Name of Project / DAO / Company
Fluro Swap
Application type
Product Launch
Proposal overview
http://curve.fi/ is a decentralized currencies exchange. It allows the trading between coins like USD, EUR, etc… with minimum fees and slippage. It is the oldest project that is the building block of modern decentralized financial systems and now has been deployed to many blockchains including Harmony.
A Protocol/Owned liquidity sells tokens as bonds. The current deployment does not support protocol/owned liquidity and therefore there is no incentive system to deploy new pools. We are willing to fix this and create an incentivizing system that encourages to add liquidity to the pool and/or create new pools approved by the DAO.
Curve runs like the following ways:
- There are some incentivised trading pair (like USDT-USDC-DAI) which allows user to exchange between those 3 coins without much impermanent-loss, and to do that, it needs enough amount of liquidity to the pool. To incentivize, they give depositors their own coin (CRV) to deposit in the form of yield farming.
- Curve also allows custom trading pair to be generated and therefore the developer of a new project can also themselves create a trading pair for their own coin. There has to be trading possible for any coin to be valuable.
The problem with Curve on Harmony now is:
- There are only two trading pool and there is no UI to produce more trading pools, which makes the whole advantages useless comparing to other chains like Polygon, Ethereum, Avalanche.
- The UI is outdated and not user-friendly (https://harmony.curve.fi)
What we can do is to build a new UI app on top of the Curve smart contracts, which does the same features as the standard Curve app, but in a more user-friendly way. We will also extend the UI to support a custom trading pool, which allows more trading to be possible.
We will further improve the yield farming for custom curve pool by giving our new token as well. We are planning to give our new token to be revenue-earning (fees are collected from trades). The model can be similar to xViper or veCRV (to be decided).
Our first mission is to drive more liquidity to harmony curve given its extremely efficient, low-slippage swaps, while also build a new UI for Curve swap since the current UI in our opinion can be improved much further. We also don’t want to run a fork due to the fragmentation of liquidity. Hence we are only building on top of existing curve smart contracts. Here are what we are planning:
- Introduce yield farming that staking curve LP tokens will be rewarded with our new governance tokens
- The governance token when staked will earn the curve LP fees (75% of the fee that is earned from curve LP tokens). The governance token can also be staked to vote on managing emission of each LP rewards.
- Collaborate with existing player in Harmony ecosystem
- Qi dao to start driving liquidity of their stable coins in Harmony (miMATIC)
- Introduce better and stable swap LP for oneUSD
Euphoria with their existing treasury to initiate liquidity bootstrapping, and they in exchange got more say in the governance of this project.
We will do the user acquisition using relevant social media channels, trying to achieve bigger market share. The DAO will use a Discord channel / server for communication. The community managers will first work on a voluntary basis but be incentivized with vested tokens that can later be converted.
The design mock-up of our service can be found here: [Figma]
The reasoning behind the name ”Fluro swap” is: Fluro - Derived from fluorescence - the property of an object to absorb light and emit another light with different wavelength (kinda like swapping).
Token details:
Ticket: FLURO
Total Supply: 1 000 000 000 tokens
Distribution: At first, 35% of the total supply will be minted
10%: Developers team and community managers (vested gradually over 2 years)
15%: Development Treasury, used for creating initial liquidity for the FLURO token, used for marketing etc.
10%: Initial funds for bond sales. These token will be distributed through selling FLURO-DAI LP
The vested tokens will be minted in the form of vFLURO, which can only be converted to FLURO gradually (there will be a contract to claim them)
The rest of total supply will be minted through Yield farming (listed above)
FLURO utilities:
All Custom factory pool maintained by FLURO will have the fee of 0.08% for each transactions, all of the fees are collected for FLURO holders (i.e holding FLURO will earn the trading fees). In order to earn the trading fee, users need to lock the FLURO token with vested period of 6 months each (lock into veFLURO token)
The vested tokens could be converted as real pool shares later.
Team
Technical lead & development:
UX/UI Design:
https://www.linkedin.com/in/phucd/
Proposal ask
50K USD
Metrics for success
$10K after launching a feature-complete product on our testnet
$10K after forming a DAO with 5-out-of-9 multisig with our DAOs
$10K after launching on our mainnet with audit
$10K after 1K daily active users (with launch video, full PR promotion)
$10K after 10k daily active users (with a detailed roadmap, governance process)