FIREDAO: Update on the Present State and Future Development

Hello FIREDAO community,

FIREDAO project was started on October 2020 with a mission to fast-track its members to financial freedom.

We believe that in a current investment environment a new approach to financial freedom is needed. An approach that helps to adapt to the current economic crisis and challenges.

After extensive research of blockchain and DeFi, we started to develop a DeFi yield aggregator. It enables savings in stable cryptocurrencies (pegged to $1) which have near zero volatility. This means that the value of deposits is not affected by Bitcoin and other cryptocurrencies. The yield aggregator generates much higher annual returns than stock market indexes (20% vs. 8%) by eliminating all intermediaries and automatically deploying capital to audited smart-contracts, which make money from trading, lending and liquidity mining events.

Even though we believe DeFi will revolutionize finance, the industry has been shaken by smart contract exploits losing millions in users’ money. With our main mission to fast track FIREDAO users to financial freedom in mind by targeting finance experts and FIRE community, we have decided to put maximum priority to security. On February 9th, 2021 we received the first external audit by Certik. No critical or major issues have been found.

Paying attention to security, however, does not mean we offer low yield. At the time of writing, our USDC vault offers 26.5% APY with DAI vault APY reaching 21% while USDT vault APY is currently 9%. This is significantly higher than any fiat saving account in any major bank in any advanced economy. To show the merits of FIREDAO and the potential of DeFi we have published press releases on Bloomberg, Yahoo and other financial media.

To further democratize the protocol issued a governance token FIRE. With FIRE token, every community member can participate in the protocol’s development by making necessary proposals and voting on protocol’s changes.

FIRE token liquidity mining has started on January 13 and lasted until we received the audit on February 9th. Our first members had taken high risk by depositing assets in a non-audited smart contract that is why FIRE token issuance has been temporarily paused after the audit completion.

In the future the FIREDAO development will proceed in the following 3 stages:

Stage 1. Three USD stable coin (DAI, USDT and USC) vaults are opened to the public without any participation limits. The yield of up to 26.5% is attractive to the investors who traditionally had not invested in any crypto asset. At the time of writing $300,000 USD is deposited to FIREDAO smart contract. We will promote the vaults and bring more deposits via our private and public marketing channels. At this stage FIRE token issuance is paused to build FIRE community and educated them about the merits of DeFi and FIREDAO.

Stage 1.5. At this stage that might take 3 to 6 months we will continuously grow the total value locked. Currently 20% of the harvested* APY goes to the Treasury so with the growth of the deposits, the protocol’s revenue growths proportionally. In order to counteract the inflationary model of FIRE token issuance, part of the protocol’s revenue will be used to deposit liquidity to Uniswap or Balancer.

Stage 2. Everyone is able to stake fiTokens (shares representing deposited assets in FIREDAO) to receive FIRE token as a reward. Token is liquid on decentralized exchanges and further efforts are done to list FIRE in major centralized exchanges.

We assure that FIREDAO protocol will improve by adding new features and vaults that help to maximize yield with the latest security precautions in place.

At the end, FIREDAO will become an one of the key projects for financial freedom offering high yield with the freedom to custody your own private keys and flexible deposits & withdrawals. It will also become a go-to-platform to the FIRE community to truly reach financial independence.

*To learn more about the fees please check our FAQ section: https://docs.firedao.com/about-firedao/faq

Learn about FIREDAO:

Telegram: https://t.me/firedao

Website: https://firedao.com/

Twitter: https://twitter.com/FIREDAO_

Medium blog: https://firedao.medium.com/

Github: https://github.com/FIREDAO/firedao-protocol

Fast track to financial freedom

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