Fanfury is one of the first play-to-earn games built on Terra that will deliver a decentralised gaming experience. Fanfury goes beyond just fantasy sports as we are building a multi-faceted sports ecosystem for users. Designed to generate optimum yields for sports and De-Fi fans all over, the idea is to solve issues in data manipulation, unfair user practices, and user privacy through a trustless, and private platform.
The platform integrates real-life sports and lets its users play in a range of international tournaments associated with these sports. This requires off-chain real-world data, which is validated by decentralised oracles for the fairness and security of the data.
Data is sourced from several different Oracles, like Band, Chainlink, and Supra, before which validators examine the integrity to authenticate, aggregate, and send it to the Terra Chain for use with the on-chain smart contracts.
Smart Contracts are set in place to govern everything on the network, from contest pools, payouts, to rake fees to prevent unfair playing practices.
The platform allows users to employ their skills of predictability and understanding of the sport, to create their own fantasy teams. The platform lets users create teams, participate in large prize pools, as well as in head-to-head matchups to earn rewards as Fury Tokens, which can then be redeemed for fiat currency.
In every contest pool, there is a small rake fee of 5% that is levied on the total prize pool. This fee, charged by all platforms, is one of the lowest in the industry and is used to create a reward system while acting as a value accrual mechanism.
50% of the rake fee is allocated to incentivize Liquidity Providers and Stakers. From this allocation, 25% is distributed among Liquidity Providers as a reward in addition to the spread; and the other 25% as rewards to the Stakers for merely holding FURY tokens.
40% of the total rake fee collected is burnt, creating a deflationary tokenomics model that acts based on the price of the Fury token itself. The system reduces the risk to value and protects FURY token holders with a value association that is established between usage and supply. Meaning, with fees of 5%, a net result of 2% of every contest pool is permanently removed from the network.
This burn mechanism has an immediate effect on the price action of FURY tokens. If the price falls dramatically, a proportionately substantial number from the supply is burnt with every game, because games now require more FURY tokens. Conversely, if the price rises dramatically, a proportionately smaller supply is burnt. Over time, this leads to less market volatility and an asset value that more accurately reflects both adoption and usage.
FURY’s systematic destruction of rake fees thus creates supply scarcity over time. As the average volume of playing activity over the network rises, the value of FURY tokens rises with it, enabling all investors to participate in its strong growth potential simply by holding FURY tokens.
In an effort to make a sustainable impact in the world, 2% of the total rake fees are made as a contribution to Angel Protocol. Staking FURY tokens increases the chances of earning more. Fanfury gamifies staking, as users can create their own fantasy teams from a range of sports, and stake their FURY tokens in the system for additional rewards distributed from the rake fees.
All funds that are held in Prize Pools will eventually be held in Anchor Protocol in UST, using the interest generated for buybacks and burns.
Fanfury aims to revolutionize the fantasy sports market while unfolding new earning possibilities for the Terra ecosystem. Watch this space for more about the plans to do that, over the next few days.