FIP006 RFV Distribution

FortuneDAO has stopped bonding and rebasing ahead of other forks to stop dilution of risk-free value for holders. The team is working on incentivising liquidity provision for the released stableswap via non-liquidity mining mechanism. We are actively keeping ourselves updated with avax’s platypus and ftm’s ve. The expected completion date will be in Quarter 2 of the year.



The team has received requests to distribute the treasury with the following reasons. Firstly, users who bought into the rebase protocol will have an option to decide on supporting a protocol they did not buy into. Secondly, users can choose to buy into the token again with the distributed amount since a new token will be issued as part of rebranding and launch via launchpad. Last, FORT price has fallen significantly below the risk-free value, and this value can only be real if it is redeemable. The team agrees.

Options:


For 'Keep RFV' option, it will be status quo, where users will hold FORT token until the new token is available for migration. The treasury will Blackhole farming in Cronos ecosystem while waiting.

For 'Distribute RFV' option, a separate governance vote will be available if distribution is voted for. This is to decide on the redeem token e.g. USDC/DAI. A fixed value per FORT will be pegged to the risk-free value prior to the release of the redemption.

The risk free value redeemable will be as per the value shown on our dashboard page (RFV per fort, CRO per fort). 

If distribution is voted for, the team will continue working on the protocol and relaunch with new token as part of rebranding, without the rebase mechanics.