Firebird is nesting on Fantom

Summary — tl;dr

1) Temporary halt of mHope staking rewards

2) Bridge current treasury to Fantom for initial liquidity. The pool will be open for community contribution and 70% of swap fees will go to liquidity providers whilst 30% will go to build further liquidity — APR for liquidity providers will be estimated at a temporary ~24%.

3) All platform fees collected on all chains will be used to build up liquidity on Fantom

4) Firenest pool will be live on Fantom on January 24th (tentative date)

After 6 months, or when we reach the $5 million liquidity mark, whichever comes first, DAO will vote for continued reinvestment or to pay dividend to mHOPE stakers.

Reasoning for decision:

Rewards have been low in the last 12 weeks totaling 39,418.80 USDC and shrinking every week. Putting those rewards in a staking pool would net barely 15% APR for mHOPE stakers while using treasury funds to jumpstart our liquidity on Fantom could prove to be a long term efficient revenue stream as proven by on-chain swap metrics and projection of profits.

1. Volume and tokens traded on first 11 days of January

2. Projection of profits based on depth of Firenest pool

After 21st January no more USDC rewards will be deposited in the mHOPE staking pool.

mHOPE stakers will not have their tokens unlocked during this period or until more data for tokenomics is collected and concrete plan issued, however, 40000 USDC that has been used to provide initial liquidity will be airdropped to them at later date or/and will have preferential treatment when migrating to new tokenomics.

After 6 months or when the 5 million liquidity mark is reached, mHOPE stakers will have the right to vote on further steps, either distribution of swap fees (per week or in batch) or continuing with the reinvestment process.

More info on Firenest pool will be issued prior to launch but as mentioned, it will be open for community contribution and will use mainly stable tokens

3. Firenest pool setup

Our plan of creating OHM fork tokenomics has been put on stand-by and will be reevaluated once we are able to thoroughly test Firenest pool efficiency and security before moving forward, and while additional delays are frustrating they are necessary as our goal is to create a system that will endure the test of time while keeping both current and future token holders satisfied.

Aggregation fees on all chains need more data until it is proven that adding them won’t alienate our user base and cause negative feedback.

These are the first steps that will be made in order to grow our own liquidity and create revenue streams for protocol while also maintaining our high quality of service.

An innovative one-stop defi, multi-chain yield farming and decentralized exchange aggregator.

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

CargoX, the producer of Smart B/L, joins BiTA

Introducing the ORACLES: the prophetic advisors of Blockchain

Securing Blockchain: lessons learned from 2018

Season V: Two Advanced Recipes For Crafting Fans

Introducing PoB — How to design a more decentralized consensus

An Interdisciplinary Ensemble

Blockchain marketers in the dark? Here is the light

THEMATIC REPORT ON LAYER 2

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Firebird Finance

Firebird Finance

An innovative one-stop defi, multi-chain yield farming and decentralized exchange aggregator.

More from Medium

5table Finance & Yield Parrot

Align your qi, with leveraged QI exposure

Yield Parrot has successfully landed on Fantom

$fLORY presale on DeFi Launch