DFP4: Foligator utility and membership token $FGT

Background

Foligator was first launched on 13th April 2022. It is a DeFi dashboard that allows you to track your liquidity pools and yield farming performance in real-time. Many cool features were introduced at launch including Portfolio history plots, Open positions, Pool specific data, Impermanent loss, HODL value vs current value, ROI, Yeild planner with whatif scenerios. Later we launched an update on 30th May and added a details page for each LP open position showing additional details of a position including individual pool performance/rewards plots, Hodl vs LP price analysis, zero impermanent loss prices and pool activity history.
Now we are planing to launch PRO version of Foligator app and introducing a membership/utility token $FGT. Currently, all the data on Foligator is free for every user. This will change after the release of PRO version.

Landing page: https://foligator.io
App: https://app.foligator.io
Twitter: @_foligator

Screenshots

Portfolio page

Yield planner

Pool details


Introducing $FGT token

$FGT is the utility and membership token for Foligator, which allows holders to access PRO features. The main utility of $FGT token is proof of membership. Therefore, to become a Foligator PRO member and unlock PRO features, users are required to stake $FGT token or $FGT paired LP on Foligator. The initial distribution of $FGT token will happen via token sale.

How to get Foligator token - $FGT

  1. Participating in token sale.
  2. Staking $FGT token on Foligator
  3. Supplying LP on Balanced and staking it on Foligator

Membership tier

  • Free member - Wallets under 5k portfolio can have free access to all features.

  • PRO member - Wallets having more than 5k portfolio can only access PRO features by unlocking PRO membership

Unlocking PRO membership

In order to unlock PRO membership, users are required to stake $FGT token or provide liquidity and stake it on Foligator. For every $100 portfolio value, users will need to stake 1$ worth of $FGT token or provide 1$ worth of liquidity (1% of portfolio value). This ensures that members who are not big portfolio holders can benefit by holding just a small amount of $FGT tokens.

Example:

Joe has a liquidity portfolio of 10000$ in balanced.network. In order to track with foligator, he needs to stake 10000 $FGT at a price of $0.01/FGT ($10,000 x 1% / 0.01 = 10000). After few weeks, $FGT price has increased to $0.1/FGT and Joe’s portfolio value remains the same, now he would only need to stake 1000 $FGT tokens ($10,000 x 1%/0.1 = 1000).

In addition to the access of PRO features, Liquidity providers and stakers will also earn daily rewards.

Tokenomics and release schedule

200,000,000 $FGT will be minted at genesis and emitted over a period of 5 years.
The allocaiton for the initial five years is as follows:

  • Token sale: 50,000,000 (25%)
  • LP and Staking rewards: 60,000,000 (30%)
  • Liquidity: 20,000,000 (10%)
  • Reserve: 20,000,000 (10%)
  • Marketing and community incentives: 20,000,000 (10%)
  • Team and initial contributors: 30,000,000 (15%) with a 1-year vesting period

74,000,000 $FGT will be unlocked at initial mint for token sale (50,000,000), liquidity (20,000,000), reserve (2,000,000), and marketing (2,000,000). After initial minting, $FGT tokens will be locked in vesting contracts and distributed gradually.

After year 5, $FGT will be inflationary at a rate of 3% per year to ensure continued incentives for liquidity providers and staker.

Funding request

The breakdown of our funding request is as follows:

  1. Smart Contract Developer ($3000/m for 1.5 months)
  2. Front-end Developer ($2000/m for 2 months)
  3. Community Management and Promotion ($600/m for 2 months)

Total = $9700

Duration: 2 months

With all due respect, why would the Balanced community pay to turn a free analytics platform (that we helped fund, twice) into a service that we will need to pay for (again) to use?

3 Likes

Hey @bearsurvivor apologies for the delayed response here, I had been meaning to look into this thread and your new proposal.

1.) Monetization

Of course, monetizing your time and receiving an incentive to continue building your product is 100% fair and expected. I would never expect a forever free product because of the two initial grants you received from the DAO Fund.

2.) $FGT Token

While I agree that monetization and incentives to enhance and maintain your product are essential, I feel like the token isn’t the best way to go about it. Objectively speaking, I don’t see how a token is necessary for this product as opposed to a normal subscription/membership model, other than trying to sell it to raise money, which isn’t a great reason to launch a token.

It would also probably be that much easier for you, much less development effort, no unnecessary LP rewards program, etc. if you just go with a regular subscription model paid for in bnUSD or even fiat, whatever is easiest.


I love your work, you’re a valuable member of the community, and if you launch a product that can help me analyze my ICON (and possibly other chains) defi activity for a reasonable monthly fee I’d be happy to sign up for it. You could even possibly raise VC money in the future if you expand to many chains. Worth researching to see if anybody is working on a comparable product. And of course, as always, I’m open to hearing your thoughts if you think I’m way off base here

1 Like

Hi @benny_options you have a fair point and I agree its easier to implement a regular subscription model. One of my motivation to build a token and perform token sale was to tain and test my team to code smartcontract on ICON blockchain.
Foligator was our first blockchain project and it was a crazy journey to learn and build on the fly. Smart contract development was the next challenge I wanted my team to take. However, may be the community doesnot agrees on the idea of a membership token for foligator.io.
To finalize the decision let’s vote on the balancedDao. If DFP4 fails, we will accept the community decision to go for regular subscription and CPS for other platform integrations on foligator.

1 Like

Ok fair enough, sounds good.

Can you edit the original post with the wallet address you’d like to be included in the proposal?

1 Like

Cannot find the option to edit the original post. May be only admin can edit.

Funding to wallet address: hxd2495a0e5ebd979c336426adae307c11fbafc1ef