Today we are delighted to be launching Frozen Yoghurt, a stablecoin AMM on Fantom based on Curve.fi. Frozen Yoghurt, in short FROYO, allows users to swap stablecoins and wrapped assets with the same underlying collateral with low slippage and minimal fees.
The idea to deploy FROYO on top of Fantom came out of the Fantom community’s plea for incentivized liquidity for Curve pools. As we have seen over the past few months, very few DeFi protocols actually deploy LP incentives on chains apart from Ethereum, even when they deploy instances of their app on chains such as Fantom, and BSC. However, the intention of FROYO was never to cannibalize Curve, or to extract value from a team and product that we so respect, which is why we decided to deploy this fork of Curve with a new token that would also be dropped to veCRV holders to ensure that the Curve community and team has a sizeable stake in FROYO.
In addition to that, we have committed to Curve core values, which are:
- no deposit or withdrawal fees;
- no lockups on liquidity, and;
- extremely efficient stable coin swaps.
Utility
The Frozen Yoghurt token (FROYO) is a revenue earning token. FROYO stakers can earn fees from the Frozen Yoghurt protocol. In the future, users will also be able to use FROYO to participate in governance, using veFROYO (vote escrow locked FROYO).
Trading Fees
Fees will be equally split between FROYO stakers and liquidity providers (50%/50%).
Reward Pool and Staking Pool
Liquidity providers will receive their FROYO from the reward pool. Rewarded FROYO claims trading fees and vest over three months. It’s possible to skip the vesting for a 50% early exit penalty. The tax is distributed to users who decide to lock in the staking pool.
The staking pool receives trading fees as well as the FROYO tax from people exiting the reward pool early for those who chose to lock for a period of three months. The staking pool has mandatory no lock-up.
LP Rewards
80% of those rewards will be distributed to liquidity providers while 20% will be distributed to FROYO/FTM Liquidity Providers:
- 5% — Month 1
- 4% — Month 2
- 3% — Month 3
- 18% — Rest of Year One (2% a month)
- 12.5% — Year 2
- 6.25% — Year 3
- 3.125% — Year 4
- 3.125% — Year 5
veCRV Holders
A snapshot of veCRV holders will be taken weekly and ~0.48% (25% over a year) of the FROYO supply will be distributed to Curve veCRV holders.
Tokenomics of the FROYO token
Total Supply: 1,000,000,000 FROYO
- 25% veCRV — Airdropped weekly over a year
- 55% LP Rewards
- 20% team — vested for one year
Launch
FROYO will launch on the 6 of May 2021.
