FATExDAO — Strategy Update
Please note the disclaimer at the end of this article.
We are in a holding pattern, which is fine, we build things correctly or we do not build them. We have approximately 200 active users and we want to keep it that way until we can introduce a fee structure. (Until new contracts are deployed — we have not marketed to avoid yield farmers.)
(Note: we have dev support for maintenance/security; Corey — dolomite.io & dev. founding team member — has been fantastic and supportive — we do not have dev. software engineers coding upgrades for us as of now. Why: We have been hiring for 2–3 months. We have interviewed a lot of candidates and are hiring at the most advanced benchmark because we want long-term team dev. team members that can build FxD and other DeFi banking products. No candidate has met the standards we expect.)
Once the fees are put in properly we will pay for a cyrpto. marketing agency to increase users. (x10 Media offers monthly packets to get in the major news feeds for $5–8K a month and claim exposure to 1–3 million crypto users — if we obtain 2–3K users increase significantly).
This cannot be done on Harmony Blockchain, nor can we build banking products on Harmony. We will propose a vote for this when it is time, but the best alternative is MATIC.
How to build CapEx:
The logic without overcomplicating contracts is fees. We will vote on the specifics as they are deployed. We will not charge more than other “dexes” (we are not a dex) — but charge a flat deposit fee that goes to DAO CapEx. and withdrawal fees for LP and against locked rewards — the latter has been discussed) We do not want to charge more than 1% for deposit and withdrawal will encourage 3–6 week holding/compounding. All treasury will continue to be doxxed (see docs) — this will mean that we need to have an increase of users on a monthly basis (or a turn-over of users) — around 1–2 million to generate the capital we want. This is likely reasonable. But… we have to move to another blockchain (discussed briefly below).
In the cryptocurrency/blockchain sector — sustainability is measured by survivability. We still hold that we are at the forefront of the industry from a long-term perspective. None of the products that we have planned have been matched by other projects — we will let you know if that is the case.
The algo. stable “reserve denomination” for FX and payment markets penetration is still planned. Prior attempts are considered to be traction. We recently changed the name to FxD. When we deploy new contracts — probably on MATIC — we will upgrade to FATExFi as well.
The FATE token will not be touched, just bridged.
We encourage users to read this article: R.I.P. OHM
You can see the sustainability of these types of liquidity schemes — there is none.
We are the first to admit that we have not produced good returns for members that are similar.
However, we want to reward long-term holders. Hence, the longevity reward structure. We are thankful that you are bearing with us as we proceed — we will not give up! If anyone wants to take over as a vote of no confidence you may do so without
For a reserve currency, a non-crypto. reserve system is needed (i.e. Terra is not sustainable — it has real-world applications — that are live) — FRAX, MAHA yse a basket of assets that mirror value or living standard — this is not a new concept. Australian, Canadian, New Zealand dollars are backed by a commodity/agricultural basket.
We are circumventing the angel-investing stage by offering this directly to members through the DAO (most projects sell their tokens at $0.000### — — or less at this stage — to raise $200-$500K).
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 (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.