Rules and Mechanics
Take out a loan through Fuji on Fantom, accumulate points during Fuji Climb Expedition and transform them into pre-token bonds to gain exposure to future $FUJI.
The goal of the game is to kick off the process of decentralization of the protocol by allocating 3% of the community share to active users. We’d like to attract a greater interest to FujiDAO’s borrowing aggregation capabilities by proposing to all Fantom users a gamified campaign at the end of which they will acquire pre-token bonds.
Take out a loan from FujiDAO on Fantom: deposit FTM, WBTC or WETH as collateral and borrow DAI or USDC. If you already have an open debt position at the moment the game gets launched, you are on the roll: just keep it open, and don’t forget to claim your head-start points. Your open debt position earns you points on a daily basis. For every dollar of debt, you get a point per day, e.g. for a week with $100 of outstanding debt, you advance by 700 points (7 days x 100).
Points are an essential part of the game. You get a point for every dollar of debt as a daily reward. Your objective is to accumulate as many as you can because at the end of the expedition you will get to convert them into pre-token bonds. In the meantime, you can also sacrifice them to buy crates. Points are non-transferable.
Crates introduce an element of chance and allow for more fun and dynamic game-play. You buy a crate and hope to find a booster in it. There are 3 types of crates: common, epic and legendary, each having different cost and probabilities for a win. Some of the crates may turn empty, others may contain points and the sweetest outcome is to find a Climbing Gear NFT. You can obtain a crate by paying its price with the points you have accumulated so far or you can buy it on the secondary market.
Climbing Gear NFTs are powerful boosters that multiply your overall score. They can be found in crates or bought on the secondary market. You have to keep them till the Locking Ceremony to get their effect applied. There are 5 different Climbing Gears, each of which multiplies your points by 1.10, so possessing one of every type doubles your final score. You can also accumulate several gears of the same type and get a multiplier of up to 1.18.
The Locking ceremony marks the end of the climbing efforts. Every participant must perform it in order to be allowed to the next stage and to buy bonds. The locking ceremony requires everyone to throw all collected gears into Fuji’s lava. Thus they lock their points and pave their name in the volcanic stone for eternity.
The expedition starts on June 1st and will take place in three phases. The first one, the “Accumulation phase”, will go on for two months, during which climbers accumulate points and gears, buy and open crates. The second phase will be dedicated to trading so that players can complete their gear set. In the final phase, participants are invited to perform the Locking ceremony. Once the points have been locked, they become convertible into pre-token bonds.
The last stage of “Fuji Climb: Fantom Expedition” is where players use their final meter points to acquire Pre-token bonds.
Pre-token bonds are ERC-3525 tokens or “Financial NFTs” developed by SolvProtocol. They allow native tokens to be locked within it and vested over time. The bonds are instruments that give a right for their holders to claim the native token at a specific point in the future (maturity date). An advantage of the bonds is that they are liquid and tradable on a secondary market at any moment.
FujiDAO commits to allocating ~1.5% of the total supply or 3% of the community share to this campaign which means that the holders of all bonds will be eligible to claim 1.5M of the future Fuji tokens, assuming a total supply of 100M.
How does it work?
Users accumulate throughout the expedition meter points which are the in-game currency and at the final stage, they have to use them to buy Pre-token bonds. Users have to choose among three tiers of bonds, all of them with the same price (10k meter points) with the difference between them being the vesting period and the amount of claimable Fuji tokens. The relationship between these parameters is simple, the longer the vesting, the more Fuji tokens. However, we cannot determine beforehand the token allocation for each tier because we don’t know how many bonds will be acquired at the end.
tier I → a bond with 3 months of vesting will contain 1*N amount of Fuji tokens,
tier II → a bond with 6 months of vesting will contain 2*N amount of Fuji tokens,
tier III → a bond with 12 months of vesting will contain 4*N amount of Fuji tokens.
This means that a tier III bond will be eligible for 4 times more tokens than a tier I bond.
There will be a special tier IV of bonds that will be used to incentivize active participation through contests, referral programs, and other community activities. The number of the tokens attributed to tier IV is fixed at 135K and won’t be subject to vesting.
So if the number of acquired bonds per tier at the end is S1, S2, and S3, then the following formula should hold true:
S1 * (1*N) + S2 * (2*N) + S3 * (4*N) + 135K = 1.5M Fuji tokens,
where S1, S2, S3 = sold amount of bonds on respective tier.
Head-start points are attributed to all FujiFlops holders as well as to all users that have previously used Fuji on Fantom and have an open debt position at the moment of launch.