.
If it becomes harder to qualify for the airdrop bonus, about 0.25% of the current airdrop total, someone could invoke the airdrop wallet’s inactivity burn process.
Then you could lose 25% or even 100% of your marbles.
This places checks and balances to ensure that the total supply actually deflates, and nothing gets stocked up, and every token move.
To easily reset the counter back to zero you have a couple options:
- Make a small transaction (buy or sell) PRIA tokens from Uniswap.
- Or send some Pria to a buddy and have them send some back.
Note: Make sure your transactions are 0.25% of the airdrop total to qualify for the airdrop bonus!
Advantages (for profit)
If it’s still confusing, here’s the strategy for profit.
What you need to do is keep the deflationary and inflationary phases in check.
- Sell tokens during deflationary turns when the token’s value goes up. Deflation occurs on every odd turn.
- During the inflationary turn, stock up tokens turns to sell for the next deflationary turn since you get them for cheap. Inflation occurs on every even turn.
For the easiest possible and most risk-free profit, check the airdrop requirements from time to time. Note that being eligible for airdrop rewards would only ask you to transact a certain relatively low amount for you to be eligible. So you will want to take gas fees into account.
Airdrop bonuses are easier profits that don’t require you to risk your tokens or assets in general.
Recent News & Latest Events
While writing this, a message from Dr. Mantis themself was left in the official PRIA Telegram channel on October 25, 2020. Here are the five key points that he left for the community to read:
The Clone Conspiracy
Many Pria clones have been emerging left and right in the world of crypto, but the thing is that it doesn’t seem to take what PRIA originally stood for. The algorithm and numbers may be there, but the end goal in mind for the experimental token stands non-existent. In the message, Dr. Mantis assures the patrons that no clone can replicate everything they’ve worked hard for, especially with a lot coming soon for PRIA.
Banner issues with Dextools
Dextools were reporting a cumulative sale from the deployer address instead of an individual sale. So if the deployer address sells 1 ETH, but in total sold 10 ETH, the banner would say that the deployer had sold 10ETH, which was inaccurate and generated some panic amongst the community.
Dr. Mantis has since resolved this issue, even going as far as giving the folks over at Dextools a call to sort the matter out. To continue, Dr. Mantis reiterates how every transaction in PRIA is transparent and easily traceable when necessary.
Dr. Mantis’ media presence and PRIA marketing
Dr. Mantis assures everyone that they will reveal their identity and finally put a face to PRIA. They are also planning to put up a blog soon to put out thoughts and future PRIA plans easily.
When we asked, Dr. Mantis had this to say:
“[My] identity reveal [will eventually come] yes, but not soon 🙂 it will still take a while.”Dr. Mantis
Further PRIA developments
There is much to come, but Dr. Mantis’ lips are sealed shut due to copycats replicating (stealing) their IP.
How to help the project
The essence is to keep supporting PRIA by buying tokens and stay active with them.
Some words from the Dr.
“The tokenomics are indeed quite an attention grabber. But the community has been beyond amazing. Everyone is very engaged, and the didactic process into PRIA is very palpable as all community members are very excited to talk about PRIA and help newcomers to understand its nuances. There’s so much in store for the community. It really is a fantastic rib of the project, and it’s clear that we all are very excited to see where PRIA is going, as well as the inactive burns happening and also the shift to turn 2. Everyone is very curious to know how the market will react to these minting dynamics.”Dr. Mantis
Our Thoughts and Opinions
Though it is hard to wrap your head around the first time you use it, you’ll find that Pria is revolutionary. The system has been designed in a way that gives it an edge of almost being foolproof. But that doesn’t mean it’s foolproof enough to fend itself from probable attacks.
For anyone trying to get themselves started into DeFi, you must be committed to your tokens and the community. The system is made so that it requires every token holder to be active from time to time. Sometimes discovering new opportunities and easter eggs!
One must be flexible enough to shift with the drastic change from a deflationary to an inflationary phase, instantly pushing you to hoard tokens when inflation comes and get rid of them when deflation comes.
Having had brief discussions with Dr. Mantis about Pria for this article, they clearly had high expectations and a solid long term vision for Pria and its community. Though some may see their alias as a potential grey area for investing, so far, they’ve given us a positive indication that they are going to stick around for a long time.
Pira is exciting, it builds a community, and it challenges the world of crypto to discover more of the platform’s revolutionary mechanics.
As always, exercise caution and DYOR.
How to get yourself some PRIA via Uniswap
Now your ready to get yourself some tokens! Getting yourself some PRIA tokens is easier then you might think! Just follow these steps and you’ll be right as rain!
- Visit the PRIA website (https://pria.eth.link/)
- Upon opening, click on the “buy now” button and let it redirect you to the Uniswap page.
- Make sure your wallet is connected to Uniswap.
- From here, you can choose a token that you want to convert to PRIA. You can choose it from their drop-down menu or search even faster by using their search bar.
- Check if the desired amounts are correct, along with the gas fees intact. Once satisfied, proceed with the transaction.
- Yay! You now have yourself some PRIA!
Here are some useful links that you should keep in mind or have bookmarked.
?Official Telegram: https://t.me/pria_defi
?PRIA lively community channel: https://t.me/defilabs_community
?PRIA Discord Channel: https://discord.gg/vWhz5EK
?Community-led FAQ: https://t.me/pria_faq