Proposal to Whitelist FODL Finance (FODL) with 100,000 BNT trading liquidity limit

DAO Archive (SUBMITTED)
1

Proposal to Whitelist FODL Finance (FODL) with 100,000 BNT trading liquidity limit

For this proposal to pass, it requires a 35% quorum and 66.7% supermajority.

This proposal is expected to appear on Snapshot for voting on 2022-02-13T00:00:00Z. Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.

TL;DR

  • Proposal to whitelist FODL.

  • Trading Liquidity Limit of 100,000 BNT.

  • There are no security concerns that could prohibit whitelist status.

  • There is no reason to doubt the legitimacy of the FODL Finance project.

  • The benefit to Bancor is clear. Providing FODL liquidity will attract token LPs from the FODL Finance community to swap on Bancor, and increase protocol trade volume. Further integrations once FODL is whitelisted can be pursued as well.

Token Address: 0x4c2e59d098df7b6cbae0848d66de2f8a4889b9c3

Project Website: Fodl Finance

Liquidity

The Deepest FODL pools on Ethereum are:

The FODL/USDC 0.3% SushiSwap pool with $8,899,060.39 liquidity, $170,132.21 daily volume, and an extrapolated APR (not counting IL downside) from the 24hr fees of 2.09% [1].

The FODL/WETH 0.3% SushiSwap pool with $7,727,808.40 liquidity, $248,774.39 daily volume, and an extrapolated APR (not counting IL downside) from the 24hr fees of 3.53% [2].

A trading liquidity limit of 100,000 BNT opens up space for at least $540k of liquidity in the pool, with BNT at $2.70. If the pool space is filled, a proposal to increase the trading liquidity limit should be proposed, as there are two much deeper FODL pools on Ethereum.

Token Security

FODL does not have an elastic supply, or rebase mechanism. The FODL token has a current total supply of 1,000,000,000 FODL. Contracts are standard ERC-20 OpenZeppelin contracts. The contracts don’t have admin privileges that grant unrestricted burning of tokens.

The top 15 contract and addresses with the highest concentration of FODL are Platform position rewards timelock contract Decentralized development grants timelock contract, Team Fund timelock contract, xFODL staking rewards contract, FODL single-sided staking contract, Sushiswap FODL/USDC pool contract, Sushiswap FODL/WETH pool contract, and wallets with 1.7938%, 1.3147%, 1.2695%, 1.1937%, 0.9314%, 0.8502%, and 0.4762% of the FODL supply.

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Figure 1 - Top 15 contract and address with the highest concentration of FODL [3]

Project

The Fodl platform combines several money “legos” of the DeFi ecosystem - flash loans and collateral lending platforms, combined with proprietary position protection bots and cross-asset price indexing - to build a fully decentralized leverage trading platform .

Fodl enables traders to utilize leverage for their trades without paying a funding rate. This leverage is derived from existing DeFi building blocks, Compound and Aave . In essence, traditional DeFi borrow/lend platforms are turned into money markets providing users with leverage by margining your assets to yourself. Our motto is: Be your own funding rate!

Additionally, Fodl follows a decentralized ethos of transparency, low fees, user autonomy and distributed revenue distribution . All positions and calculations are handled on-chain using live market data, users maintain the keys to their positions and do not send funds to a central pool, or protocol, and Fodl fee revenue is distributed entirely to Fodl LPs via buybacks - essentially decentralizing all protocol revenue. Not your keys, not your coins.

More information can be found in the Fodl Finance Gitbook.

Tokenomics

The FODL token serves as both a governance token for the fully decentralized protocol DAO, as well as a vehicle for fully decentralized revenue distribution. Token supply will never be changed, and supply distribution is as follows:

  • Total supply: 1,000,000,000 FODL

  • Initial DEX listing LP: 200,000,000 FODL

  • Initial Price: $0.025

  • Initial FDV: $25,000,000

  • Platform position rewards: 400,000,000 FODL

  • Treasury: Funded via Fodl buybacks

  • FODL LP staking rewards: 150,000,000 FODL

  • xFODL staking rewards: 50,000,000 FODL

  • Decentralized development grants: 100,000,000 FODL

  • Team funding: 100,000,000 FODL

Vesting Periods

  • The initial LP and LP Staking rewards are locked for 6 months in the LP after Project inception.

  • Team Fund is vesting over 18 Months linearly with a 6 months cliff.

Community and Communication

Fodl Finance is active on Discord. The Fodl Finance team also operates official Twitter, and Medium accounts.

Available Audits

Fodl Finance has been audited by Quantstamp.

Market and Trading Data

  • FODL’s price at the time of writing is $0.218431.

  • All-time high: $1.11 (20th Oct 2021).

  • All-time low: $0.151864 (27th Jan 2022).

  • Price 90 days ago: $0.478049.

  • 251,254,342 FODL in circulation, with a max and total supply of 1,000,000,000 FODL.

  • The current market capitalization is $55,037,273.

  • The FODL token is available on, among others, Sushiswap, Quickswap, BKEX, Hoo.com, MEXC Global, LBank, Gate.io, BTSE, CoinEx, Bibox, CoinW, BingX, .

[1] FODL-USDC | SushiSwap Analytics

[2] FODL-WETH | SushiSwap Analytics

[3] $0.17 | Fodl (FODL) Token Tracker | Etherscan

2 Likes
2

Looks good to me!

I’d also point that FODL has added us to their Rari Lending Pool creating yet another source of lending for BNT Holders.

2 Likes
3

I think we should increase the liquidity on this pool so that we are more competitive with Sushiswap which has the most liquidity at the moment:

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The daily and weekly volume for this token I think should warrant deeper liquidity and potentially bumping this up to 250K trading liquidity might be a good step. Note that a large portion of this liquidity has already been used up:

image

there is only $4K worth of liquidity remaining at the moment.

1 Like