Fanfury ‘s proposal to the Kujira community to list $FURY on Kujira FIN
TLDR ::
— DeFi Opportunities on Fanfury:
— Why a partnership with Kujira would be game changing ::
Fanfury’s journey across the Cosmos is well documented on Terra, and after being days away from launch, moved to the Juno Network following what was undoubtedly one of the darkest days in DeFi.
Having announced the decision immediately following the crash, Fanfury has come a long way in under 90 days. A listing on MEXC on July 13th, as well as Testnet well underway, it seems like those dark days are now behind us.
As we approach what is to be our MainNet launch of Gameplay, Fan Clubs (isn’t Liverpool Fan Club owned by the Kujira Team 🤔) and more, we are excited to offer the Cosmos, what is to be its first sports protocol.
Therefore, in pursuit of that goal, Fanfury will be petitioning the Kujira community to list $FURY on Kujira Fin.
Updated Note: The proposal was up on October 17th, 2022, and passed the quorum the same day.
Little needs to be said about Kujira Fin, and as the first Order Book DEX, Fanfury will be able to offer itself to the Kujira and larger Cosmos community, bringing in volume through unconventional but traditional channels, unrelated to traditional crypto markets.
Fanfury’s Tokenomics Model:: Why Fin?
Fanfury is a Daily Fantasy Sports Blockchain Protocol, that uses a competition model game format called Daily Fantasy or DFS in which the objective is to::
- form a fantasy team(s) of players, based on matches between real-world sports teams;
- based on certain rules;
- enter these fantasy team(s) in contests against other players’ fantasy teams;
- paying an entry fee for each team entered;
- entry fees and contest types vary in amounts and numbers;
Fanfury’s model of operation, therefore, revolves around the taking in of “Entry Fees”, deduction of a “Rake Fee”, & payouts of “Player Winnings”
However, one of the biggest conundrums plaguing blockchain game adoption (apart from just being boring games) is finding a way to bypass the problem of token price action if using game currencies like $FURY to do any of the above.
The difference in price between “pay-in pay-out” when using game currencies puts the protocol at a disadvantage if it wants to::
- price its entry fees in dollars,
- use the game token as the currency of choice for its entry fees (think of this as seeing the price of a product in $USD, but paying for it in $CAD/EUR),
- ensure the value of every Prize Pool isn’t diminished
Fanfury uses a creative solution to this problem by holding all its contest Prize Pools in stable coin, immediately swapping $FURY the moment it is received as entry fees.
Therefore, in order for the protocol to function correctly, Fanfury requires a robust stable coin that will not lose its peg, has deep liquidity to enable large swaps, and is easily transferrable across the Cosmos.
Enter $USK!
Kujira’s $USK is a big reason we’re moving, first towards a listing on Fin, which will be followed by a deeper relationship between Kujira and Fanfury
Fanfury’s entry fees, rake fees, and winnings are all paid in $FURY. However, they are always held by the protocol in $USK until every match has ended, ensuring that the protocol maintains all three requirements::
- price its entry fees in dollars,
- use the game token as the currency of choice for its entry fees (think of this as seeing the price of a product in $USD, but paying for it in $CAD/EUR),
- ensure the value of every Prize Pool isn’t diminished
The swapping of $USK to $FURY and vice-versa is expected to therefore bring much-needed organic demand to $USK , driven only by the sole needs of the protocol, to the extent of it’s background demand through Prize Pools.
The organic increase in usage of $USK, driven by secondary demand rather than primary, will ensure that $USK avoids the problem of excessive minting for fake yield, while giving Fanfury a stable coin that is backed by a completely decentralised, semi-collateralised ecosystem asset.
With that backdrop in mind, the Fanfury team has put this proposal together to gauge community support. We will be available in the Kujira Discord Channel to answer questions from the Kujira community before a formal proposal can be put to Fin Governance.
Further Integration::
The Fanfury Protocol’s unique staking model uses smaller staking pools called Fan Clubs to drive competition for staking rewards.
These Fan Clubs act like mini-DAOs with Owners and Members that will be allowed to collectively and individually take a call on how the Fan Club DAO would like to utilize their Funds::
- open CDP positions that will allow the minting of $USK;
- lock $aFURY (auto-compounded staked $FURY tokens) to receive $veFURY for additional governance over staking reward distribution;
- take out auto-repaying loans on $USK using $FURY staking rewards;
Owners of Fan Clubs can also use social media to encourage followers, subscribers, and other sports fans to join and support their Fan Clubs. Eventually, the reward pool will directly benefit the Fan Club members and its owner who are at the top of the leaderboard.
This collaboration would benefit both parties, as $USK ensures stability for $FURY and Fan Club DAOs provide comprehensive use of $USK.
As we scale $FURY, your support will be greatly appreciated.
-Team Fanfury.