One thing that we would all agree on about the DeFi space is: there are too many things going on and too little time to DYOR!
As the DeFi space continues to change at pace, users feel overwhelmed by the number of new DeFi products and the complexity of assessing them. Masters are good at profit-making, but the return is limited by the capital one can allocate. Builders are frustrated because it becomes more difficult to stand out in a sea of legos and increasingly difficult or costly to carry out composability with other protocols.
As a result, Furucombo has tapped into DeFi as an aggregator to help users navigate through the vast amount of protocols - to let masters focus on profit-maximizing, and to give builders a platform to bring out the potential of their product to the fullest.
That's why we are here:
Furucombo will form a value ecosystem as a super-aggregator to bring builders and masters onboard.
And, COMBO is the key to making that happen.
The above diagram describes the goal to create a flexible, secure, and sustainable network of ecosystems regulated by cube-specific policies that are defined and validated through a governance process that empowers token holders with the right to decide the path forward.
1. Governors
Underpinning the Furucombo ecosystem will be the governors, who are the participants of the community. The decentralized community will be able to protect the integrity of Furucombo through research, discussion, and on-chain voting.
The benefit of Furucombo Governors
You will have the right and power to decide the path forward - that is the beauty of DeFi.
You will be in charge of the Furucombo Treasury, and can decide how to use up to 70% of the proceeds through governance. The remaining 30% will be used for operation costs which include audit expenses.
If you are also a Furucombo Master, your reward as a Master will be boosted depending on the vCOMBO you have.
Furucombo is free of charge at the moment and the Governor can vote to decide the rate once the governance portal goes live.
To be a Furucombo Governor
Anyone with vCOMBO tokens is a Furucombo Governor.
Once you lock your COMBO tokens, you will get vCOMBO in return.
You can choose the locking period - the longer you lock, the more vCOMBO you will get.
The vCOMBO token is non-transferable, but you could delegate your voting power to others.
The responsibility of a Furucombo Governor
The more vCOMBO you hold or get delegated from others, the more voting power you have. vCOMBO holders can vote and decide the parameters in the Furucombo protocol including:
Cube Listing and Delisting - including the listing policy for different types of cubes
The Furucombo Treasury and Reserve Management
Fee and incentive emission parameters
Underwrite insurance or buy insurance for all users
Grants for more cube developers
Lock COMBO in reserve to vCOMBO, and use this vCOMBO to support the activation of some cubes
Furucombo Treasury
Furucombo Treasury is where we park the proceeds of the Furucombo protocol. It will be a composite of COMBO/USDC LP tokens.
The revenue stream covers below components:
Usage Fee: Furucombo is free of charge at the moment. The Governor can vote to decide the rates once the governance portal goes live. Once live, we will charge a certain percentage of initial funds from end-users. 20% of the fees will be shared with Furucombo Masters, and the rest 80% will go to Furucombo Treasury.
Performance & Management Fee: With the new pool combo system, we will charge a certain percentage of performance and management fees from end-users. 80% of the fees will be shared with Furucombo Masters, and the rest 20% will go to Furucombo Treasury.
Example on how to participate as a Governor
The first step is to get some COMBO tokens from open markets. For example, you can buy COMBO from Uniswap.
Stake COMBO to the COMBO Locking Contract, and you will get vCOMBO in return.
Access the governance portal with your vCOMBO, then you can create a proposal or vote for a proposal.
Interact with other members of the community to garner support and discuss ongoing proposals.
Release Schedule
Due to the nature of the DeFi space, expeditated development, unforeseen changes, or community feedback may cause these plans to change.
Subject / Status
Governance Forum [Launched]
Discord Exclusive Channel for Voting [Launched]
Combo Locking Contract (stake COMBO & receive vCOMBO) [Q3 2021]
Governance Portal for Off-chain Voting (using Snapshot) [Q3 2021]
Governance Notification System to keep every Governor updated [Q4 2021]
Governance Portal for On-chain Voting [2022]
2. Builders
More Builders list their cubes, more profit-discovery combos that Furucombo Masters can create.
As illustrated in Ben Thompson’s Aggregation Theory, builders make Furucombo more attractive to more users, which in turn draws more builders - in a virtuous cycle.
The benefit to list a cube on Furucombo
The main challenges for protocol builders in the current DeFi space are often:
bootstrapping liquidity from scratch;
the need for interacting with other protocols due to the nature of composability
lack of front-end resources to provide an intuitive user experience
Furucombo aims to tackle the above problems. To that end, Furucombo emphasizes UX/UI improvements over the protocol layer, whereas the protocol builders can accelerate the development by focusing singularly on the core underlying functionality. This will enable builders to plug-and-play rather than building out their own liquidity.
The process to list a cube on Furucombo
Propose and collect feedback on the Furucombo Forum?
