Community Update #5
The team continues to embrace our tradition of regular updates and we have exciting news to share💥 We are about to open a new chapter in decentralized finance on BSC, and having such a strong support of our community makes this journey truly special🙏
In this update we cover the following:
🍅1. Ketchup ($KHP)- what is $KHP? how to earn it? $KHP vs Strong Fries?
🏛 2. Intro to the governance- general implementation and timeline
💰3. Vaults- what is the concept?
Staking/Ketchup official launch: Oct. 18th at 9PM UTC. Please see timer on fry.world website under the “Staking” tab.
🍅1. Ketchup ($KHP) & Strong Fries💪🍟
🍅What is Ketchup ($KHP)?
$KHP is a native governance token of the Fry World platform. The key function of $KHP is twofold: to bring additional value to FRIES holders, and to provide a tool for efficient governance.
💱How can I get $KHP?
$KHP is received by Staking your fry tokens. You will receive KHP based on your proportion of the fries in the staking pool.
The amount of ketchup a user will receive is calculated as follows:
(amount of Fries to stake) * (total Ketchup) / (totalFries in staking)
This keeps it a fair entry for everyone.
At any given time, your share of the staking pool is calculated by the amount of ketchup balance you have divided by the total ketchup.
When you leave the staking pool, or “unstake”, your $KHP amount gets burned, then:
Your portion of FRIES received in the total staking pool is:
(userKetchup / totalKetchup) * (total FRIES in staking pool)
❗ Please remember about 2% FRIES burn rate on every tx and 2.5% dev fee on unstaking/withdrawals from staking pool.
🌐$KHP Distribution and Rewards
There are 2 mechanisms that enable stakers to make fries: 2X Pool and Strong Fries distribution. The 3rd mechanism will be enabled with Vaults.
2X Pool: There will be a new 2X pool created only for $FRIES stakers. Every 4 hours the FRIES will be harvested into the staking contract. This will increase everyone’s share of $FRIES depending on how much share of the staking pool you have in $KHP! The 2X pool to the staking contract will run until all fries have been distributed.
Strong Fries: With this new staking pool, Strong Fries will be added to the Ketchup contract. This means on every single transfer of $Fries, and every single harvest from farming, $FRIES stakers will be earning that 1%! At a bare minimum, 1% of all harvests each day will produce StrongFries which will be given to the staking pool. This could be much more given the amount of movements of $FRIES each day!
Prior accumulated Strong Fries (~500 FRIES)- their distribution will be voted on by the community via KHP, they will not be moved before that decision is made. The address of the strong Fries balance can be found here:
Vaults: After vaults are live, a portion of the total withdrawal fee will go directly to the same staking pool, further increasing the total rewards amount for $FRIES stakers. A certain portion of this fee will be used to market buy $FRIES in the base vault token, and then distributed to the ketchup staking pool. More information on these fee’s before vaults are launched.
!! This will be enabled when Vaults go live !!
This means even after the the 2X pool has stopped producing $FRIES after the total distribution is over, stakers will continue to receive fries from Vaults and StrongFries in perpetuity!
Current Strong Fries reserve (≈500 FRIES) is intact and the team has decided that community should vote on the distribution. The rationale behind it- it is a large amount that might affect the overall performance of the FRIES ecosystem. We will also propose our plan and wait for your feedback. The community as well is able to make a proposal on how this current StrongFries Reserve can be distributed farily!
🏛 2. Intro to the Governance
As a team we fully support the principles of decentralized governance and overall benefits it brings to the project stakeholders. We have reviewed the best practices started, created the Ketchup VOTE token, and currently in the process of testing and refining before we present this to community.
The proposals will be done on the fry.world snapshot page. At a given point in time, the amount of voting power a user has is determined by their $KHP holdings. After that vote snapshot happens, holders can move their tokens. These actions will not affect the votes, because the snapshot is static and it references a block height (meaning the exact time). Please note, although $KHP is technically a BEP-20 token and thus tradeable, it is not recommended to actively trade $KHP. As $KHP is only only way to unstake your $FRIES rewards from staking.
The vote power (Ketchup Power) will be completely driven by community participation, whichever poll receives more $KHP in the allocated amount of time wins. The amount of $KHP a user has can be used as many times in multiplier proposals, simply representing your static voting power.
The team has decided to stick to the key propositions from the roadmap, mainly Vaults as the next release. To ensure swift development, during these first stages (and endless code lines!) governance will be activated after vaults launch. The priority is to create new generation yield strategies that will contribute to the well being of all Fryoneers and the platform.
📕 The Ketchup Governance Playbook is being worked on and will be published in the upcoming weeks. It will include all details on how everything will work.
💰 3. fryVaults
Dear Fryoneers vaults are coming…and oh boy our fryers are hot!🔥🔥🔥
What are Vaults in DeFi?
Vaults are decentralized smart contract powered hedging strategies, that utilize and manage your assets to ensure the best yield. Imagine vaults as community driven robo-advisers, that work with different farming, lending, and yield optimization strategies.
FryWorld Finance will be your portal to various DeFi products in the BSC ecosystem. It will enable you to optimize current offers in BSC and you will receive the APY listed on the site in relation to the asset you deposit.
FryWorld Finance is already being developed, we have rigorous testing ahead of us. Let us mention, that the best minds of DeFi are working on the mechanisms that will benefit Fry Finance participants. More details about the specific first strategies (farming, lending, etc.) and the entire fryVaults ecosystem will be presented closer to release.
Stay tuned and happy frying!🍟