Difference between revisions of "Futureswap (FST)"
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From their [https://www.futureswap.com/ website] (13-4-2020): ''Futureswap is a [[decentralized]] [[futures]] exchange governed by the community."'' | |||
==Basics == | ==Basics == | ||
* [https://defiweekly.substack.com/p/ethereums-upcoming-derivative-primitives From] [[DeFi Weekly]] (10-4-2020): | * [https://defiweekly.substack.com/p/ethereums-upcoming-derivative-primitives From] [[DeFi Weekly]] (10-4-2020): | ||
"''AMM-based futures with up to 20x leverage [[on-chain]]. It looks like they’re in alpha stage at the moment and that [[Ric Burton]] is shilling them 24x7. To me this seems like the next generation of degen like on-chain speculation."'' | "''AMM-based futures with up to 20x leverage [[on-chain]]. It looks like they’re in [[alpha]] stage at the moment and that [[Ric Burton]] is [[shilling]] them 24x7. To me this seems like the next generation of [[degen]] like on-chain speculation."'' | ||
* It shut down an Alpha version of its platform on Saturday after amassing over $17 million of trading volume and almost $1.4 million of liquidity in three days. | * It shut down an Alpha version of its platform on Saturday after amassing over $17 million of trading volume and almost $1.4 million of liquidity in three days. | ||
== History == | == History == | ||
== | |||
== Audits == | |||
*[[Bug bounty]] program can be found [insert here]. | |||
*[https://thedefiant.substack.com/p/radical-money-is-here-dont-use-your From] [[The Defiant]] (10-4-2020): | |||
"''The project is undergoing an audit by [[Open Zeppelin]] and their code is not [[Open source|open sourced]], which had been two red flags when funds handled by the platform quickly started to grow. The 4-person team said they'll release the full audit report before re-launching and will [[open source]] their code “during (their) full release.”"'' | |||
*[https://defisafety.com/2021/03/23/future-swap/ Scored] a 46% on [[DeFi Safety]] (23-3-2021); ''"FutureSwap was relreased December 9th, 2020. [[OpenZeppelin]] did an [https://blog.openzeppelin.com/futureswap-v2-audit/ audit] of FutureSwap on January 3rd."'' With the [https://t.me/c/1453353094/2717 comment]: ''"Private repo so no public tests. Pretty weak on other aspects too. Will do an article on private repos. You can still get a good score. "'' | |||
=== Bugs/Exploits=== | |||
* [https://www.blockthreat.io/p/blockthreat-week-7-2022?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJfIjoiWVd4VUYiLCJpYXQiOjE2NDU5MzAyODIsImV4cCI6MTY0NTkzMzg4MiwiaXNzIjoicHViLTgxMDUiLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.fDYsMJi_EB9o18T-_Q3UAHcQzAyFP6-jcOZCRVHH7Io&utm_source=url&s=r From] Blockthreat (26-2-2022): | |||
''"On February 9, 2022 Futureswap reported a [https://twitter.com/futureswapx/status/1491979618571591685 compromise of a reward reserves account] which resulted in the loss of $700K worth of funds."'' | |||
==Governance== | |||
===Admin Keys=== | |||
===DAO=== | |||
===Treasury=== | |||
==Token == | |||
=== Launch === | === Launch === | ||
* [https://defirate.com/safg/ From] [[DeFi Rate]] (4-5-2020): | * [https://defirate.com/safg/ From] [[DeFi Rate]] (4-5-2020): | ||
"''In the past month, we’ve seen the [https://defirate.com/futureswap-launches/ launch] of Futureswap’s FST token. The native token behind the decentralized futures exchange is distributed to the users of the protocol and will primarily be used for [[governance]]. As it stands today, FST tokens are non-transferable and cannot be acquired on the open market. That said, the only way to acquire FST is by active participation in the exchange as a trader, referrer, or [[liquidity provider]]. Moreover, while the tokens don’t represent direct economic rights, users are given the option to hold the token for discounted trading fees."'' | "''In the