Fiscus.fyi expanded by adding the Ethereum pool and rewarding FFYI holders with the FFYI Revenue Share pool.
The Ethereum pool works similarly to the other staking pools. When you stake your ETH on Fiscus.fyi for example, Fiscus.fyi will find the lending pool with the best rates and send the tokens to be staked. Upon cancellation, Fiscus.fyi will sell the rewards from the lending pool on Uniswap for uFFYI and burn it. New yields are issued in uFFYI and can be sold on Uniswap or Probit.com. All pools hosted by Fiscus.fyi will get equitable shares in uFFYI, which makes for more stable yields in Fiscus.fyi pools. The Ethereum pool will be part of the FFYI Revenue Share Pool, which will be explained below.
FFYI Revenue Share Pool:
The FFYI Revenue Share pool(FFYI RS) has been designed to reward FFYI holders, the governance token of Fiscus.fyi. It does so by charging a fee when claiming rewards, which will then be shared between all the FFYI holders staking in the FFYI RS Pool.
How it works:
There will be a fee of 0.5% levied when claiming rewards from the ETH pool (and on all future pools) that will be distributed to FFYI holders. Every 40320 blocks, roughly one week, the levied fee will be distributed to all FFYI holders that are staking. In the event that FFYI holders don’t claim their rewards, it will go back to the pool and get redistributed during the next distribution event. This is all done by the smart contract and no single party or the developers can influence or control this process.
What makes this revolutionary for DEFI?
If we compare this model to other Defi projects then we find that the FFYI RS model is much closer to a truly decentralized, community-based project than any of its competitors.
Yearn.finance for example sends the fee to a governance address, form there once over a certain threshold its distributed to the YFI holders, it’s unclear how many people have control over their multi-sig treasury. This concept among others is similar to DAO’s we have seen in the likes of DASH etc for years. Fiscus.fyi completely changes this structure. One question you should ask yourself is how truly decentralized some of these self-proclaimed ‘Defi’ projects are: https://cryptobriefing.com/kucoin-hacker-exposes-decentralization-theater-among-defi-projects/
Fiscus.fyi fairly and equally distribute all the fees generated in an automated way to all FFYI holders that stake in the RS Pool.
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