On March 28, Fanfury officially announced its first set of events, this in turn catapulted the platform to an eager fantasy sports audience. The events started with claiming a Team Fan Club. This will be followed by a Prism Forge-styled launch and token generation event which most crypto community experts agree is the right move. And for a De-Fi platform built on Terra with a deflationary Tokenomics. It just fits in.
But what is a Forge styled approach? In this article, we explain everything you need to know about Fanfury, Prism and Fanfury’s Fury Forge launch giving you a better idea about the strategy and idea not only behind the token launch but also behind the Fanfury project itself.
Understanding Prism Protocol
Prism Protocol is a disruptive new derivatives protocol incubated by TFL and Refracted Labs. Prism aims at solving a critical problem faced by the DeFi community. Which is to reduce the risk of liquidation that may occur while raising capital against your asset. Instead, Prism allows you to raise money against the cash flow of the asset rather than the value of the asset.
It does this by allowing Terra users to break their yield-bearing assets into principal and yield tokens allowing greater composability and liquidity to users.
In simple words, it will allow you to break apart your Luna token into two parts: the Luna token and an underlying token representing the yield earned through staking your Luna(Example: Airdrops and KRT). Thereby, allowing better functionality where previously users had to either hold liquid Luna, forgoing certain yield benefits, or stake their Luna and be unable to access it for 21 days or put it to work in any other way.
Benefits of a Prism Forge style launch for the $FURY token
Overall a Prism forge-styled launch ensures that Fanfury stays in line with its vision of providing users with a trustless, transparent system that relies on its users from the get-go. Some of the benefits of a Prism Forge styled launch for Fanfury are:
- All buyers get the same price irrespective of when they made the deposit.
- The token allows withdrawal only after the end of the event meaning it can’t be manipulated by whales or bots.
- Provides ample time to participants (5 days).
- Reduces network congestion as the launch is spread over a period of time.
Fanfury: Everybody Wins
Fanfury is a decentralized daily fantasy sports platform built on Terra. It offers community ownership, profit sharing, & governance, and currently the lowest rake fees among all its competitors (5%). Fanfury aims at providing one of blockchain’s first daily fantasy sports platforms that utilize multiple Data Oracles such as Chainlink, and Supra, to ensure data verification at multiple levels, zero manipulation and fair play. Once the data is verified it’s sent to the Terra Chain for use with the on-chain smart contracts.
Fanfury uses a daily fantasy sports format, similar to others in the space, to give its users an experience that they have been playing regularly for decades. Fanfury also offers both Single Team (PvP) & Multiple Teams (Large Contests) at different price points giving users a wide range of options to choose from.
The platform plans to offer five sports, initially releasing with Football (Soccer), and Cricket, before moving very quickly to Basketball, American Football, Baseball and Hockey, both field and ice.
The platform utilizes a deflationary Tokenomics model, which is to say, 40% of its rake fee will be burned with each contest thereby navigating market volatility and providing the stability to the $FURY token.
Essentially, this means the system reduces the risk and protects $FURY token holders with a value association that is established through usage and supply. Meaning every time the price of $FURY rises, lesser tokens will be burned and vice-versa.
Fanfury uses its gameplay to give utility to its native $FURY token that can be easily swapped, staked, and traded.
While 75% of the participants have the potential to earn via gameplay, there is also a 5% cashback for those who have staked their FURY. Thereby every participant earns through the Fanfury.
It’s important to note that Fanfury’s total supply is 420 million tokens out of which 6% that is 25.2 million tokens will be released during the Prism forge style launch to participants who contribute UST to the pool. The Prism forge inspired launch will take place in two parts which will determine the Initial price of the $FURY token.
Fanfury <> ATLO
Fanfury held its only pre-sale via ATLO, a decentralized launchpad on Terra, becoming the fastest protocol to pass quorum on 1st March 2022, where 6.3 million tokens( i.e 1.5%) of the total tokens were sold.
ATLO users will be able claim, stake, bond and swap 10% of their tokens from 28th of April, while the remaining tokens will have a 30 day cliff.
$FURY Forge -23rd April — 27th April
To understand the $Fury Forge event, we’ve found no better explanation than the one used by Mango Markets (mango.markets):
“We take the view that token sales should be simple, fully transparent and minimize randomness and luck in the distribution. Simple mechanisms are easier to build, explain, understand and are harder to exploit. A transparent mechanism increases participation because buyers are more confident there are no hidden tricks that could harm them. Elements of luck engineered into the mechanism distribute value randomly or to those who are most willing to do the arbitrary, worthless tasks to get the free value. We believe all “excess” value should be captured by token holders…… Removing the casino aspects of token sales selectively encourages participants who are focused on contributing and governing in the long term
Buyers get a pro-rata price at the end and every participant gets the same price for Mango Tokens.
The sale price per token can be calculated with:
(total USDC in vault) / (500,000,000 Mango Token)”
Note: Only users with a Terra Station Wallet are eligible to participate in the Fury Forge Event.
$Fury’s token sale will happen over a period of 4 days, and will be split into two stages:
Stage 1: Deposit and Withdrawals (3 days)
During this period users can deposit and withdraw as much $UST as they would like too, as neither are restricted during this phase. They can also choose to deposit and withdraw multiple times during this stage.
Stage 2 : Withdrawals (only 24 hours)
During Stage 2 participants can no longer deposit funds and only withdraw a maximum of once. Any funds that are withdrawn in this stage are irreversible and cannot be re-deposited. As deposits are disabled in Stage 2, the price of $FURY can only get cheaper as time passes.
Note: The amount of UST that can be withdrawn in Stage 2 will be decreasing over a 24 hour linear.
At the end of the second stage, users will receive $FURY tokens in proportion to the amount of $UST they have remaining in the pool.
All the $FURY tokens from this stage will be released immediately after Fury Forge, therefore there will be no vesting periods.
The initial price per $FURY can be calculated as follows:
Price of $FURY = Total UST Deposited/Total $FURY
The amount of $FURY tokens the participants receives can be calculated as:
Total UST Contributed/ Price of $FURY
Tokens will be distributed to all contributors in proportion to the amount of UST they have deposited at the end of day 5. This means all users will get the same price. Helping the platform ensure whales and bots are weeded out thereby ensuring a fair launch.
Fanfury Forge event will take place between 23–27th April where:
- Between 23–26th April deposits and withdrawals are allowed.
- On 27th only withdrawals will be allowed with the percentage of withdrawals allowed decreasing on a 24 hour linear.
Team Fan Club Claims : 15th April to 26th April
Fanfury’s Prism Forge launch : 23rd April
Fanfury Forge enables Deposits and Withdrawals: 23rd to 26th April
Fanfury enables only Withdrawal(diminishing every 1 hour ) : 26th to 27th April
Price Determination: 27th April
Token Generation Event on 28th April
Followed by Web Gameplay starting 30th April
Fanfury, What’s Next?
With the integration of Terra, Fanfury helps maintain transparency and security in the ecosystem in a decentralized manner and provides a fair play experience for its users.
After the completion of its Fury Forge and token generation events the platform will kickstart with the commencement of its Gameplay and Fanfury app launch along with plans for future collaborations with athletes, brands and improving on and off ramp transactions.