past month, we’ve seen the [https://defirate.com/futureswap-launches/ launch] of Futureswap’s FST [[token]]. The [[native token]] behind the decentralized futures exchange is [[distributed]] to the users of the protocol and will primarily be used for [[governance]]. As it stands today, FST [[tokens]] are non-transferable and cannot be acquired on the open market. That said, the only way to acquire FST is by active participation in the exchange as a trader, referrer, or [[liquidity provider]]. Moreover, while the tokens don’t represent direct economic rights, users are given the [[option]] to hold the token for discounted trading [[fees]]."'' | ||
=== Token allocation === | === Token allocation === | ||
| Line 17: | Line 34: | ||
# ''"34 million FST (34.4% of total) is reserved for current and future core team members which vests over 3 years.'' | # ''"34 million FST (34.4% of total) is reserved for current and future core team members which vests over 3 years.'' | ||
# ''30 million FST (30% of total) will be allocated to the users of Futureswap'' | # ''30 million FST (30% of total) will be allocated to the users of Futureswap'' | ||
# ''18 million FST (18% of total) reserved for the development fund. The fund will be controlled by token holders. There are many purposes for a development fund, but since FST is non-transferable the development fund acts to give more of a voice to those who receive grants.'' | # ''18 million FST (18% of total) reserved for the development fund. The fund will be controlled by token holders. There are many purposes for a development fund, but since FST is non-transferable the development fund acts to give more of a [[voice]] to those who receive grants.'' | ||
# ''investors hold 12.58 million FST (12.58% of total) with a 3-year vesting schedule, which started April 20, 2020. Futureswap has reserved an additional 5 million FST (5% of total) for a future round if needed."'' | # ''investors hold 12.58 million FST (12.58% of total) with a 3-year vesting schedule, which started April 20, 2020. Futureswap has reserved an additional 5 million FST (5% of total) for a future round if needed."'' | ||
| Line 28: | Line 45: | ||
=== Token Details === | === Token Details === | ||
=== Stablecoin === | === Stablecoin === | ||
== | ==Coin Distribution== | ||
* [[Whitepaper]] can be found [insert here]. | ==Technology== | ||
* Code can be | *[[Whitepaper]] or docs can be found [insert here]. | ||
* Built on: | *Code can be viewed [insert here]. | ||
* Programming language used: | ===Implementations===*Built on: | ||
=== Transaction Details === | *Programming language used: | ||
* Capacity ([[TPS]]): | ====[[Transaction]] Details ====*Capacity ([[TPS]]): | ||
* [[Latency]]: | *[[Latency]]: | ||
=== | ===How it works === | ||
=== | ===Fees=== | ||
=== | ===Upgrades=== | ||
*[https://thedefiant.substack.com/p/defi-total-value-locked-soars-to?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjozMTA0NDMwOCwiXyI6ImM5eFJuIiwiaWF0IjoxNjA5OTMzMzIwLCJleHAiOjE2MDk5MzY5MjAsImlzcyI6InB1Yi0xMTI1OSIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.PxbtIW0Jih0gF-sfOyU4ita8fjaDbJW3bMGuL4C-LC4 From] [[The Defiant]] (5-1-2021): | |||
= | |||
* [https://thedefiant.substack.com/p/defi-total-value-locked-soars-to?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjozMTA0NDMwOCwiXyI6ImM5eFJuIiwiaWF0IjoxNjA5OTMzMzIwLCJleHAiOjE2MDk5MzY5MjAsImlzcyI6InB1Yi0xMTI1OSIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.PxbtIW0Jih0gF-sfOyU4ita8fjaDbJW3bMGuL4C-LC4 From] [[The Defiant]] (5-1-2021): | |||
