Funding DAPP - FarmersOnlyFi $FOX

Name of Project / DAO / Company

FarmersOnly Finance

Application type

Grant

Proposal overview

At FarmersOnly Finance, we have already launched our farm alerting service (Cryptina), multi-chain farm analytics, $FOX Token, Farms, and auto-compounding Vaults. The DApp been live for about 2 weeks, slowly gaining users and exposure. We are at a stage where our technical architecture has been implemented and our focus is shifting on growing our community and gaining credibility in the across the DeFi space. One of our short-term goals is to obtain an audit from a credible auditor, which current pricing is ~$20,000. In addition to analyzing our technical position, we are working to move forward with ways to create exposure; we’ve investigated avenues such as purchasing banner advertising space, rebranding, restyling the front-end, and increasing our social media presence.

Currently there are 2 of us actively building and maintaining the app (on-top of both of our full-time engineering jobs). This can make it difficult to balance these enormous priorities and the solution is more team members. Part of the grant is allocated to finding talented individuals to assist us in community management, marketing, and especially engineering for future roadmap goals.

We are constantly building on top of this app and some of our roadmap items include:

  • Automating the bridging process to make the barrier to entry much lower, thus increasing people’s ability
    to move money onto Harmony chain.
  • Integrating a ‘Zapper’ smart contract to automate process of creating LP coins for earning yield for
    multiple DEXs on Harmony.
  • Creating auto-generated NFT foxes and extending our app and brand to integrate more creative
    pursuits
  • Creating content to explain the DeFi space in order to lower the barrier to entry for Harmony yield
    farming.

Proposal ask

$37000

Metrics for success

  • TVL of vaults
  • Num of unique farms/sites integrated into vaults

Vaults (Live)

  • Number of unique wallets/users interacting with vaults
  • Increasing 15% month over month
  • Vault % of underlying yield farm
  • Vault TVL increasing

Zapper (soon)

  • Number of unique wallets/users interacting with Zapper
  • Increasing 10% biweekly
  • Number of Support LPs
  • Total Assets Zapped
  • Increasing 10% biweekly

External links

Roadmap

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Discord
Twitter

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Well yeah, I think Farmers Only started well and had a little rough edges to polish with the auto-compounding pools but it’s going better.

The audit def will help avoiding such stuff in the future. Hope it will find success and bring more eyes and users into Harmony, introducing auto compounding for popular pairs in general can be a great feature that has proven big on other chains.

Also, killer stickers at FOX’s :wink:

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@peechz thanks Samuel, for submitting the proposal. Looks like your proposal has a POC running there looks like a plan to continue pushing forth here (I’ll post my follow up question in a bit)

I’d suggest we switch this to a Launch category, and add some more funds to help with connecting with an auditor. Based on this - Apply for Grants or DAO - We recommend a $50K equity-free contribution:

  • $10K after launching a feature-complete product on our testnet,
  • $10K after mainnet launch,
  • $10K after forming a DAO with its community, and
  • $20K for after 10K users
  1. 500 Launches ($20M). Applications of each launch must have prototyped a feature-full product. Harmony helps incubate these founding teams with product development, fundraising, and talent recruit. We recommend a $50K equity-free contribution each: $10K after launching a feature-complete product on our testnet, $10K after mainnet launch, $10K after forming a DAO with its community, and $20K for after 10K users.
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These are really powerful propositions, I’d like to bring this up front and center on what you just said here!

Some questions:

  • Do you have plans on launching the FOX token and increasing TVL?
  • Have you figured out the tokenomics yet?
  • Audit was next on the list, but you called it out, do you have a contact?
  • How does your DApp stand out vs. any other Pancake-fork UX-wise?

I’d propose increasing your ask to $50K help improve the UX and figure out a product-market fit. Also, audit’s are not only priced around $20K-$25K, but they’re busy 4-6 weeks out at best. We can fund this too if needed.

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Hey thank you for the reply! I’ll try and answer your questions.

Do you have plans on launching the FOX token and increasing TVL?
Have you figured out the tokenomics yet?

Our FOX token is launched and is the reward token for our yield farm and the owner is the masterchef contract. The tokenomics are as follows:

  • Emissions: 0.05 FOX / block
  • Max Supply: None right now, although this can be up for debate after our DAO is setup
  • Deflationary mechanisms: This is built into the vault framework. We have 1 burn vault that uses 100% of it’s rewards to buy+burn FOX. And the TVL of this vault is generated from the fees of the other vaults. This ties the value of FOX directly to the success and TVL of our vaults.

