Flux DAO — $FLX Token and Mainnet Launch Details
Flux Protocol is designed to ensure that the end-user has the power to act as an arbiter by positioning them to validate or invalidate the accuracy of the data that is presented powered by the FLX token. The token will be utilized by data providers to stake for oracle interface rights, provide data on the network, and challenge data on the protocol.
“Flux is the first of its kind oracle design that creates a new security model for DeFi. With the launch of Flux, DeFi will, for the first time, leverage a completely decentralized infrastructure. We are proud to be working with projects like the Graph to ensure the whole stack is decentralized, including the data layer.”— Jasper De Gooijer, Co-Founder of Flux
Anybody holding $FLX is a member of the DAO. They can also propose the inclusion of any protocol into the whitelist by submitting a proposal for the rest of the DAO to review and vote on. The consensus for any proposal is 70% of all votes after which, there’s a 24-hours grace period before the proposed change is implemented. This grace period allows validators who are not in agreement with the proposal to exit before its implementation.
The Launch Event
Flux Protocol will launch NEAR mainnet on or before the 30st of November. This launch is intended to be decentralized from the start, requiring validators and request interface to have $FLX tokens in order to process and validate requests on the network. However, the decentralization of the launch mainnet is only as good as its token distribution model.
“FLAs provide a project with a fair distribution mechanism which ensures the community is able to take place in the listing of $FLX without ever-increasing gas fees or front-running exposure from bots or arbitrage traders,”— Peter Mitchell, Co-Founder of Flux
The liquidity and token distribution challenge that new protocols face in establishing their network effects are immense. The LBP is an open model that allows anybody to participate in the creation of a token community and its liquidity while bestowing shared ownership across the community as a whole.
Fair Launch Auction offers the following benefits:
- Open and permission-less: The LBP has no whitelists, listing requirements, or hard caps. There is no minimum or maximum requirements for allocation, providing full control to the participants.
- Fair distribution: FLAs change the launch model — instead of users competing with bots and transactions with the highest gas fee they are able to participate in the auction without the risk of front-running.
- Capital efficiency: The initial price of $FLX will be magnified up to 95% relative to the USDC collateral deposited along with it.
The FLA will be the last opportunity to acquire $FLX before pools and incentives go live. The details for the event are as follows:
- Auction Date: Dec 1st, 2021
- $FLX Max Circulating Supply: 1,000,000,000
- Starting Price per $FLX: $2.00
- Ending Price with no Buy/Sell action: $0.1035
- $FLX Initial LBP Supply: 15,000,000
- $FLX Initial Weight: 95%
- $FLX Final Weight: 50%
- $USDC Initial Supply: $1,578,950
- Hourly Rate: -0.006250
- Duration: 72 hours
The $FLX launch will take place on a frontend called Copper Launch. Copper Launch is an intuitive interface for Fair Launch distribution, allowing users to easily swap into the liquidity pool while providing information on the token distribution, price, and decay mechanism for due diligence.
ABOUT Flux Protocol
Flux is a cross-chain oracle aggregator that provides smart contracts with access to economically secure data feeds on anything.
RESOURCES
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