''“Futureswap aims to create a perpetuals trading experience that improves on what [[centralized]] futures exchanges offer,'“ according to a blog post by the team. V2 [https://medium.com/futureswap/announcing-futureswap-v2-on-chain-perpetuals-with-live-pricing-e6a440939033 features] include, “live pricing, more performant trading, and higher capital efficiency. Core features such as [[AMM]] style [[liquidity]] providing, incentivized usage, and community [[governance]] remain mostly unchanged.”'' | ''“Futureswap aims to create a perpetuals trading experience that improves on what [[centralized]] futures exchanges offer,'“ according to a blog post by the team. V2 [https://medium.com/futureswap/announcing-futureswap-v2-on-chain-perpetuals-with-live-pricing-e6a440939033 features] include, “live pricing, more performant trading, and higher capital efficiency. Core features such as [[AMM]] style [[liquidity]] providing, incentivized usage, and community [[governance]] remain mostly unchanged.”'' | ||
| Line 52: | Line 62: | ||
''"The main features of Futureswap v3 include native [[Arbitrum]] [[Layer Two|layer 2]] support, a protocol redesign, more leverage, more assets and no [[Impermanent Loss (IL)|impermanent loss]]."'' | ''"The main features of Futureswap v3 include native [[Arbitrum]] [[Layer Two|layer 2]] support, a protocol redesign, more leverage, more assets and no [[Impermanent Loss (IL)|impermanent loss]]."'' | ||
===Mining=== | |||
===Staking=== | |||
====Validator Stats==== | |||
===Liquidity Mining=== | |||
===Scaling=== | |||
===Interoperability=== | |||
===Other Details=== | |||
==Oracle Method == | |||
== Privacy Method== | |||
==Compliance== | |||
==Their Other Projects== | |||
== Roadmap == | == Roadmap == | ||
* Can be found [Insert link here]. | * Can be found [Insert link here]. | ||
== Usage == | == Usage == | ||
=== Projects that use or built on it === | === Projects that use or built on it === | ||
| Line 68: | Line 81: | ||
=== Cons === | === Cons === | ||
== Competition == | == Competition == | ||
== Team, investors, Partners == | |||
== Team, investors, | |||
=== Investors === | === Investors === | ||
* FutureSwap [https://defiweekly.substack.com/p/the-future-of-speculation-ft-dydx-e96?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjo0MDEyNTgsIl8iOiJjOXhSbiIsImlhdCI6MTU4NzgwNTY5MSwiZXhwIjoxNTg3ODA5MjkxLCJpc3MiOiJwdWItNTQwMiIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.RDcv11ZbAhLCkxgR9HcOlLcbAiAorZTHLolxtP-u1OU raised] a pre-round from [[Framework Ventures]] (+ others) in November 2019. They further closed a seed round in March 2019. | * FutureSwap [https://defiweekly.substack.com/p/the-future-of-speculation-ft-dydx-e96?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjo0MDEyNTgsIl8iOiJjOXhSbiIsImlhdCI6MTU4NzgwNTY5MSwiZXhwIjoxNTg3ODA5MjkxLCJpc3MiOiJwdWItNTQwMiIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.RDcv11ZbAhLCkxgR9HcOlLcbAiAorZTHLolxtP-u1OU raised] a pre-round from [[Framework Ventures]] (+ others) in November 2019. They further closed a [[seed]] round in March 2019. | ||
*[[Matter Labs]]; [https://medium.com/matter-labs/funding-ea89c1fa731e according] to Matter Labs, the founders and leadership of a bunch of DeFi projects, among which this project, joined in on the $50m raise for zkSync (8-11-2021). | *[[Matter Labs]]; [https://medium.com/matter-labs/funding-ea89c1fa731e according] to Matter Labs, the founders and leadership of a bunch of [[DeFi]] projects, among which this project, joined in on the $50m raise for [[zkSync]] (8-11-2021). | ||
=== Partners === | === Partners === | ||
==(:== | |||
Knowledge empowers all and will help us get closer to the [[decentralised|decentralized]] world we all want to live in! | |||
Making these free wiki pages is fun but takes a lot of effort and time. | |||
If you have enjoyed reading, tips are appreciated :) This will help us to [[keep]] expanding this archive of information. | |||
[[ETH]] tip [[address]]: 0x83460bE5F218b1520B69D702cE60A1DE37dD8E31 | |||
[[Category:Exchange]] | [[Category:Exchange]] | ||
Latest revision as of 04:01, 11 March 2022
From their website (13-4-2020): Futureswap is a decentralized futures exchange governed by the community."