We are working on a contract similar to ViperSwap’s GovernanceVote. This will correctly allocate the FOX tokens in our vaults and masterchef contracts which will enable us to setup our DAO.

How does your DApp stand out vs. any other Pancake-fork UX-wise?

Currently, it doesn’t but we do have plans to make it much better. We are creating zapper to make it easier to get in and out of our vaults. We also want a dashboard page to show users how much of each coin they have in our vaults/farm based on the underlying LPs. And we want to be able to show users how much profit they’ve made using our vaults for auto-compounding. This funding will REALLY help with this.

Audit was next on the list, but you called it out, do you have a contact?

We got quotes from Paladin and Certik a few weeks ago. I have just reached back out to get updated quotes and timelines. I will keep you updated.

Also, audit’s are not only priced around $20K-$25K, but they’re busy 4-6 weeks out at best. We can fund this too if needed.

This would be amazing! Thank you!

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Approved for Launches category at $50K. Congrats! We’ll be in touch

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Some updates on the vault roll-outs for September and start of Oct:

Sep 12: Launched farming on mainnet
Set 17: Launched first vaults including 1 Burn vault, 2 SushiSwap vaults, and 1 Viperswap vault
Sep 19: Launched 5 more native vaults
Sep 20: Launched single staking FOX vault
Sep 21: Launched 3 more vaults for Fuzz.fi
Sep 24: Launched 3 more vaults for PiggyBank
Oct 8: Launched 3 more vaults for Artemis
Oct 9: Launched 2 more native vaults
Oct 11: Launched 5 more vaults for Artemis

Milestones achieved for Funding:

  • Testnet Launch
  • Mainnet Launch
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the first 2 milestones: $10K testnet + $10k mainnet have been funded: Harmony Blockchain Explorer

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Hey Li, ive been watching many projects closely (including this one)
It should be mentioned that they have already formed a DAO with their community and have conducted a decent amount of proposals that were voted on accordingly, looking forward to the funding of said milestone!
https://snapshot.org/#/foxswap.one
btw, they did rebrand to foxswap, because they added a dex on top of the autocompounder and also a locked token escrow

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I am glad that this thread has been revived and brought to my attention again, months later. This time however, I am responding on behalf of the FOX team, as since my last message I, together with number of other folks, have joined FOX, working alongside our main devs, Cryptina and Peechz.

First, let me provide a quick update on FOX (Farmers Only).

We are rebranding to FoxSwap, that will be used as our main name going forward. We have updated our logo, as well as brand colours. We will soon release more thorough branding scheme across the entire platform, which btw now includes number of more services than what we started with. Namely, we have:

  • Vaults (the main protocol we started with)
  • FoxSwap DEX
  • Bonds (protocol owned liquidity)
  • FoxEscrow (automated, non-custodial escrow service)

For quick access to all our links visit here.

More on each of our services below.:point_down:

Auto-compounding vaults

FOX started off as a protocol offering auto-compounding vaults akin to Beefy or Yak. Currently, FOX is the most successful protocol in that category on Harmony, as we keep our TVL consistently at ~$10M mark. FOX is the go-to solution for anyone seeking to compound their LP tokens using variety of yield farms, not only our own.

Thanks to the grant funds received thus far, our vaulting contracts have been audited with Obelisk.

In addition to that, a series of articles explaining how auto-compounding vaults work has been written to help onboard new members. Example.

FoxSwap DEX

Secondly, we have launched a DEX: FoxSwap. FoxSwap is critical in our long term strategy, we aim to position ourselves as the go-to DEX that specifically supports local “Harmony-grown” projects. We already partnered with other great projects building on Harmony like e.g. WenLambo and Tranquillity City and I believe it’s just the beginning. We want to create nurturing place, a fast DEX with clean UI, especially for community-focused projects. In fact, many of those partnerships are already on the way.

FOX offers attractive swap fees at 0.25%.

FOX bonds

Thirdly, FOX launched a new feature: Ohm-inspired bonds, approximately a month ago. As DeFi space matures many protocols move away from relying on yield farming on liquidity towards protocol-owner liquidity. So does FOX.

We are currently offering our native token, FOX at a discount in exchange for FOX-ONE and FOX-UST LP tokens. What’s more, we have in store plans on expanding this feature to our partners, effectively offering BaaS — Bonds as Service, in the future.

Moving in that direction with our own native token is part of redesigning FOX tokenomics to slowly make it deflationary as our protocol matures. These measures are being introduced upon consultations with our community and in the form of DAO (utilising snapshot governance voting).

