The options for current/future holders of FATE Harmony DAO Members:
- PLEASE READ THE DISCLAIMER AT THE END -
The DAO has approved TWO OPTIONS to receive FATE(m) (FATE MATIC issued via FATExFi) for anyone holding FATE(h) (FATE Harmony) at the time that FATE rewards on our Harmony DApp (FATExDEX)
The term “fair” is used because there are no VC’s or massive, insider allocations being given special advantages. All users are treated equally, you are the FATExDAO “angel” investors.
“Insiders” have been given slight perks, but the benefits received are intentionally less than those being offered to the general public/users.
Contrarily, “insiders” have more restrictions and have their wallets doxxed.
The details regarding the above statements will be published in the updated gitbook/DAO documentation. If you are unfamiliar with the DAO and/or do not feel up-to-speed please review our Medium articles and the Green Paper.
OPTION 1: Swap your Harmony FATE(h) for FATE(m) to receive a +/-400% value increase automatically.
This option is new and can only be used with unlocked FATE(h), which can be acquired here.
You must have free access to the FATE(h) you are applying to use (if you do not have enough simply obtain more), the FATE(m) you receive is part of what is used for you to obtain an unstaked LP of FATE-UDSC (the main LP) on FATExFi (MATIC) using a “swap” formula detailed in the example below.
IMPORTANT: You will have to match the FATE(m) you receive from the swap with a 1USDC deposit of equal value that will be used to create an unstaked (it will not earn FATE rewards on FATExFi from the emissions schedule) LP. The reason why it will not be staked is due to technical complexities that would delay the launch.
The substantial increases of value provided under this pre-launch swap opportunity more than compensates for this caveat.
However, if you are permitted to partake in this you will also receive an additional 8% more FATE(m) that you receive on top of the FATE(m) and 1USDC in the LP, when it is unlocked. (An additional benefit to this option is that you will receive your FATE in approximately 50% less time than you would with the other option described below).
To determine the best, weekly, LP-unlock release schedule, a DAO vote will be required and should occur shortly after the launch of FATExFi. The expectation is it will be approximately 50% of the first epoch.
Please see the example below for a walk-through of how this will work.
Only 80M FATE(h) will be permitted to participate in this option because it is intentionally very generous; it allows a user to have access to their FATE(m) faster than option 2. If this option is popular we will propose additional rounds, however, it will not be possible to offer terms that are as favorable. The 80M of FATE(h) will be burned from the FATE supply on Harmony for the FATE(m) it is swapped out for.
This option is a limited offering because of the benefits: users must apply, receive confirmation of their application’s acceptance and remit the funds w/ a transaction id confirmation to the DAO’s Harmony multi-signature administration wallet that is doxxed and has been in use since Harmony mainnet.
The DAO Ops. team will bridge the funds to MATIC from Harmony for members and the funds will be placed in the DAO’s MATIC multi-signature admin. wallet, (gnosis-safe) & also doxxed.
It is important to note: the main purpose of this option is not to obtain more liquidity for the first, primary FATExFi LP: FATE : USDC, the DAO has sufficient funds for this; it is to offer a better option for those who have been active, DAO members.
This option will generate more liquidity at the FATE(m) pre-mint price of $0.001, helping ensure its stability (the more liquidity at the mint price of 1 FATE(m) per $0.001 USDC the less likely the price will decrease below that, this is enhanced by the smart contract improvements being deployed.
Why this option is (probably) super awesome:
No matter what the price of FATE(h) is, you will receive the Pre-Launch Swap price listed below in blue for this offering: $0.00005. Therefore, at time of writing, you would receive a +450% increase in value for your FATE(h) and have it placed in a new DApp with features in place to enhance more increases in value.
The above demonstrates that, at the current price of FATE(h), at the launch of FATExFi the FATE will have a +11,000% increase in value. A shorter unlocking period increases the likelihood that these gains will be, at least, preserved.
EXAMPLE of an Individual Member Participating:
In the example provided (also in the spreadsheet), if approved, the member would need to send 3M FATE(h), which currently has a value of about $25, and would receive an LP worth $300 containing: $150 of FATE(m) (150,000) and $150 of USDC(MATIC). The member would receive that LP AND 12,000 additional FATE(m).
This option allows a member to swap their FATE(h) for a large value increase (at the current price +/-450%). The FATE(m) is given the pre-mint, FATE(m) set LP price (why it’s “FAIR”).
Remember the $150 1USDC (HarmonyOne USDC) will need to be sent along with the 3M FATE(h).
At the moment, the LP is expected to be received by the user over approx. 28 weeks, on a weekly basis (or less), or half the time the automatic option provides.
How to participate in the Pre-Launch Swap option:
IF YOU UNDERSTAND THE OPTIONS AND WISH TO APPLY FOR THE LIMITED PRE-LAUNCH SWAP (OPTION 2) PLEASE FILL OUT THE FORM BELOW ASAP.
THE APPLICATION IS OPEN NOW!
There will be two forms to fill out for this process:
- Application requesting to participate (link given directly above)
- If your request is accepted you will be sent a second form to record the transaction details.
OPTION 2: Automatic/No-User-Action-Required
If you decide not to participate (or miss the opportunity window) for the Pre-Launch Swap Option (detailed above) you will receive your allocation of FATE(m) automatically. You will only need to ensure you add the mainnet MATIC network and the FATE(m) (FATE MATIC) token address. The FATE(m) token address will be given when the pre-launch DApp is live (soon).
The details of this option have been available for a few weeks.
To learn about the exact details of how this will transpire please review the DAO approved snapshot proposal [here] and published explanation [here]. If you have questions after reading this please use the appropriate social channels/contact info to do so.
The only detail that has changed since the article just given was published is that the amount of the allocation being disbursed will be reduced by the percent of all FATE rewarded on Harmony that members have elected to use for the Pre-Launch Swap option.
Both options are designed to create win-win solutions and serve as the best options to enhance value.
IF YOU NEED HELP / HAVE QUESTIONS:
We will have people in TG and Discord to answer questions/address issues that are not covered by following the instructions in this publication.
Please remember your DAO ops/lead team’s primary functions are not customer service!
You may also use comments and/or private notes in any of the publications or Google documents to submit questions or comments. If necessary you may also send them to [email protected] however using email will potentially result in a delayed (or possibly missed) response)