Updates on launch plans, tokenomics improvements, and project security
Thank you, everyone, for continuing to follow Fortress DAO’s progress! We are proud to note that we have exceeded 3k travelers in our Discord — inspiring and humbling progress for a project founded just under 1 week ago.
Today we have exciting updates to share regarding our launch plans, and improvements to the project’s tokenomics. We’ll also describe our plans to responsibly safeguard user funds.
Road to launch
Fortress DAO’s Liquidity Bootstrapping Event (LBE) will be launched within one week. Consistent with our previous Medium post, the LBE will be open to whitelisted users for 24 hours followed by a public access period. The bonding/staking dApp will then be released within 24 hours of the successful LBE.
The exact timing of the LBE and subsequent dApp launch will be described in a forthcoming article. We understand our community members are eager to see Fortress DAO launch as soon as possible. However, we need to ensure that we have time to adequately test all contract and frontend functionality prior to public release. Rest assured that our team is working literally around-the-clock to deliver a fully validated product to you at the earliest possible opportunity.
Improvements to project tokenomics
We plan on changing the previously described tokenomics in the following ways:
- LBE participants will be able to claim their FORT tokens immediately upon release of the bonding/staking dApp.
- From the 350k we aim to raise in the LBE, we previously committed 100k and 130k respectively to liquidity bootstrapping and treasury contributions. Instead, we will be initializing liquidity with 160k and contributing 70k to the treasury.
- We initially planned the MIM/FORT liquidity pool at the ratio of 10 MIM : 1 FORT, which is 200% of the LBE price of FORT. Instead, we will initialize the liquidity pool at the ratio of 7.5 MIM : 1 FORT, which is 150% of the LBE price.
As we discussed the project’s tokenomics internally, we realized that the previous lockup model was flawed. LBE participants would have been able to claim their FORT tokens before the first rebase (paying no penalty) and stake them normally, rendering the entire lockup moot — an oversight for which we apologize.
After further discussion, we concluded that we did not want to impose a lockup period on LBE token claims. For example, if we had restricted LBE participants from claiming tokens until 12 hours after the dApp release, the price of FORT would likely have plummeted as the unlocking time approached. By introducing vesting restrictions, we would have introduced market mispricings and increased price volatility.
Instead, we realized that by allowing LBE participants to claim their FORT as soon as possible, they would be able to progressively exit their positions as the price of FORT converges toward its equilibrium value. Additionally, by increasing the amount of initial liquidity and narrowing the gap between the LBE and liquidity pool FORT prices, we will ameliorate any short-term downward spikes in FORT prices due to LBE participant selling pressure. We believe that this non-distortionary, lower-volatility outcome is better for both LBE participants and for Fortress DAO community members who invest after the LBE.
Please do not hesitate to reach out to us if you have any comments, questions, or concerns about these changes.
The Fortress DAO team is aware that security of user funds is a major concern among our community. We recognize this concern and know that it is more than fully justified.
To reiterate our commitment to good security practices, we will:
- Publish smart contract code on GitHub for public review.
- Verify all deployed contracts.
- Send treasury funds to a wallet with Gnosis multisig-restricted access.
- Commission a code audit by a reputable firm such as Certik or Quantstamp after launch.
Our team is heavily invested in the long-term success of Fortress DAO. We are confident that if you’re reading this now, you already know that substantial time and resources have been invested in production and development. We look forward to continuing to grow together.