Phantom DAO: Fantom’s Reserve Currency

Published on: 12.11.2021

By setting up on the Fantom chain, PhantomDAO intend on leveraging its growing userbase and capabilities as time goes on. There are two other factors that excite us as we think about a future on the Fantom chain:

Fantom is a layer 1 blockchain that is fully compatible with the Ethereum network (so in that way acts almost as a layer 2 as well) which facilitates movement of large amounts of money with very little effort or fees; and
Fantom has a goal to power smart cities — i.e. crossing the chasm from the crypto degen world to very real world applications (things like public utilities, healthcare, education). If Fantom can achieve success in any ONE of these industries, their adoption rate will be parabolic. They can envision a world where Phantom DAO allows for and powers exchange of value from crypto assets (PHM and derivatives) to real world items or value.

Mechanism Design

Risk Free Value (RFV) and Protocol Owned Liquidity (POL) will function almost entirely as designed originally by Olympus.

Tokenomics

Phantom will have a whitelisted pre-sale before launching officially.

Treasury Direction

The “profit” or excess treasury reserves will be split 90% to the treasury, apportioned per the proposed split of backing assets, and the remaining 10% will be sent to a separate Phantom VC DAO fund.

Smart Contracts & Frontend/Design

The Olympus smart contracts code will remain largely intact except for necessary edits needed for the code to function on the Fantom network and moving to Solidity 0.8 and Open Zepplin 0.4. Other than that, there will be minor edits required to allow for a 90/10 split between treasury and VC fund.

Community & Growth

The platform will include expert policy advisors on their team from the beginning. Expect adding these advisors will help them to avoid any obvious errors and trapdoors — challenges other high APY protocols would have experienced.