4.5.22
FATE Rewards Increase
- FATE block rate rewards multiple has been increased to over x14.
- Several LPs with liquidity <$100 were archived to clean up the UI and allow for reward allocation distribution to be more focused. If you had a stake in an LP pair that was archived you have not lost any assets — they have been moved to the archive pools page and can be managed the same way as any other staked LP (they have just ceased to receive rewards and can now bee found in the archive pools page, which can be accessed via the “Archived Pools” button on the depository page of the DApp in the far-right column that lists active LPs on said page.
Block rate rewards are currently allocated as follows:
Rewards will continue to increase until the move to MATIC (but not to an extent that the FATE Harmony supply is completely depleted).
Why are we increasing rewards of FATE Harmony if we’re redeploying FATE on MATIC???
The more FATE Harmony you own the larger the amount of FATE MATIC you will automatically receive. The details of how this process works are outlined in the snapshot vote proposals and accompanying articles explaining the proposal that was recently published over the last 1–3 weeks.
A simple explanation (accompanied by a poor attempt at comic relief after a very long day)
- FATE Harmony has become extremely devalued (mostly due to the structure in place of zero-fee participation — we still love you yield-farmers — but we’re a DAO set on building some fairly big things, not playing hot-cakes with dex liquidity scheme tokens with mono-symbolic names that may possibly create relatively interesting DAOs focused on crypto-ponzism where most of the votes are focused on getting airdrops of tokens named after a fruit or worse: making members believe participation and vote actually matters (it’s understandable though, any token with zero utility connected to a project with no long-term, professional roadmap, lead by individuals who are not comfortable behaving like adults or capable of original creative inventiness seekingwealth creation through innovation is definitely not why crypto-DLT-DeFi is called the “wild west” and is absolutely worth significant amounts of your time and even more time hodling the token in question that is likely called “monkey-bulldog-banana” (if that’s a coin the writer apologizes) unless the DAO was able to change it to a more svelt name like “the-tasty-digital-asset-you-can’t-eat” or a simplier name like the super-high-on-eucalpytus-leaves-Koala-bear (that’s also very dangerous in it’s physical, non-digital form, which adds to the coolness but instills constant anxiety since the Koala looks so cuddly — good call!)
Anyway… the DAO is redeploying the entire FATE supply anew on MATIC within the next few weeks.
Why: did we decide on this strategy: it’s easier for everyone and more transparent than creating a new coin called something silly like “destiny” (at least we’re avoiding random food and animal names, and no, the word “fate” is not the origin story of our beloved FATE governance token) that we can deploy on MATIC with its own tokenomics, the subsequent value that works splendidly to fragment the essential components of a true DAO and create elementary, mathematical discrepancies with owning chain specific “gov” tokens that will eventually be rolled into one chain agnostic token even though they have different “values” (and of course, after we deploy as many chain-specific governance tokens as possible to squeeze capital out of participating members)
Please visit (and join) the snapshot home of FATExDAO and the proposal being discussed — we are confident you’ll like it. https://bit.ly/3JhPtKa
One of the most important aspects of this action that members should understand is that your FATE Harmony tokens now have more utility and an increased, technically, higher “value.” Before the end of FATE Harmony rewards (on “FATExDEX”) these tokens can be staked, (rewards will be gradually increasing to incentify members to do so) used to vote, placed in xFATE, hodled etc. so long as they are connected to activities that are linked to your wallet; FATE Harmony tokens will serve as the mechanism that will generate the automatic receipt of your new FATE to be deployed on MATIC.
Locked rewards of FATE Harmony epochs that have been earned will continue to be disbursed until the end of FATExDEX rewards. Any locked rewards will be counted towards determining your FATE MATIC allocation percent.
This strategy is designed to ensure that owning FATE Harmony (and increasing your stake until the last possible opportunity — when FATE Harmony rewards have ceased and FATE MATIC rewards commence — will be beneficial to members for the reasons you entered the crypto market(s) — which DAO founders/current directors assume is not to acquire large sums of meme tokens that majoritively do not have long term sustainability prospects, but rather to build large digital asset holdings that increase and create passive income streams.
The DAO is a FinTech run like a technology corporation/startup — as a DAO all members are involved — and it is with the drive and assistance of each member and our combined efforts that we will achieve the goals we’ve set. Will we profit? Only if we all do as much as we can (whether that is increasing your FATE holding and voting in decisions, or taking a more active role)
Without suggesting any of these statements are financial advice, definitely not of a professional nature at all, it is simply logical too: acquire more FATE and put it to use to earn more.
Block rate rewards will continue to increase until FATExFi launches on MATIC and you will be given FATE MATIC tokens for your FATE Harmony tokens that exceed the value of the FATE Harmony tokens by at least 50% at all times, or you’ll receive the same amount of tokens.
Your FATE MATIC will be locked (for token-supply management purposes) but will be gradually released after the first 2–3 weeks of FATExFi mainnet using an automatic release that will sync with the MATIC block rate.
YES! WE ARE RELEASING THE TOKENS YOU OWN USING AN AUTOMATIC BLOCK RATE DESIGN/UI (shout out to Corey- Dolomite.io CEO/founder and FATExDAO head of tech/dev) So you’ll have to claim them and press a few more buttons than other methods require… But…. The DAO is determined to ensure it’s going to be worth it…
What does all this babble really mean?
It suggests above all else that the writer needs sleep. Most importantly, FATExDAO found a solution where everyone will win if we continue as we have.
The DAO needs your support during this transition.
What is the best way to support and gain more ownership in the DAO? Increase your FATE Harmony holdings (and bridge some PAXG) — we will formally propose the LP pairs soon but the plan is to simplify the offering and PAXG/USDC/FATE will be the mainstay… (and MATIC of course)
We are in discussions about a “pre-sale” as well, to assist with monies needed for the liquidity pools on MATIC, but are meeting with our in-house counsel prior to ensure it is legally feasible and what the details of that might be to ensure it is, and especially since we are focused on FxD: the creation of a working model/prototype as quickly as possible (it’s a game-changer my fellow FATEx’rs, that we will all decide on and help make a reality) and how that might be incorporated into the FATExFi DApp and all its participants.
So there is still some work to be done before we move. In the interim — the FATE you own on Harmony will be counted as a percentage against all other holders (that are not “insiders” of course) and that will determine the quantity you receive of the new FATE on MATIC. This means the amount of “new” FATE a wallet will receive has nothing to do with the price paid for the FATE on Harmony… Given the current swap rate on FATExDEX, we’re hoping all members will be able to fairly vie for a much larger holding than their current ones.
If you have any ideas or wish to help beyond grabbing as much FATE (on Harmony) as possible please email us: austin@fatex.io or info@fatex.io (or say something in the official channel on TG or discord and we’ll move over to a dm/private convo — the DAO and its current core-team is also on LinkedIn — see landing page)
Tokenomics for MATIC and several other major action items will be presented for discussion and vote in the next few days.
Thank you profusely for your continued support and membership.
There is work to be done.
