The Great Fill: Phase I
Hop in, the liquidity is great.
We are initiating Phase I of our launch, starting with Fungify Pools. The first audit of the protocol by Hexens has concluded; you can view it here. The second and third audits are underway, by Zach Obront and Least Authority, and their completion will coincide with the launch of the protocol. The Great Fill (TGF) event will start on January 4th 2024, at which point the protocol will be deployed to mainnet and all audits released to the public. During our TGF event, the community will be given the opportunity to provide liquidity that will be permanently owned by the protocol, in exchange for ownership of the network, i.e., FUNG tokens.
Everyone who has substantially participated with Fungify will be guaranteed the opportunity to participate in the event. For the public, participation will be on a first come, first serve basis. The total amount of protocol owned liquidity to be raised is ~500 ETH ($1M USD). This will be distributed 50% to supply the lending markets of the Pool protocol and 50% to a Uniswap LP pool. Participants will be given an opportunity to obtain FUNG token close to the seed round valuation, which took place before protocol development began.
Following TGF, the Pools product will be launched to mainnet. The process of bootstrapping liquidity for the Fungify Index will then begin, which will culminate in a final Great Fill and the unlocking of the tokens for trading.
Launching the protocols in this order allows the Pools protocol to accumulate liquidity, enabling index holders to access a deep reservoir of borrowing power. We thank everyone who has patiently been with us through the development process and look forward to the launch. Along the way we will be publicizing the audit reports as they come.
Update: Read all the details here:
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