On March 28, Fanfury officially announced its first series of events, which in turn catapulted the platform into a fan-favorite fantasy sports audience. The events began with the claim of a Team Fan Club. This will be followed by a Prism Forge-style launch and token generation event which most experts in the crypto community believe is the right move. And for a De-Fi platform built on Terra with deflationary Tokenomics. It just fits.
But what is a forge-style approach? In this article, we tell you everything you need to know about Fanfury Prism and the launch of Fanfury’s Fury Forge give you a better idea of the strategy and the idea not only behind the launch of the token, but also behind the Fanfury project itself.
Understanding Prism Protocol
Prism Protocol is a new disruptive derivative protocol incubated by TFL and Refracted Labs. Prism aims to solve a critical problem facing the DeFi community. Which is to reduce the risk of liquidation that can occur when raising capital against your asset. Instead, Prism allows you to raise funds on the cash flow of the asset rather than the value of the asset.
It does this by allowing Terra users to split their yield-bearing assets into principal and yield tokens allowing for greater composability and liquidity for users.
In simple terms, this will allow you to separate your Luna token into two parts: the Luna token and an underlying token representing the yield obtained by staking your Luna (example: Airdrops and KRT). Thus, enabling better functionality where previously users had to either hold Liquid Luna, forfeit certain yield benefits, or stake their Luna and not be able to access it for 21 days or otherwise put it to work.
Benefits of a Prism Forge-style launch for the $FURY token
Overall, a Forge Prism-style launch ensures that Fanfury stays true to its vision of providing users with a transparent, trust-free system that relies on its users from the get-go. Some of the benefits of a Prism Forge style launch for Fanfury are:
● All buyers get the same price regardless of when they made the deposit.
● The token only allows withdrawal after the event ends, which means it cannot be manipulated by whales or bots.
● Allow enough time for participants (5 days).
● Reduces network congestion because the launch is spread over a given period.
Fanfury: everyone wins
Fanfury is a decentralized everyday fantasy sports platform built on Terra. It offers community ownership, profit sharing and governance, and currently has the lowest rake fees among all its competitors (5%). Fanfury aims to provide one of the first daily blockchain fantasy sports platforms that use multiple data oracles such as Chainlink and Supra, to ensure multi-level data verification, zero manipulation and fair play. Once the data is verified, it is sent to the Terra Chain for use with on-chain smart contracts.
Fanfury uses a daily fantasy sports format, similar to others in the space, to provide its users with an experience they’ve been playing regularly for decades. Fanfury also offers both Single Team (PvP) and Multi-Team (Grand Contests) at different price points, giving users a wide range of options to choose from.
The platform plans to offer five sports, starting with Football (Soccer) and Cricket, before moving very quickly to Basketball, American Football, Baseball and Hockey, on field and on ice.
The platform uses a Tokenomics deflationary model, i.e. 40% of its rake fees will be burned in each contest, thereby navigating market volatility and ensuring the stability of the $FURY token.
Essentially, this means that the system reduces risk and protects $FURY token holders with an established value association through usage and supply. This means that each time the price of $FURY increases, lesser tokens will be burned and vice versa.
Fanfury uses its gameplay to give utility to its native $FURY token which can be easily traded, staked and traded.
While 75% of participants have the potential to win through play, there is also a 5% cashback for those who have staked their FURY. Thus, each participant wins thanks to the Fanfury.
Importantly, Fanfury’s total supply is 420 million tokens, of which 6%, or 25.2 million tokens, will be released at the Prism Forge-style launch for participants who contribute UST to the pool. The Prism forge-inspired launch will take place in two parts that will determine the initial price of the $FURY token.
$FURY Forge -April 23 — April 27
To understand the $Fury Forge event, we couldn’t find a better explanation than the one used by Mango Markets (mango.markets):
“We believe token sales should be simple, fully transparent, and minimize chance and chance in distribution. Simple mechanisms are easier to build, explain, understand and are more difficult to operate. A transparent mechanism increases participation because buyers are more confident that there are no hidden tricks that could harm them. The luck elements built into the mechanism distribute the value randomly or to those who are most willing to perform the arbitrary and worthless tasks to get the free value. We believe that any “excess” value should be captured by token holders… Removing the casino aspects of token sales selectively encourages participants who focus on contribution and long-term governance.
Buyers get a prorated price at the end and each 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.
The $Fury token sale will take place over a 4-day period and will be divided into two stages:
This is a reference image of the FURY Forge dashboard. Actual values may differ.
Step 1: Deposits and Withdrawals (4 days)
During this period, users can deposit and withdraw as much $UST as they want, as neither is limited during this phase. They can also choose to deposit and withdraw multiple times during this step.
Step 2: Withdrawals (only 24 hours)
During Stage 2, participants can no longer deposit funds and can only withdraw a maximum of once. All funds withdrawn at this stage are irreversible and cannot be redeposited. Since deposits are disabled in step 2, the price of $FURY can only go down over time.
Note: The amount of UST that can be withdrawn in step 2 will decrease over a linear 24-hour period.
At the end of the second stage, users will receive $FURY tokens in proportion to the amount of $UST they have left in the pool.
All $FURY tokens in this stage will be released immediately after Fury Forge, so 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 participants receive can be calculated as follows:
Total contribution in UST / Price of $FURY
The 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 that all users will receive the same prize. Helping the platform ensure whales and bots are eliminated, ensuring a fair launch.
The Fanfury Forge event will take place from April 23-26 where:
● Between April 23 and April 26, deposits and withdrawals are permitted.
● On the 27th, only withdrawals will be authorized, the percentage of authorized withdrawals decreasing over a linear period of 24 hours.
- Team Fan Club Claims: April 15 to April 26
- Fanfury’s Prism Forge Launch: April 23
- Fanfury Forge allows deposits and withdrawals: April 23-26
- Fanfury Allows Withdrawal Only (decreasing every 1 hour): April 26-27
- Pricing: April 27
- Token generation event on April 28
- Web Gameplay Tracking Starting April 30
Fanfury, and then?
With the Terra integration, Fanfury helps maintain the transparency and security of the ecosystem in a decentralized way and provides a fair gaming experience for its users.
Following the completion of its Fury Forge and token generation events, the platform will kick off with the launch of its Gameplay and Fanfury app as well as plans for future collaborations with athletes, brands and improved transactions on and off ramp.