Name of Project
Follo
Proposal overview
The leveraged trading volume is 5.42 times the spot trading volume, but only a small number of tokens have leveraged products. Follo provides a solution for leverageable of any tokens. And the leveraged products issued by Follo can solve 2 problems of current leveraged products: POOR LIQUIDITY, COMPLEX INSTRUMENT.
POOR LIQUIDITY: Projects like dYdX and PERP, they operate in closed systems.Perpetual products are not interchangeable.
COMPLEX INSTRUMENT: the current derivatives are complex for non-professional users.
Follo is a new DeFi derivative protocol which uses a structured fund model to issue both USD-denominated bond token and leveraged token based on the spot of any token.
Follo’s target uses:
- users with low risk appetite and hope to obtain predictable returns;
- users with high risk appetite and hope to obtain excess returns;
The bond token issued by Follo will satisfy users with low risk appetite. Meanwhile, the leveraged tokens issued by follo will satisfy users with high risk appetites.
About user needs, you can ask question like this: “How do I do leveraged trading of ONE token on DeFi?”
Follo values to users and token projets:
- users can do leveraged trading of any token
- users can purchase bonds for predictable return
- leveraged products can be traded in any place, include DEXs and centralized exchanges
- leveraged trading as easily as spot trading
Follo values to ecosystem:
- making the ecosystem more perfect(lending pool, DEX, Derivatives)
- integrating lending pool and DEXs
Leverage mechanism
The smart contract will lock the underlying asset at several times the market value for leveraged tokens. The income based on these assets due to price fluctuations will therefore be distributed to the corresponding leveraged token holders.
For example, if a user makes a $100 purchase in the 3x long pool of ETH/USDT, the smart contract will lock up $300 worth of ETH in the contract, and the user will enjoy $300 worth of ETH floating return. If the price of ETH goes up by 10%, the value of the ETH locked in becomes $330. The floating return of $30 goes to the user, and the value of the principal goes from $100 to $130, hence a 3x (leverage multiple) return.
progress
We have prepared the initial liquidity funds for 20 million US dollars.
Follo dapp is up and running on KOVAN.
The smart contract has commited for audit.
Media activities and user community building have begun.
We will launch in early January.
Proposal ask
50,000 USDT
Metrics for success
- Weeks 1-2: Give beta access to Harmony community to test and give feedback
- Weeks 2-4: Launch Follo on mainnet
- Weeks: 4-6: The initial liquidity funds which we have prepared will add USDT in Follo
TVL will be 10M at least in first month.
user will be 10k.
External links
Whitepaper - docs.follo.one
Website - follo.one
press - cointelegraph
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This proposal fits best to the Launch grant based on the guidelines at Apply for Grants or DAO
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 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).
Moreover, we recommend a 5-out-9 multisig account on Gnosis Safe with 3 governors from the project team, 3 governors from the project community, and 3 governors from Harmony DAOs – namely, ONEcommunityDAO, ONEdeveloperDAO, ONEincubatorDAO.
In all cases, we ask for 3-month exclusive campaigns with Harmony before more porting with other chains. We also offer follow-on investments – see 50 Investments ($20M) above; but, at the moment, you must have an outside, lead investor for us to match the funding terms. All codes, development materials and production assets must be fully open, preferrably with MIT or BSD licences; weekly updates must on sent on forum; and, all server deploys or mobile apps must be easily clonable.
Can we agree to the above terms?
Looking forward to see Follo launch on Ethereum and Harmony’s mainnet – https://app.follo.one/
yes, we agree above terms
Approved for $50K Launch grant. Congratulations! Looking forward to seeing this built out with the first milestone for a Testnet Launch built on Harmony 
Meanwhile, to prepare receiving funds, email your identification documents to kyc@harmony.one and create a Gnosis Safe MultiSig wallet at https://multisig.harmony.one and using instructions below
Setup Gnosis Safe with MetaMask & 1Wallet
Checkout the Funding FAQ for further info at Harmony Funding FAQ. Join the Harmony Grants Telegram channel to share your story and to gain partnerships there by growing your own ecosystem.
Please join the Harmony Grants Telegram channel and Harmony’s Discord server.
We’d love 
to see weekly updates on this thread here, to keep the community posted on this proposal’s progress!
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Thanks! We will try to do better!
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weekly report:
UI optimization, completed this week
Prime market module, completed this week
New logo and website design, completed this week
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weekly report:
Prime market module completed
new website has already published.
next weekly
prime market user testing
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Preparing for the second community event
Poster preparation
Cooperative Community Preparation
Product preparation
This week User activity:
Community partner preparation;
KOL cooperation;
Material preparation;
The total number of users covered is about 300,000;
Activity plan finalized
weekly report:
Project promotional video production completed;
The cooperative community has been confirmed;
Community events will start next week;
weekly report:
Community activities begin
Various AMAs start next week
weekly report:
Product testing activities continue, the data:
Target community exposure: 90036
twitter retweet: 187
report feedback: 138
Weekly report:
Product testing activities have ended, data:
The total number of people exposed to the event: 203,141
Twitter omni-channel retweet: 1351
Report feedback: 473
