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The unholy mix of porn and yield farming: Meet Swag.Finance

Liquidity mining meets the porn industry? Welcome to the future, baby: On Thursday, blockchain protocol Swag.Finance plans to turn Swag.live, an Asia-focused porn site, into a truly decentralized community — complete with its own DAO, governance token, and yield farming.

Swag appears to be based in Taiwan and claims to be the largest adult chat site in Asia. It has around 4 million users and tens of thousands of content providers. On October 15, the platform will launch its native governance token, SWAG. A total of 625 million governance tokens will be issued, of which 25 million will be used for the DAO and 60 million will be distributed to the community and influencers. The remainder is distributed to the public via two events: a First Swap Event (FSE) and a Subsequent Swap Event (SSE).

Swag tries to be fully decentralized.

SQUIRT and CREAM

What are these trades and who trades with whom? The swaps are trading pairs on a decentralized exchange, allowing users to practice good old-fashioned yield farming. For example, users can trade SWAG for USDC or CREAM on cream.finance while earning additional SWAG tokens as a reward.

CREAM ? Yes. The founder of SWAG is believed to be the founder of cream.finance: Jeffery Huang who is not only a crypto OG but also brother of famous Taiwanese singer Stanley Huang. In fact, it’s possible that the SWAG project will help breathe some life back into Cream.finance, which has been on a downtrend lately.

Coins with Benefits

Swag claims to be Asia’s largest adult chat site.

To encourage community participation, SWAG investors get the benefit of watching swag.live for free. An incentive program called SQUIRT has been developed: users who actively contribute to the platform through suggestion, build, deployment and problem-solving are rewarded with either stablecoins or SWAG tokens based on the rules set in the SQUIRT smart contract.

“I used to watch porn on swag.live anyway. “Investing in the token seems logical to me,” an anonymous investor told Decrypt. “What’s the worst case? In the worst case, the token goes to zero, but I still have a chance to enjoy the platform.”

Of course, this isn’t the first time the adult industry has used crypto.

From early public blockchain pioneers like Spankchain to Pornhub accepting crypto as a payment method, crypto has always had a love affair with the adult industry. Its unique properties help the industry address issues like privacy, payment, and censorship.

But SWAG.Finance could be the first to make the adult industry DeFi-enabled. However, it is still uncertain whether it will ultimately work. Although swag.live has been profitable since 2017, it has largely functioned as a centralized entity. Decentralization through token distribution is the first small step. The love affair between crypto and the adult industry continues.

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