[FIP #04] — Creating an FPO stablecoin pool and introducing a new mining program on Wanchain

Proposal Type:

Creating a stablecoin pool and modifying the FPO mining mechanism on Wanchain

Governance Rule Version:

Interim governance rules

Proposer:

FinNexus Team

Voting periods:

From 2021-01-15 to 2021-01-22

Proposal:

A new pool on Wanchain

The FinNexus Protocol for Options (FPO) currently has two pools (USDC / FNX) on Ethereum and one hybrid pool (WAN+FNX) on Wanchain. In order to attract more liquidity, we believe it would be helpful to launch a new pool on Wanchain with stablecoins - such as wanUSDT, wanUSDC, and others - as collaterals.

This would satisfy the needs of both those chasing the yields of stablecoins and of options traders.

An added benefit is that gas fees on Wanchain are much cheaper than on Ethereum and the chain is making significant progress on its cross-chain applications and overall ecosystem. Wanswap and WanLend came online last year. Up to January 15, over 600K wanUSDT and 90K wanUSDC crossed from Ethereum to Wanchain.

The Purpose of creating a new pool on Wanchain

• Attracting Total Value Locked (TVL) to the FPO.
• Generating transaction fees in trading options.
• Facilitating the trading of options in stablecoins, something that professional traders will no doubt find suitable to their needs.
• Interacting with other platforms on Wanchain - like Wanswap, Wanlend, etc. - which are supporting stablecoin transactions and borrowing.

A new mining program on FPO Wanchain

We are launching a new mining program on Wanchain that will apply a similar mechanism to the one proposed for Ethereum on [FIP #03].

However, please bear in mind:

• The WAN/FNX pool on Wanchain will be equivalent to the FNX pool on Ethereum.
• The stablecoin pool on Wanchain will be equivalent to the USDC pool on Ethereum.
• The total basic mining reward is set to be 2,000 FNX/Day.