Community Update
Fellow Dukes,
To those who have been following our journey for some time and to those who have joined more recently through the Duke Dash program, I wanted to take this opportunity to thank you all for your engagement & support and wish you all the best for the festive season and the new year.
As you have all been able to witness online and on social media we have been working hard to ready the platform for the next phase of adoption. Through a public FFM token sale on January 6th, to be followed shortly by DEX/CEX listing which in turn will pave the way for community incentives and governance to be rolled out in the next leg of our longer-term growth plan. We cannot discuss CEX posibilities as we are in discussions with multiple CEXs.
Token supply at the outset will be extremely limited with only 4% of total being sold through above mentioned sale, another 2% will be used to seed the balance of the DEX liquidity pool upon listing after which only the staking rewards (small % of TVL) will add to circulating supply untill the Investor & Team lock-ups expire and further community tokens are distributed. Pricing for the sale will be at a slight premium to the seed round almost 2,5 years ago when all you see today was but an idea in a 10-page pitch deck (those were the days!).
All other previously issued tokens will be locked up for at least 6m after which there will be a reverse bonding curve ("troll bridge") for seed round investors to limit the overhang and bridging discounts will be burnt thus deflating further the supply dynamics for the Florence Finance Medici (FFM) token on Arbitrum.
The migration to Arbitrum is complete, the deployments have been tested and audited. There is ample supply of FLR to participate in our vaults and our NFT & Points program has been a raging success with close to 2000 NFTs minted and more than 100K of new money coming into the Vaults. Meanwhile, the Arbitrum ecosystem is pumping and STIP rewards flowing and that's before we have even started our community token distribution. It's time to take some of those memecoin and STIP gains and diversify into sustainable yield bearing RWA assets and we wanna be at the forefront of that. But we need YOU to help us grow.
To the extent you have not actually used our platform to generate real-world yield, I would encourage each of you to try it. The NFT / points program is a fun mimetic precursor to the actual staking rewards (for which we need a listed token). It thus serves a very serious purpose of proving pre-token launch PMF. That said we will of course do everything to look after you as early adopters and the points will be our primary tracker for future token and other rewards. Participation in the vaults and indeed the raise itself will be the most valuable in terms of earning points, but there will be plenty of other ways to earn them along the way.
On the protocol side, things are progressing smoothly. We rolled the last Sandstep loan (at higher rates) and recently processed our first principal redemption, once again proving that our protocol does precisely what it says on the tin. We want to thank our partners Camelot, Angle Protocol & Gamma for keeping it real & smooth in terms of entering & exiting our protocol & pools.
Operationally (funding permitting), we want to grow the loan book to scale our lending operations going forward. TVL currently stands at $4.5m, yielding mostly between 9-10%. To date, we have paid out $315,000 in interest and are scheduled to pay out ~$106,000 next quarter.
Come join the revolution that is Florence Finance and help us decentralize credit creation in a community-led way.
As always, we invite you to explore our protocol, and website and contact us with any questions or feedback.