FATExDAO Update: MATIC FAQ (brief) & Weekly Locked Release

2.24.22 — Locked Rewards Released — MATIC Move

Locked rewards have been released — please check your wallet.

MATIC DApp Move

FATExDAO will be moving to MATIC. Instead of migrating/bridging all tokens, we will do a transfer based on the value that accounts for unreleased FATE locked tokens and FATE in your wallet(s) and/or LPs.

You will not have to do anything. All of the below will be put to a vote soon.

A redeploy is substantially easier, the original dev(s) are assisting with the move (yay to the dolomite.io team!!!) The fundamental reason we are moving is that we cannot build FxD (algo-stable FX denomination that is not a stablecoin that mirrors a fiat currency — it works to value and transfer between stablecoin fiats) on Harmony — it uses a particular type of real asset reserve that is more useful than gold. This will be the primary focus of the DApp initially. We will decide on the direction after we build FxD.

FxD, by design, will likely only be 1 token that can be split to 18 decimal places — it is a utility token that can be used for payment and banking purposes.

FATExFi on MATIC will not have numerous liquidity pools — we will avoid yield farming and exhibiting “dex” (decentralized exchange features), we will also have V2 will be in place, which will require members to contribute capital and pay to withdraw them. (We have not decided if we are going to deploy the V2 features on Harmony or focus our efforts on moving over).

We have learned from watching other DeFi DAOs’/liquidity farm schemes and the issues they have. We are legally not allowed to promise profit from a centralized team — we will make all decisions together as a DAO. And encourage all to vote — the votes fo this will be left up for a while.

The proposal will give current members the best of one of these options:

1. A value transfer of +5x (we are hoping for 10–100 i.e. if FATE on MATIC is $0.10 you will get the value of your Harmony FATE multiplied by that amount — we hope to make all those who contributed on Harmony more than was provided) the final value of FATE before the move — this will be determined during the first week and/or epoch of FATExDAO on MATIC. The value transfer means a percentage of FATE supply will be set aside for those who have been dedicated — the loyal +300! Think of it as a pre-sale, warrants, options, etc.

2. A 1:1 transfer of your FATE.

The release of these tokens will happen over a 52 week period. You will be allowed to sell the releasing FATE from Harmony during the first epoch (we want to make it based on a block rate like our cohorts)

Emissions will likely be set at a specific multiple and not changed. Epochs will remain the same and when FxD is developed we will give the original FATE holders (on Harmony) a small percent of that also. This will be voted on by the DAO.

The above will be decided prior to moving — the option will be chosen based on performance during the first epoch but proposed and decided beforehand.

Please make your own decisions — none of this can be taken as financial advice.

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FATExDAO

FATExDAO

FATEXDAO.io is a Neo #DeFi DAO FinTech enterprise, focused on large-scale DLT/tokenization, ESG/CSR bank-grade solutions: FATExFi — FxD.