Are you ready to scale the heights of @FujiFinance?
Fuji Climb: @FantomFDN Expedition has just commenced
Find out more about the expedition in their AMA with @CRE8RDAO here π
Background
@DaigaroC
π» In the aerospace industry for 9 years
π» Switched career in the post-pandemic world
π» Did not become a crypto believer until he found DeFi
π» Started learning Solidity and have been building ever since
Background
@TheEdgarMoreau
π» Have been in crypto for 6 years
π» Deep into DeFi
π» Manages communications with external partners and community
@BoyanBarakov
π» Is a full stack developer
π» Before Fuji, he was in Web2 and Finance
Their team
π» Consists of 8 people
π» @unb0rn__ joined them as their artistic director
π» @0xtiagofneto is their Solidity dev
π» @guill__om is their frontend dev
How did they meet?
π» The three of them met during ETHGlobal MarketMake 2021 Hackathon
π» They met online and have been working online
π» Try to attend conferences and meet each other in real life
π» Last time they met was at a hackathon in Amsterdam a few weeks ago
FujiDAO
π» A borrowing aggregator
π» Save userβs time by always routing to the lowest borrowing APR
π» They optimize long-term loan costs by refinancing using flash loans
βAn analogy is everybody jumps on a train and they share the cost of the gas for the train to move from one city to another. So the more users pool themselves, they share the cost of moving this train, refinancing from one place to another.β
– Daigaro Cota
Which chains are they on?
π» Their alpha version is live on Ethereum Mainnet. The amount of collateral that users could provide is capped
π» They have a beta version on Fantom, where thereβs no cap
Fuji Climb: Fantom Expedition
π» Their newest campaign where they are trying to gamify lending and borrowing
π» The more you borrow, the higher you climb and the larger the share of future governance you have
π» Whenever you take out a loan from Fuji on Fantom, you accumulate meter points
π» Meter points will be transformed into pre-token bonds β a way to distribute project ownership in a time-vested form
π» The idea is to attract people who want to try out your product and have a longer-term commitment rather than mercenary capital
π» The pre-token bonds are inspired by the vesting vouchers of @SolvProtocol
Pre-Token Bonds
π» Pre-token bonds have 3 vesting schedules:
πΉ 3 months
πΉ 6 months
πΉ 12 months
π» The longer the vesting period, the more entitlement you will get for Fuji tokens
π» The bonds are implemented using a new standard/ERC-3525 developed by Solv Finance
FujiFlops
π» This goes back to the first expedition they did for their Ethereum Mainnet alpha version
π» Wanted to incentivize people to use the protocol without having to issue any tokens
π» FujiFlops is part of their merch
π» FujiFlops will give holders a head start in the Fuji Climb Expedition
Items to collect in the expedition
π» The expedition will start with 5 different items:
πΉ Fuji Gloves
πΉ Fuji Pistol
πΉ Fuji Pickaxe
πΉ Fuji Capsule
πΉ Fuji Oxygen Kit
π» Meter points can be used to buy crates with different rarities
π» Each crate has a chance to contain a climbing gear
π» Having climbing gear NFTs in your inventory boosts your meter points each day
π» The more you collect these items, the higher your final score will be
Strategy to get the most points π
π» Have to find an equilibrium point for borrowing
π» If you are overleveraged, you could get liquidated
π» If your positions get liquidated, they will not be able to yield meter points
How long will the expedition be?
π» The expedition will have several phases
π» The gameplay will last for 2 months
π» After each phase, there will be a locking ceremony where people throw their gear into the lava of Mt. Fuji
π» In return, they will get a souvenir NFT that allows them to enter the next phase where they exchange their meter points for pre-token bonds
π» The next phase will last for another month
Fuji Token
π» Have been thinking a lot about their tokenomics and how it could be incorporated into their protocol
π» Do not want to rush it and blindly follow whatever tokenomics is popular at the moment
π» Want to design it in a sustainable manner
Ensuring that moving collateral would not change the rate itself
π» Once they reach a certain size, moving collateral around can change the rate itself, so how do they circumvent this?
π» Can think of money markets as cups of water that flow and distribute funds equally
π» Currently, Fuji has not gotten to the point where they have this problem
π» On Ethereum Mainnet, they are integrated with @compoundfinance, @AaveAave, and Iron Bank
π» On Fantom, they are integrated with @GeistFinance, Iron Bank, and @HundredFinance
π» Other yield aggregators have already experienced this problem. They split the orders through to multiple providers
Deciding which protocols to integrate with
π» There has to be enough liquidity to aggregate it with another lending protocol
π» Will look into parameters like LTV
π» If the parameters are compatible, they can be added as a provider in Fuji
π» Only consider protocols that have been audited π§
π» In the future, these decisions will be made through community governance
APY for depositors in Fuji
π» The collateral that users deposit would accrue yield
π» They would be updating their UI to display this info to users
Their cross-chain plans
π» Has been part of their vision
π» During their recent hackathon in Amsterdam, they built a floan β flying + loan / cross-chain loan teleporter. This enables the moving of your collateral from one chain to another
π» Partnering with @ConnextNetwork to create some products
π» Deployment on @0xPolygon will be available soon
Their community
π» Call themselves Climbers
π» Their community is mainly on Discord
βClimbers are DeFi users or crypto enthusiasts that want to learn so they climb along the learning curve.β
– Edgar Moreau
What security measures have they employed?
π» Security is their biggest concern
π» Have gone through audits with @trailofbits and @ConsenSysAudits
Favourite projects
Daigaro
π» Projects that have done innovative things β @compoundfinance, @Uniswap, @iearnfinance
Boyan
π» @HegicOptions
π» Started his Solidity journey by building on top of Hegic
Edgar
π» @SushiSwap and their development cycle
π» @iearnfinance for how they organize themselves and ship products
π» @Uniswap V3
Their hobbies
Edgar
π» Reading books. Currently reading Psycho-Cybernetics
π» Making songs and skateboarding
Boyan
π» Reading books on history and sociology
π» Preparing for an addition to his family
Daigaro
π» He and his wife are foodies
π» Going for hikes and bike-riding
How can people get involved?
π» Depositing and borrowing on Fuji
π» Provide feedback, suggestions, and bug reports on Discord
π» They are looking to expand the team and they currently need a web designer
Story behind Edgar's moustache
π» His girlfriend left him and he started to grow a moustache
Links:
YouTube: https://www.youtube.com/watch?v=l5da_myRnLI
Thanks to @EthFugu for hosting the AMA
Links:
Substack post:
https://thereadingape.substack.com/p/fujidao-ama-with-cre8r-dao
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