Before anything else, we would like to thank you all; when we started to design this project, we only had one idea in our minds ‘’Create something different, something that helps people, works for them, and unite them, create a place for ideas that free from all obstacles, and freely applicable.” We certainly did not expect to draw such intense attention.
Our first movement was trying to show a different financial structure that combines deflation and inflation in a harmony. Thus, it was to show that the single-focused perspective that makes classical financial systems fail is actually amendable and that opposite poles can exist in harmony.
Our second movement is trying to create a currency that is valued by commonwealth consensus. Unlike ordinary approaches, we tried to put forward the users’ effect and limit the price restricting/fixing precautions. Thereby, as stabilization will organically be made by arbitrageurs instead of fully by an algorithm, the goal is to establish a means to profit for arbitraging users, and to create the first stable coin that is free from centralized authority and from a move restricting algorithm. Unfortunately, we have failed to establish this. Failure is strictly related to the creators, not the users. We should have considered all the possibilities.
Our third movement will be the resurrection. We are aware of some general thoughts about the castle being dead, can not be saved, doomed to die. They can question why we are still trying, still building? We as the Fortis team are here not for the money but to paint the future, and you can not kill or corrupt a will that comes from the inspiration of creating.
In light of the current events, we have prepared a proposal for the community.
1- Redenomination of sFOT: Stable Module becomes self-sovereign DEX that has DAO inside it, sFOT becomes governance token of the dex and the DAO will have 4m FOT to incentive pools. And all current incentives in the stable module will be stopped and then will be re-determined by the community.
2- The sFOT vault will become the governance module for DEX and users will continue to earn rewards for sFOT staking. All pools inside the DEX will have an extra %0,05 swap fee that goes directly to sFOT stakers in the Vault.
3- All current pools inside the Stable Module will become DEX pools and there will be no differences for the perspective of current liquidity providers.
4- Clearance Sale and sFOT minting contracts will be exterminated. After the changes, there will be no way to mint new sFOT and the maximum supply of sFOT will be capped at 4783364.
5- Lending and borrowing module will be integrated and gFOT will become the meta of that module.
6- bFOT won’t be changed and sub-systems will be deployed faster.
7- Suspension of FOT DAO until all sub-systems become operating.
8- Canceling future ATOM airdrop and using these FOTs to incentivize Junoswap liquidity providers. (Future RAW pairs after Junoswap is out of Beta)