BlingSwap is a decentralized AMM exchange currently on the Ethereum blockchain. The aim is for BlingSwap to be ported or bridged to the FantasyGold Core blockchain as well, to get full use of both platforms.
FantasyGold Core ($FGC) is a decentralized blockchain project built on Bitcoin’s UTXO model secured by a Proof of Stake consensus. FGC supports Ethereum Virtual Machine based smart contracts.
Anyone can deploy a liquidity pool on BlingSwap for any ERC20 trading pair and enables any other trader in the ecosystem to contribute liquidity. These users are called Liquidity Providers. When users deposit their assets into these shared pools, they earn trading fees. In addition to trading fees liquidity providers earn BLP (Bling Liquidity Provider) tokens, for example if a user deposited $BLING and $ETH into a pool they would receive BLING-ETH BLP tokens. BLP tokens can be staked or deposited on the MoneyTree Dapp.
BlingSwap Trading Fees
0.3% fee per trade will be charged on BlingSwap, these fees are distributed as follows:
0.25% goes to the Liquidity Providers who provide liquidity for that pool. It is added to the pool balance.
0.05% is rewarded to xBLING holders, users can get xBLING by depositing BLING in the RollieBank smart contract. This contract collects the fees from all the pools, and when the reward distribution command is called, it then sells all the fees turning them into Bling via BlingSwap.
The Bling is divided up among the users in the xBLING pool. When those users withdraw their xBLING it will be worth more BLING than what it was they put in from the distribution.
The MoneyTree Dapp is where users can participate in staking in the RollieBank to get more trading fees in the form of Bling. Users can earn more Bling tokens by staking or depositing their BLP tokens they received from BlingSwap in the Yield Farm. Yield farmers are still getting the 0.25% trading fee for being an LP plus $BLING rewards.
The RollieBank is where $BLING holders can deposit their Bling tokens for xBLING to earn the remaining 0.05% trading fee from BlingSwap exchange. RollieBank buys $BLING from the market to distribute $BLING. No new tokens are being minted in this process.
When the rewards contract is called (minimum once per day) all the LP tokens are sold for Bling (on BlingSwap Exchange). The newly purchased Bling is then divided up proportionally between the xBLING holders in the pool, meaning their xBLING is now worth more Bling. Users will see the gained amount when they have withdrawn from the RollieBank.
Initially 1 Bling = 1 xBLING, but just like LP tokens the price of xBLING changes over time depend on how many Bling rewards are in the pool.
At initial launch community proposals and voting will be managed on snapshot.page, where the community will get 1 vote per 1 BLING-ETH BLP token you have locked in the Yield Farm.
Once the community is large enough to efficiently govern itself community governance and muiltsig contracts with Voting Interface will be deployed.
BlingFinance v2 will be put on test net for public view and then on main net within 90 days after BlingFinance v1 main net. Smart contracts can’t be changed but we can add new features to our DApps by adding new smart contracts. In BlingFinance v2 we add an Investment Fund and Vault smart contracts with buy and burn mechanics. The Investment Funds contracts buys $BLING to be Burned.
Vault contracts are used for UNI-V2 staking. 95.5% of profits from the Uniswap LP farms are given to the Yield Farmers and 4.5% is sent to the Treasury for the community to decide its use.
What Problem Does BlingFinance Solve?
One of the main issues with swap trading on AMM’s are the high ETH gas fees involved. With the exponential growth we’ve seen in the DeFi sector, ETH gas fees have also increased. The complexity of AMM exchanges requires many transactions to do multiple hops through smart contracts and can sometimes create situations where the costs of executing the trade are unprofitable.
Our proposal is to bridge to and or migrate BlingSwap and other DeFi protocols to the FantasyGold Core blockchain. Giving users the ability to make the same transactions they normally would with the Ethereum network but on FantasyGold where fees will be significantly lower compared to ETH.
Virtually all DeFi protocol smart contracts are ERC20 and therefore can already be deployed on the FGC chain. We will aim to create a cross-chain bridge allowing tokens on FGC to be swapped for tokens on ETH and vice versa using BlingSwap.
BLING/FGC Development and Liquidity Pool Offering
The initial mint will take place on December 1st 2020 for 5 Million (5,000,000) $BLING. The emission rate will be 10 $BLING per block rewarded to Yield Farmers. 10% of all newly minted $BLING will be added to the Treasury, a time locked smart contract managed though community governance using a multi-signature wallet.
A max total of 7% or 350,000 $BLING of the initial 5 million will be awarded to the seven (7) FantasyGold Core team members. If the demand for $BLING surpasses the 5 million initial mint during the public sale a second mint will be done to meet demand. A second mint, if any, WILL NOT include any additional $BLING for team members and the sale proceeds will be given over to the Treasury. After the public sale has ended, ownership of the BLING Finance smart contract will be passed to the MoneyTree smart contract, at which point new $BLING can only be minted by staking in liquidity pools.
Our minimum goal is to reach 2000 ETH to fund development, marketing and basic operations for 12 months. 75% will be deposited into the Treasury contract and only 25% will be immediately available to the dev team. These funds will be used to pay up to 4 developers working 2000 hours per year at a rate of $50 per hour and 1 frontend designer working 1000 hours per year at the same pay rate. These rates are taken from national averages for developers in the US.
Development staff accounts for 51% of the initial annual budget. Planned work includes the BlingFinance migration from Ethereum to FantasyGold, building the DAO for wrapped FGC on Ethereum, new UX and UI design across all FGC related sites and DApps and lastly updates to FantasyGold Core and its peripheral components. If the initial budget allows it, the DraftDaily fantasy sports site will be rebuilt as a decentralized application using FGCweb3 and FGC20 smart contracts and react. This and other eco-system additions can be proposed and voted on by the community.
22% of the initial annual budget will be used to pay up to 5 support staff members average wages based on hours worked and performance. 18% will go to the marketing budget to cover written and video content production, content promotion and media ads and bounty campaigns. The remaining 9% will be used to pay for smart contract security audits and bounties posted on Gitcoin or other relevant bug hunting platforms.
Any and all funds over the development goal are locked in the Treasury and Liquidity Pools as shown below.
I hope this article was clear and easy to understand our goals and vision. If you have any questions contact us on discord, telegram, and follow on twitter.
Since 2017 the team behind FantasyGold has continued to lead in the advancement of blockchain technology. We are excited to bring BlingFinance to the DeFi ecosytem.
This is the Second in a series of Blogs about BlingFinance. Please follow us on Medium and our social media channels for the most updated information.