2.8.22 — Strategy update w/ action items & explanation
This provides the subject & supports the locked rewards release proposal for epoch 2.
Any specifics regarding the below will be proposed to the DAO via snapshot voting.
Remember — you can propose different approaches & constructively comment at any time in any forum provided, if it is reasonable, we will ensure it is proposed to the DAOvote. All of the below assumes future DAO votes pass.
Please note the disclaimer at the end of the article.
NEAR-TERM ROADMAP: (exact dates will be given when possible)
The roadmap in the Green Paper has not changed except for a required “pivot” — the following are the near-term action items to transpire asap:
v2 upgrade
Is underway again, we hope to deploy it soon — the details of what the new smart contracts provide have been discussed, here is a reminder:
2 layers of fees: (the exact times and amounts will be voted upon) — these discourage short-term yield farming, while rewarding long-term members.
- Lock Rewards will be deducted for short-term holders — these will go back to the rewards controller and be emitted in future epochs.
- LP withdrawal fees will be charged and will go to the xFATE pool. This structure boosts the price of xFATE and FATE automatically. It will create a desire for xFATE LPs, which will be reduced to 2–5 when appropriate.
v2 has other features built-in (i.e. a membership rewards point system) — that will be utilized in a future version.
- When v2 occurs there will be a migration event and a new epoch will begin. Epoch 3 (about to start) rewards will roll into Epoch 2 locked rewards release schedule (vote required).
The hope is that we will not see the end of Epoch 3 on v2..
Professional Content & Marketing
Companies will be procured as soon as the date of v2 is in place.
- FATExDAO’s DApp will change from FATExDEX to FATExFi.
- Content (YouTube, Green Paper, et al) will be created.
- The campaign will focus on what FATExDAO/Fi is and increasing members beyond the devoted 300(!). (Quotes indicate +100K reader/viewers in 1–2 months) — we have barely marketed during epoch 2.
- The structure of v2 will ensure the increase in demand is not short-term.
- We will also be announcing the “pivot” — moving FATExFi to MATIC.
Moving to MATIC
This will be discussed and decided in future updates/proposals in more detail.
The reasons for the move are the following:
- Harmony has a fantastic user community. The TVL, regular user numbers, functionally technical consistency, and central leaderships’ lack of desire to upgrade the chain to commercial-grade standards at this time (totally understandable) are all prohibitive for the goals and mission of FATEx: a FinTech DAO with plans to create a DeFi institution allowing access to enterprise/full-spectrum financial products and services —helping to advent the full potential of blockchain, digital-asset-tokenization, and DeFi/DAO-ism.
- FxD — (formerly FGCD) Fiat (FATex) Exchange Denomination is an algo-stable, real-asset back reserve token denomination (it is not a currency or a fiat-mirror-stablecoin), which utilizes a specific asset(s) set and platform that is designed to allow seamless, very low-cost FX and cross-border payment remittance services, including a fiat-on-off ramp for any national currency. This will enable a return to a single-peg, global monetary standard — and disrupt a market with $14 trillion in daily volume. This is our first product (if the DAO agrees). There is no equal in the crypto space yet. The current dex/DApp was built to circumvent the angel investing phase — you are all equal participants in the DAO growth — to actually build FxD we will need approximately +$200–400K of CapEx for that alone. With a strong internal dev. team, an FxD prototype, and a DAO run DApp on a blockchain that can support it — we will obtain venture capital (possibly grants too) to secure funds for its deployment, regulatory licensing, legal (IP protection et al), and the means to start phase 2. (FxD will use our DApp as a platform so sophisticated upgrades will be needed)
- MATIC meets the needs required for the above, and future DApp updates/product/service offerings: Ethereum backbone, (no-derivative) Solidity, more security, low-fees, high transaction speeds, larger user-base, more recognition, and commercial partnerships underway with a focus on further upgrades geared for more, etc.
- If another chain arises that meets DAO needs we will consider them.
We will provide ample updates on how the move will work, and decide together on how that will transpire before and after v2 deployment.
The actions after v2 deployment to ensure this occurs (the DAO mission is furthered) and is the most beneficial to existing and future members will require very specific & novel tactics.
Bottom line: when the move to MATIC transpires, current and near-term locked rewards, and their release will become a null point. (We will propose why in the near future) The priorities short-term are increasing users and FATE “value.” Hence, the length of time proposed for the locked rewards release from Epoch 2. Please see that posting if you have not read it — it accompanies the point of this article (in part).
DISCLAIMER:
None of the information communicated should be taken as financial advice. You must be responsible, do research and make your own decisions regarding participation as a DAO member. All members are equally responsible. The messages and/or written content (including any attachments) contains proprietary information — and are covered by trademark and copyright, with patents pending. NOTHING SAID SHOULD BE TAKEN AS INVESTMENT OR FINANCIAL ADVICE.
