Futureswap (FST)

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.

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."

Token

Launch

• From DeFi Rate (4-5-2020):

"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):

1. "34 million FST (34.4% of total) is reserved for current and future core team members which vests over 3 years.
2. 30 million FST (30% of total) will be allocated to the users of Futureswap
3. 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.
4. 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."

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):

• Latency:

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.”

• From EthHub (19-6-2021):

"The main features of Futureswap v3 include native Arbitrum layer 2 support, a protocol redesign, more leverage, more assets and no impermanent loss."

Roadmap

• Can be found [Insert link here].

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).

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