FATExDAO Update — FATExFi/FxD — Polygon
FxD/Growth/FATE Preservation Foreword:
As a fintech DAO, FATExFi is currently serving as a members’ capital contribution dApp.
There are two LPs: FATE-USDC & MATIC-USDC. We will add PAXG LP(s) after we hit certain TVL/CapEx milestones.
If you are a member from Harmony — you have an allocation of FATE (automatically), like founders or other team members (i.e. legal) you cannot use your allocations to vote or have free reign. There is 100% equal treatment across all vested members.
The dev/core team is building FxD — the demo/prototype is underway now.
FxD has become an incredible product/idea — and is our main focus.
The token FATE will have value well beyond a random DAO/dex/yield farm once that is accomplished. If you are a part of the DAO by happenstance and/or do not grasp the point of what we’re trying to do — it is recommended you take the time to read the documentation (which has been updated) and/or watch the video(s) on it. If you’re interested in selling your FATE holdings asap (when available) we will be exploring options to buy them back instead of having them go into circulation. Crypto projects are not sustainable and we plan to ensure ours’ is… Together.
We understand that the market has been very rough and that many of us do not have a choice if given the opportunity. FATExDAO was created for a very specific mission that is difficult but now realizable and underway. Please stick with us and support us however you can (including joining the Members Directors Board — which a few of you have shown an interest)
The dev team (Corey/Austin, at the moment) is solely focused on ensuring we can commence with the business plan detailed in the last update and building FxD — which is actually not extremely difficult — but will take us several months to complete an MVP (basic product demonstration) that is needed to acquire the capital to deploy it as large-scale retail and commercial product/platform offering.
All of these things take time and are dependent on many variables that cannot be controlled.
If you have any dev. the experience we welcome the assistance and will be posting for additional developers to join us.
All members are equal — and it is important to realize that this is not a financial institution (yet) offering customer services, or “investor support” until the resources are available, and the DAO votes it necessary, to provide them.
FATExFi.io — Polygon DAO members’ reward dApp
- Has been live on MATIC since June 1st, 2022.
- The new smart contract structure, via fees and tokenomics makes it a very solid system for rewards and preserving price.
- Please try your best to not sell your FATE rewards (even if you are using half of them and re-staking them) — it hurts FATE value.
- We should be listed on DeFiLlama in a few days, and will spend time being listed on others. Most require $50K average daily volume and $500K TVL.
- We have 20–30 wallets participating — we need more. We know it’s hard times in crypto-land, but any amount will help.
THE NEW FATE TOKEN ADDRESS ON POLYGON/FATExFi is:
BONUS FOR THE FIRST 100 MEMBERS STAKING IN FATE-USDC:
- The 1st 100 wallets participating in the FATE-USDC pool will receive a 25% bonus for the amount of FATE they have when the 100 limit is reached. That means: when 100 is reached we will take a snapshot of the amount of FATE those wallets have staked and add it to the merkle distribution (the same mechanism we will be using to distribute to FATE Harmony allocations)
- Until we reach 100 — any amount withdrawn/sold etc. will not be included.
- Snapshot has been updated to Polygon — it’s the same site — please subscribe.
- There is a new governance token that accounts for all FATE issued/acquired on FATExFi. Please add the voting power token to your wallet:
- NOTE: It does not account for any pre-allocated FATE supply on MATIC (i.e. FATE harmony allocation, insiders’ i.e. founders, legal, etc.)
To participate in governance voting you must have FATE from FATExFi.
Polygon-MATIC Status / Growth Management
- We applied for a grant and several other programs.
- FATExFi will be added to the Polygon Ecosystem/Explorer officially.
- We should hear about the applications in less than a week. An update will be provided when we know.
Emissions Reduction (temporary)
- This will not occur if we have an influx of members/users in the next 24–48 hours (max), it will if we do not.
- Until more users come and/or when we hear about the grant it is necessary. The grant includes marketing and many other perks that will warrant returning to the regular emissions schedule.
- The current APR, given the amount of users is not beneficial to the long-term “DeFi” nature of the DAO and the value — too few users are receiving a significant amount of FATE that is currently, negatively impacting the price.
- We will return to the emissions schedule when we have the capital to start marketing en masse.
Many have asked about the “plan” — and the status of the allocation. Nothing has changed. The plan has always been as follows:
- When it is sensible (i.e. the TVL/demand/users can support it and a quorum can be reached) — no insider/treasury wallet is selling FATE (when that time has come we will announce it)
- It will happen automatically — you do not need to do anything except wait for the below to transpire.
- A wallet list with the exact amounts will be released once our application with MATIC has been decided.
- We will vote on how that will be distributed — we have suggested several times that it is best to extend the vesting of the allocation over several epochs.
- FATE treasury will not be selling FATE as a primary source of capital. The few members and teams that participated in the pre-launch LP funding will be receiving that distribution back first. Treasury will be using the amount provided by the founders and associates for CapEx to help us make FxD after covering costs and returning the initial investment. This will be done by breaking the existing LP(s) that were placed as the FATE-USDC initial liquidity.
The most important thing is:
- Supply should never exceed demand
- Preservation of FATE ownership value relies on sustainability and longevity in mind.
Please follow the social media, and stay active and updated by tracking the documentation and substack/medium/YouTube/Twitter.
As always — this is all just our opinion, none of this is financial advice etc.
If we don’t build FxD none of the efforts over the last year will matter. Crypto isn’t sustainable if dApps that monetize are not built. FXD rocks. It’s best to wait and have that be what values DAO membership… Beyond what you contribute.
It is the hardest times that show those who are most faithful and committed to the project and those you let lead it. We are not giving up and we need you to step up: become a DAO member that isn’t vested and stakes some FATE-USDC so we can do this!
Originally published at https://fatex.substack.com on June 27, 2022.