Pass COMBO Governance on Snapshot
Develop the smart contract as per the Cube Listing Policy
Submit and schedule the contract review with the Operator (currently the Furucombo founding team)
The Operator must register the contract in the system with a multi-sig wallet
Lock COMBO to activate the cube
The security aspect on Furucombo
The overall security of Furucombo is highly related to the DeFis we integrate. Therefore, we need to manage the security from the ground up - that is from the cube development quality and process.
Cube Listing Policy
Developer Guide: An instruction to build the smart contracts for a new cube on Furucombo.
Risk Factors: Different types of cubes will have different risk factors, and different risk factors will be subject to different levels of COMBO commitment and audit processes.
COMBO Commitment: To activate a cube on the Furucombo protocol, a certain amount of COMBO needs to be locked in the governance contract as a commitment. Unlocking the committed COMBO will trigger a cool-down period and the respective cube will be delisted immediately.
Furucombo Governors with a sufficient amount of vCOMBO could commit to activating a cube. Additionally, the committed party could still participate in the governance and enjoy the benefit as a Governor.
Regular Audit
Furucombo Operator (currently the Furucombo founding team) will schedule and conduct regular internal and external audits to ensure more and more experienced experts examined the code along with the growth of the protocol.
Insurance Policy
When a cube performs malicious behavior, the committed COMBO will be taken and sent to Furucombo Reserve, and the Operator will delist the cube from the system immediately.
On the other hand, Furucombo Governors can allocate the funds in the Furucombo Treasury to underwrite or buy insurance from external insurance protocols for the overall users.
Example on how to participate as a Builder
Before your cube gets listed:
Propose your cube idea on the Governance Forum.
Interact with other members of the community to gather support.
Find a Governor who supports your idea to create a cube listing proposal, or you can get enough vCOMBO to be a Governor yourself and create the listing proposal.
If the proposal is passed with support from the Governors, you can then develop the smart contract per the Cube Listing Policy.
Once the contract is ready, submit and schedule the contract review with the Operator (currently the Furucombo founding team)
If the review is positive, the Operator will register the contract in the system with a multi-sig wallet.
Then you need to purchase COMBO tokens from open market. For example, you can buy COMBO from Uniswap. Then, you need to lock these COMBO tokens into the COMBO locking contract to activate the cube. You can also seek support from the Furucombo governance beforehand to see if any sponsors from the community.
After your cube gets listed:
As you lock the COMBO, you also become a Furucombo Governor. You are encouraged to participate in the COMBO governance actively going forward.
With the rapid development in the DeFi space, its recommended to follow up on the DeFi cube you develop from time to time. For example, when the underlying DeFi has an upgrade, you may need to upgrade the cube to make it functional as well.
You can apply for grants from the Furucombo Governance Portal as your cube accumulates transacted volume.
Release Schedule
Due to the nature of the DeFi space, expeditated development, unforeseen changes, or community feedback may cause these plans to change.
Subject / Status
?Smart Contract Open Source [Completed]?
Trial Run on External Builder Participation (Sushiswap and B.Protocol) [Completed]
Cube Listing Policy [Planning]
Cube Stats Dashboard [Planning]
Smart Contract for Cube Activation [Planning]
3. Masters
As more Builders list their cubes, the more profit-discovery combos Furucombo Masters can create.
Furucombo Masters are sophisticated traders who are gaming DeFi money legos like a pro - particularly those who have endless strategies and ideas to maximize their profits.
The benefit of a Furucombo Master
Share your strategy to earn much more!
You can get a referral code for the combo you create, and share the fees collected when someone uses your combo.
You can create a pool combo to be a fund manager and charge performance & management fees for your hard work.
If you are also a Furucombo Governor, your reward will be boosted depending on the vCOMBO you have.
To be a Furucombo Master
Creating a combo is permission-less. No vote & no approval needed. As long as you get the know-how of building a profitable strategy, you get to become a combo master!
You manage your wealth along with the wealth of others - It’s a win-win.
Furucombo is free of charge at the moment and the Governors can vote to decide the rate once the governance portal goes live.
Example on how to participate as a Master
You create a flashloan combo using Aave debt swap daily to manage the changes in price and interest rates of the debt.
You can get a sharable link with a built-in referral code.
Share the link with your friends.
Every time your friends use your link to send out a Aave debt swap transaction, you can get some referral rewards.
You can check out your accumulated rewards and claim them out in the referral dashboard.
If you are also a Furucombo Governor, your rewards will be boosted - thus earning even more!
Release Schedule
Due to the nature of the DeFi space, expeditated development, unforeseen changes, or community feedback may cause these plans to change.
Subject / Status
Usage Fee Development (Current rate = 0%) [Completed]
Sharable Link on Ethereum [Completed]
Sharable Link on Polygon [July 2021]
Referral System and Dashboard [Planning]
Pool Combo System and Dashboard [Planning]
Links
- Website: furucombo.app
- Discord: discord.furucombo.app
- Forum: forum.furucombo.app
- Twitter: @furucombo
- Medium: https://medium.com/furucombo
