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The FINN token is a qualitatively different approach to tokens on the Fantom chain. We believe that the proper way to use a token on Fantom is to connect it to a dApp in a decentralized way and share the revenue of the dApp to the token holders. This model offers numerous benefits:
- You are guaranteed that the token will work in the predetermined way without the possibility of overriding. This means there is no need for any legal agreements because in this case the Code-as-Law concept is in operation.
- It further decentralizes the ownership of the dApp and gives a lever to the token holders to influence the development of the project. If the direction the project takes is unsatisfactory, the token can be sold decreasing its value and thus penalizing bad operational/developmental decisions.
Finn Exchange uses part of the trading fees to buyback tokens from the token holders, therefore creating a guaranteed demand for the token.
All tokens bought by Finn Exchange are burned and the total token supply is reduced.
- 1.The token contract is going to be set up as the Fee Account in the Finn Exchange contract. This means that all the trading fees collected by Finn Exchange go to the token contract.
- 2.60% of the collected fees go to the operational wallet. These funds are used to cover:
- Gas Fees for all transactions sent to the Blockchain and oracle calls.
- System maintenance and development (servers, developer fees and other expenses)
3. 40% of the collected fees are used to buyback the tokens from the token holders.
4. All tokens bought back from the token holders are burned and the total supply is reduced.
The buyback process is fully decentralized.
The FINN Token is distributed through an IDO/IEO model. The funds collected from the sale of tokens will be used to further develop the Finn Exchange.