Fortress Protocol FTS Token Launch
Today the team at Jetfuel Finance officially launched the token sale for their newest project, Fortress Protocol, on the Jetfuel Finance Launchpad. The team was seeking to sell 500,000 FTS tokens at $4 each. The sale has so far been a smashing success, with the project selling $1,000,000 worth of Fortress FTS tokens in the first 30 minutes alone. The Fortress team told BSCTimes that the FTS token sale is the “overflow” type, the token sale is planned to begin April 20th at 5:00pm UTC, and end on April 22nd at 5:00pm UTC, UNLESS the token sale reaches 3x oversubscribed ($6,000,000) and at that point the sale will commence after a 4 hour notice has been given.
At the time of the publication, the sale was 70% sold out, in only 25% of the time allotted for the sale. Throughout the day, the Binance Smart Chain network did have a few hiccups with congestion, but other than the BSC network operating a little slower than normal, the Jetfuel Launchpad was able to power through it with no problems at all so far during the sale.
Because at the time of publication the sale was 70% sold out, that means it’s not too late to get in, you can check out the sale by going to; https://jetfuel.finance/launchpad/buy/fortress
So, What is Fortress Protocol?
Fortress Protocol is a decentralized marketplace for lenders and borrowers with borderless stablecoins, that uses a supply and demand based algorithm to dynamically set the borrowing and lending interest rates. It has also integrated a synthetic stablecoin named FAI, that can be used like a line of credit, once a user has supplied collateral to the platform. The FAI stablecoin token, which is fundamentally at the heart of the protocol, will allow users to mint up to 50% of their collateral value, and use however the user would like, such as buying more tokens to supply the platform, or staking for rewards.
Users can earn FTS in 3 different ways, supplying collateral to the platform, borrowing assets from the platform, and minting synthetic FAI stablecoins. Once a user has FTS tokens, they can then be staked for rewards, eventually used as governance and most excitingly to me, used to modify your interest rates.
Because Fortress is like Venus, loans from Fortress don’t have monthly payments or late fees or prepayment penalties. With Fortress users can very simply supply their assets to the platform, earn compounded interest, take out a line of credit, or even borrow against their supplied assets.
Interest Rate Modifier? How will that work?
In the origination process of refinancing or applying for a new mortgage, individuals are given the opportunity to spend their money to buy their interest rate down. Fortress will use this idea in a very cool way.
- When you are supplying assets to the platform, you will begin earning compounded interest, however in the process of completing the loan you will be able to spend FTS tokens, to INCREASE the interest rate for the life of the loan.
- When borrowing assets from the platform, you will begin accruing interest that must be paid back, however you will be given the opportunity to spend FTS tokens to REDUCE the interest rate for the life of the loan.
I personally am excited for the possibilities this mechanism may be able to offer to Yield Optimizer’s and the Vaults that will be most certainly be built on Fortress Protocol.
How Secure is the Protocol?
The development team over at Jetfuel Finance built Fortress Protocol using source code from Venus (Compound/MakerDAO), as well as collaborated with the likes of Band and Chainlink price oracles. The codebase was forked from Venus, and was audited by Certik for Venus, and now that Venus is over 5 months old, it can also now be considered battle-tested. Fortress then went and had two auditing firms complete audits on all of their smart contracts and received the green light from both firms. Both can be accessed by clicking the logos below.
With the TVL that platforms like these end up with, security must always be of the most importance, and when asked about security, the team at Fortress told us “security is absolutely paramount”.
What Assets Will Be Supported?
At launch Fortress Protocol will have 12 supported assets, including; BTC, ETH, BNB, LTC, XRP, ADA, DOT, BETH, and stablecoins such as BUSD, USDT, USDC and DAI. The Fortress team has said more assets, such as FTS will be added to the platform soon.
What are the FTS Tokenomics?
The Fortress FTS token will have a maximum supply of 10m tokens, and will be emitted per block, over a 2.5 year timespan. The team tokens are on a vesting schedule over a 6 month period, and the full allocation of FTS tokens is as follows;
The Fortress FTS token will be added to Pancakeswap liquidity on April 22nd, along with the full Fortress Protocol dApp launch at fortress.loans, and the ability to claim the purchased FTS tokens from the sale.
Who Built Fortress?
The Fortress protocol was created by Jetfuel Finance, a very experienced team composed of over 10 experienced entrepreneurs, solidity developers, full stack developers, designers, project managers, and marketers. The team has over 30 combined years of experience in blockchain and DeFi, and has launched projects that have created millions in value for their respective token holders.
Fortress Website: fortress.loans
Jetfuel Website: jetfuel.finance
Protocol Documentation: https://docs.fortress.loans
BSCScan Contract: https://bscscan.com/token/0x4437743ac02957068995c48e08465e0ee1769fbe