Basics
- From DeFi Weekly (10-4-2020):
"AMM-based futures with up to 20x leverage on-chain. It looks like they’re in alpha stage at the moment and that Ric Burton is shilling them 24x7. To me this seems like the next generation of degen like on-chain speculation."
- It shut down an Alpha version of its platform on Saturday after amassing over $17 million of trading volume and almost $1.4 million of liquidity in three days.
History
Audits
- Bug bounty program can be found [insert here].
- From The Defiant (10-4-2020):
"The project is undergoing an audit by Open Zeppelin and their code is not open sourced, which had been two red flags when funds handled by the platform quickly started to grow. The 4-person team said they'll release the full audit report before re-launching and will open source their code “during (their) full release.”"
- Scored a 46% on DeFi Safety (23-3-2021); "FutureSwap was relreased December 9th, 2020. OpenZeppelin did an audit of FutureSwap on January 3rd." With the comment: "Private repo so no public tests. Pretty weak on other aspects too. Will do an article on private repos. You can still get a good score. "
Bugs/Exploits
- From Blockthreat (26-2-2022):
"On February 9, 2022 Futureswap reported a compromise of a reward reserves account which resulted in the loss of $700K worth of funds."
Governance
Admin Keys
DAO
Treasury
Token
Launch
"In the past month, we’ve seen the launch of Futureswap’s FST token. The native token behind the decentralized futures exchange is distributed to the users of the protocol and will primarily be used for governance. As it stands today, FST tokens are non-transferable and cannot be acquired on the open market. That said, the only way to acquire FST is by active participation in the exchange as a trader, referrer, or liquidity provider. Moreover, while the tokens don’t represent direct economic rights, users are given the option to hold the token for discounted trading fees."
Token allocation
From their blog (22-1-2021):
- "34 million FST (34.4% of total) is reserved for current and future core team members which vests over 3 years.
- 30 million FST (30% of total) will be allocated to the users of Futureswap
- 18 million FST (18% of total) reserved for the development fund. The fund will be controlled by token holders. There are many purposes for a development fund, but since FST is non-transferable the development fund acts to give more of a voice to those who receive grants.
- investors hold 12.58 million FST (12.58% of total) with a 3-year vesting schedule, which started April 20, 2020. Futureswap has reserved an additional 5 million FST (5% of total) for a future round if needed."
Utility
- From their blog (5-1-2021):
"FST is Futureswap’s non-transferable governance token. It allows for democratic changes of the protocol, which will enable it to evolve and improve over time. Traders, Liquidity Providers, and Referrers are rewarded in our system by receiving FST on weekly periods."
Token Details
Stablecoin
Coin Distribution
Technology
- Whitepaper or docs can be found [insert here].
- Code can be viewed [insert here].
===Implementations===*Built on:
- Programming language used:
====Transaction Details ====*Capacity (TPS):
How it works
Fees
Upgrades
- From The Defiant (5-1-2021):
“Futureswap aims to create a perpetuals trading experience that improves on what centralized futures exchanges offer,'“ according to a blog post by the team. V2 features include, “live pricing, more performant trading, and higher capital efficiency. Core features such as AMM style liquidity providing, incentivized usage, and community governance remain mostly unchanged.”
"The main features of Futureswap v3 include native Arbitrum layer 2 support, a protocol redesign, more leverage, more assets and no impermanent loss."
Mining
Staking
Validator Stats
Liquidity Mining
Scaling
Interoperability
Other Details
Oracle Method
Privacy Method
Compliance
Their Other Projects
Roadmap
- Can be found [Insert link here].
Usage
Projects that use or built on it
Pros and Cons
Pros
Cons
Competition
Team, investors, Partners
Investors
- FutureSwap raised a pre-round from Framework Ventures (+ others) in November 2019. They further closed a seed round in March 2019.
- Matter Labs; according to Matter Labs, the founders and leadership of a bunch of DeFi projects, among which this project, joined in on the $50m raise for zkSync (8-11-2021).
Partners
(:
Knowledge empowers all and will help us get closer to the decentralized world we all want to live in!
Making these free wiki pages is fun but takes a lot of effort and time.
If you have enjoyed reading, tips are appreciated :) This will help us to keep expanding this archive of information.
