What is FiatDAO?
I came across Fiat DAO in the SuperUMAns Lair, where my collogues were talking about how cool FiatDAO is and how innovative it is as a source of income. I've done what every crypto enthusiast would do, and went to check it!
Before I clicked the "Go to Rewards" button, I spent some time reading about the concept behind FiatDAO and how the reward system works. The innovative idea is that users can borrow against position in fixed income assets issued by the leading protocols, with low transaction fees and tapping into high loan-to-value ratios.
The users of the protocol can mint FIAT via collateralized debt positions, provide LPs to earn a decision making rights. The wide range of assets and protocols makes it easy when swapping the rewards as redeeming FIAT for fixed income assets is made without the involvement of market makers.
FiatDAO rewards
Headed to the reward section and was nice and early for three of the new pools. I had more than one day before the first epoch started and I was amazed that the protocol had already 97,00,000 USD in TVL. I had a little BOND, no Maker so the only choice was to tap into the UMA pool.
The epoch was yet to start, therefore no APY rate was available. The epoch rewards were set at 412,500 FTD, shared between the users that provided 1,000,000 worth of UMA into the pool. Once the epoch started, any deposit made was considered as pro-rata figures on the length of the event.
I think that $24 as transaction fee was not to bad, considering the absurd gwei values I seen lately. Added 628 UMA in the pool and now is time to wait patiently for the epoch to run it course. The FTD token has utility and it may turn into a nice gem in the future. The $FTD stash can be staked in "Senatus" and be used in governance, while statistics about the stakers can be found in the "Age of Romulus" tab.
FiatDAO airdrop from $FDT BarnBridge Community
Some users may have received claimable airdrop from the $FDT BarnBridge Community. The reward has a 100 weeks claimable period, after which will be forfeited, making the other rewards to rise. At the moment, 683.4604 FDT has been claimed from the 25,000,000 total airdropped.
Residual Income:
DeFi bounty at CakeDeFi with $30 DFI for new users
The fountains: PipeFlare ZCash, GlobalHive ZCash & Get.ZEN
Publishing bundle: Publish0x, readcash, noisecash, LBRY & Presearch
