FATExDAO: proposal to increase MATIC pre-sale swap x2 explained
This serves as the detailed explanation to obtain your support to approve the proposal.
Proposal Explanation:
The 80M cap of FATEh (FATE on Harmony) permitted to be swapped for a FATEm (FATE on MATIC) & USDC LP was successful and has reached the limit.
However, until the snapshot proposal passes we want to encourage members to continue applying.
If you are unfamiliar with the details please read the details previously published and available HERE. THAT HAS EVERYTHING YOU NEED TO UNDERSTAND HOW THE SWAP WORKS AND HOW TO PARTICIPATE.
Because the amount of FATEh that users elect to use to participate in the pre-launch swap proportionally reduces the allocation of FATEm for FATEh holders it does not have a material impact on the the supply release.
Increasing it may require extending the unlock period — but it will not double the time. The expectation is between 28–36 weeks, this will be determined when an analysis is conducted approx. 1–2 weeks after launching FATExFi on MATIC is conducted to determine the appropriate release period. We will do our best to ensure the time members must wait is the mininum and it will be justified solely by the math.
We are proposing to increase the offering to $160M, allowing an additional $80M of FATEh to be used. We will treat it as the same “round” (members who have already applied — you are allowed to increase the FATEh you are using and we will be contacting you shortly to provide the details to send the FATEh and 1USDC to the multi-sig on Harmony)
This is beneficial in numerous ways, for both the DAO and members whom choose this option:
- It will remove almost 25% of circulating supply of FATEh asap.
- It provides a member an immediate exit and reprice of 500%, at the time of writing.
(Please use the sheet found HERE by making a copy, to calculate the specifics of your participation — we will be sending you a confirmation with specifics instructions to assist and remit the FATEh and 1USDC after your application has been approved)
Explanation of Example:
What is happening in the picture above:
In this example, a member decides to use 7M of FATEh, that is unlocked (you may obtain more on the DApp if you want more), which has a value of approximately $56. The program/option essentially gives the user a value of $350 ($0.00005 for the FATEh that is used to trade for FATEm, which has a pre-mint starting price of $0.001)
What you get if you did this exact example:
The participant will receive a total of: 378,000 FATEm (remember there is an 8% bonus to account for the LP you will be receiving unlocked on a weekly basis that is not earning rewards — due to dev. tech. difficulities leaving these LPs unstaked is the easiest approach)
Remember, you must also match the value of the FATEm with an equal value of 1USDC (it will be sent to the multisignature we use on Harmony and we will bridge it to MATIC, prior to launch, for you and create an LP: FATEm -USDC — this is additionally helpful because the more liquidity we have at launch the less of an impact a bot will have and the more likely the price will remain stable)
350,000 FATEm and $350 USDC (initially — the intent is that there will be a value increase beyond $0.001) — and 28,000 of bonus FATEm from the 8%.
When you will get it and in what form:
The LP will be distributed evenly, on a weekly basis (again — exact amount of weeks is TBD, we’re hoping for about 28 — if you do not elect to participate in this option your FATEm allocation from your FATEh holdings, under the “automatic” option is distributed over the first epoch of 52 weeks), as locked rewards are now, in the form of the LP & your bonus FATEm. You will pay no fees, you can do whatever you want with the assets (given the hefty withdrawal fees for those folks attempting to take advantage of the rewards and yieldfarm quickly) This is the best option to obtain FATEm that is not charged a fee and you’re free to sell if you wish.
This option is extremely beneficial to the DAO as it will free up liquidity for us to purchase PAXG — which we hope to acquire significantly more of asap after FATExFi launch, and liquidity to create an official “listing” — reward pool on a CoinGecko approved DEX (i.e. Sushi)
Do not worry: This is totally optional, and is limited and requirs an application to initiate the request. If you do not participate you will get your FATEm either automatically or through an “unlock” feature that is released over the epoch on a per block basis, based on the plan approved initially.
If you have questions ask in TG/Discord.
The application form can be found here.
Please vote to approve this proposal in our snapshot, it will go live in about 10 minutes from this articles publicaton and be open for 36 hours — please apply if you are interested with the assumption that this proposal will pass so we do not loose any time:
https://snapshot.org/#/fatexdao.eth
Follow us on medium, twitter and join the snapshot group please.
We will provide an update on the progress of FATExFi and any other matters in the next few days, your team is working a lot! Things are going GREAT and we’re almost done with the testnet. Without any unforseen events (i.e. MATIC ecosystem approval) we are hoping to launch no later than the last Thursday of this month — we will provide details regarding this as the time approaches.
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. The messages and/or written content contains proprietary information — and are covered by trademark and copyright, with patents pending.
NOTHING SAID SHOULD BE TAKEN AS INVESTMENT OR FINANCIAL ADVICE.
