Harmony Rewards Ended
SNAPSHOT PROPOSALS & A YOUTUBE VIDEO OUTLINING THE BELOW WILL FOLLOW. READ THE DISCLAIMER AT THE END.
UNTIL THE FATExFi ISSUED DAO GOVERNANCE TOKEN IS DEPLOYED, FATE ON HARMONY ONE CAN BE PROCURRED FOR VOTES.
Timing
FATExDAO will be launching FATExFi.io on June 1, 2022, at 8 pm UST-4 on the MATIC network, this coincides with the start of FATE rewards.
FATEx.io (FATExDEX) the Harmony DApp will stop rewards and sunset starting at 9:30pm May 30, 2021 (UST-4/NYC time)
FATE on MATIC will be supplied for circulation to prepare for rewards in approximately 24 hours from now (8pm May 31, 2022 — NYC time), which is 24 hours before the launch of rewards.
What is Important:
As you read this: the most important thing to remember is that you are a valued member in a DAO working on developing a product that actualizes the purpose of crypto/blockchain’s invention — a non-government controlled method of payment and store of value — the difference between BTC and details of FxD will be highlighted seperately — the overview has been published here.
With the smart contract upgrades being deployed — the message is simple: FATExDAO does not want yield-farmers, we want vested members who are with us until the project is complete.
FATE is a governance token for FATExDAO, and the value of its swap price is determined by supply/demand dynamics, which we will be controlling with extreme conservationism and long-term resilience.
Until a value is given to what we are all doing our part to produce: FxD and the stages following it’s deployment we want to discourage attempts at speculation. Please be prudent, take nothing stated here as financial advice, make decisions that are best for you.
We will decide together and stay true to transparency and fiduciary responsibility.
All important items will be addressed here, its own publication and/or YouTube video(s) — some of these will have snapshot proposals posted as you are reading this & will say (SNAPSHOT PROPOSAL) here.
Governance/Snapshot:
We will use FATE Harmony governance token until the governance token for MATIC is deployed. We are trying to build one that will account for the FATE Harmony vested allocation and the governance voting rights associated with it.
What happens to FATE and other assets (LP deposits etc) on Harmony:
- FATE on Harmony will serve its purpose (as described above) until it is replaced. Members will be receiving a vested allocation.
- We are proposing, to ensure the supply is very limited, that the first epoch release only 5% of the allocation. If FATE on MATIC is available to sell in an amount that nears unlocked rewards or supplied by our treasury’s 1st LP (described below) it will defeat the long-term purpose of forming the DAO before FxD is finished: DAO members are its angel capital contributors and any institutional/VC investing will have to negotiate around the price of a publicly circulating token. (SNAPSHOT PROPOSAL)
- The vesting period and release will follow a modified schedule of the Uniswap’s “Merkle Distribution” (over 4 years — we will decide on each year/merkle amount once we have finalized the allocation and have had a chance to add more members)
- The same mechanism for distribution is being used: an automatic, block-rate-based automatic release mechanism. The 1st distribution will start at least 2 weeks after we launch. We will try to design incentives/bonuses for any members who choose not to sell them and/or have treasury retain them in the designated vault.
- All members have to do is set wallet’s MATIC network access (chainlist.org) and add/import FATE’s new MATIC address: 0x4853365bC81f8270D902076892e13F27c27e7266
- The exact amount can not be calculated until we turn off rewards.
- The exact start time of this distribution will be proposed 2–3 weeks from launch. We are working on the length, as of now, it is 52-weeks.
- FATE anywhere on Harmony ONE will be accounted for.
- WHAT HAPPENS TO ANY NON-FATE LPs on FATExDEX?
- If you have any assets in an LP they will be available for removal under the new URL: old.FATEx.io (app.FATEx.io will direct you to that) — for now, indefinitely. (The +$80,000 of USDC/ONE is not the DAO’s — please withdraw any tokens at your convenience)
FATE-USDC will open tomorrow, 24 hours before the rewards launch. Including members who participated in the pre-launch token swap, we will collectively be putting in approximately $10,000 to $14,000 of USDC at a mint price of $0.001 (or 10M-14 million FATE)
- The primary source of capital for the DAO during the first few months.
- Serve as the main source of FATE in circulation and available for you and future members to acquire.
Primary Source of Initial Capital:
- Instead of selling FATE and increasing the circulation, we will withdraw approximately 50% of the intial LP at a price level of $0.1 — $0.01.
- The rest will be withdrawan as the FATE-USDC LP TVL increases.
The primary source of FATE for several weeks/months:
- The rewards schedule is very conservative. +80,000 FATE per week will be unlocked for circulation. This should manage price as we work to increase demand and the +10 million of FATE provided starting tomorrow will be the main source beyond that.
- We will publicize when Treasury’s LP tokens have been 100% decoupled.
Business Plan and Growth:
- Core development team (Austin/Corey) is focusing on FxD predominately — it is generally simple to build and will use all or parts of publicly audited protocols, but will take some time to perfect for presentation. The roadmap remains the same and we are on schedule. FxD will be addressed in detail, ideally through another format (i.e. YouTube) after launch.
- To ensure tokens are available for VC, long-term sustainability and the end-game FATExDAO is designed to fund: advanced R&D, we are proposing a “Founders Future Fund” — increasing the Founder(s) allocation to <15% of total supply. These tokens will not go into supply, ideally for 5–10 years, and may only be used with the permission of the DAO beyond putting them in a trust. (SNAPSHOT PROPOSAL)
- Growth Fund will be used for all purposes, as detailed in the Green Paper — it has not changed since we launched last August.
- After we work to get listed on DeFi analytics/trackers (i.e. vFAT) and any that do not require an audit or charge a hefty fee we will focus on growth, which we hope Polygon’s ecosystem opportunities will help provide.
- Treasury capital will be used in the following order of priority to help growth:
- Marketing (publications/influencers/social media)
- Content upgrades — Austin’s spreadsheets are fine but not pretty… :)
- Incentive offers via airdrops, staking of Harmony-FATE’s allocation, and to help fund:
- Quickswap LP & PAXG LP:
- PAXG has been used for several reasons and we want to continue that on FATExFi, but with much larger liquidity. We will need members' help with that and will offer programs to offset the cost of bridging PAXG.
- MATIC has a Quickswap voucher, which includes marketing, which we will apply after our DApp application is approved. DApp application approval will officiate FATExFi into the ecosystem.
- Grant/voucher applications must follow the 1st application.
5. Audit(s) / listing on CoinGecko/CMC.
6. 1,2,3 will be repeated and with additions (i.e. PR) until FxD is ready and the DAO membership has maximized the potential of the existing crypto/DeFi community.
7. Cover costs for FxD development.
#4 will occur within the first 2 months of launch, ideally sooner.
DAO members can help beyond contributing capital via LP staking.
A members’ board is in the process of being formed. Anyone interested can join the TG channel by inquiring first in FATExDAO’s Discord or TG.
- 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.
Originally published at https://fatex.substack.com on May 31, 2022.
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