FoxEscrow

On top of everything laid out above, we have also launched FoxEscrow: an automated, non-custodial escrow service, where users can trade locked tokens or items, which would normally be illiquid. We strongly believe in the power of DeFi. Offering such solutions, especially for locked tokens — that many protocols utilise in their tokenomic design — opens a new world, similar to trading derivatives in traditional finance. Our escrow contracts have also been audited.

As for the agreed milestones for the grant:

  • $10K after launching a feature-complete product on our testnet,
  • $10K after mainnet launch,
  • $10K after forming a DAO with its community, and
  • $20K for after 10K users

We are already actively utilising a multi-sig, which includes trustworthy members of our community. In addition to that, snapshot.org has been used to decide the future development of the protocol, forming a DAO with our community.

As of today we have:

  • over 4300 twitter followers
  • over 4600 discord members
  • over 1000 telegram users

In this vain, I believe we have now completed the third milestone for the grant and look forward to the 3rd instalment of the grant. Please let me know — I would be happy to discuss the details of the grant funding further.

Some closing thoughts:

Over the course of six months, since FoxSwap (Farmers Only) applied for grant, I believe we have grossly delivered and are greatly expanding our protocol and ecosystem, sometimes with solutions that we are seeing separate grants for. We are professional, friendly folks with network and established trust within the entire Harmony community. We are dedicated to keep the Harmony ecosystem growing, and are ready to put focus on marketing and further expanding our reach while keeping our dev work on track.

Editing this post to add one more important point @lij & @Jacksteroo. FOX has launched and is operating RPC node for the whole Harmony community to use to further support decentralisation efforts in the ecosystem

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FOX Community Manager seal of approval :sparkling_heart:

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FLU Seal of approval to the FOX Community Manager.

Also, another note. @ongon Didnt you guys get audited as well?

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Yes, sire. Twice.

Hi there. I really like this project.
How is it going and in which step are you now?
Would you please share?

Thank you!
:mechanical_arm: :blue_heart:

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Hi there,

As far as milestones outlined in initial approval, we have completed the first three (still awaiting funding).

We are yet to achieve 10k users, but we will get there. Steadily but surely. Since I posted my last message a month ago we have gained ~200 twitter followers and ~1000 discord members.

FoxSwap becomes leading DEX on Harmony and home to great many community-focused projects. Not long ago, we have celebrated FoxSwap being responsible for nearly half of entire DEX volume on the network and we consistently hit top numbers among all DEX’s.

We have big ambitions and big plans for near future (don’t want to reveal too much, competition is watching). We have regularly over-delivered in the past and it will be as good this time. Stay tuned.

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Thank you for the fast response.
Moving it for the third fund.
Getting back to you asap.

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Hello, sorry for the late reply to the above message. Pushing it this week.
How the project is going?
How the roadmap is moving?

Best,
:mechanical_arm: :blue_heart: :one:

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Hey @jbeltran sorry for late reply. We have been dealing with the Terra/Luna fall out. We have had secondary LP paired with UST beside ONE, so the team has focused on addressing that the past 2 days. We switched to 1USDC and shuffled with relevant farms/vaults.

As far as roadmap, we are on track. Planning on releasing new integrated UI (all code developed from scratch) in June (possibly teaser in May). If you are interested in details, here’s latest dev update:

  • Provisioned and deployed our graph node which is now currently syncing blocks. Once blocks has been synced, we will test to ensure we get correct historical values back.

  • Started building out the DEX info and analytics user interface which will display the data off of the GraphQL queries.

  • Architected the API framework that we will be implementing to allow our CoinMarketCap / CoinGecko information. These will also be querying data off of the newly deployed Graph node.

  • Working on laying the foundation for future features in the front-end interface e.g. multi-router DEX, multi-chain analytics, etc. If there are any suggestions on features you’d like to see, please post them in the #suggestions channel

  • Wrapping functionality is now working on swap portion. Making some changes to the SDK in order to offload custom components into a different Node packages; this will lead to a more lightweight and easily programmable interface in the future.

  • Aggregating all of the contracts we use and placing them in a NPM registry package. This would relive our code from having to have all of the Contract ABIs in the interface repo.

  • Automating redundant development task into CLI toolkit that would enable other team members to assist with tasks without necessarily having to understand the development behind it.

Again, there are number of other things we are also working behind the scenes too but I don’t want to reveal too much. I will soon release article with community update too. If you have any other/specific questions, let me know.

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