Solaris will become FinaToken
After many years it is now time for something new and exciting. Since the start of Solaris in 2017, the crypto space has evolved to become more and more focused on decentralized finance products. We have realized that we need to respond with new products and services to keep Solaris on track with the current crypto market developments.
New products and services
We will launch a complete new range of decentralized products and services:
FinaSwap is a decentralized exchange (DEX) that leverages automated market-making (AMM) and yield farming mechanisms on the following blockchains:
· Binance Smart Chain (BSC)
· Polygon (Matic)
FinaSwap pools allow liquidity providers to add their tokens to liquidity pools. When they do so they will receive FLP tokens (Finaswap Liquidity Provider tokens) for example if a user deposited $FNA and $ETH into a pool they would receive FNA-ETH FLP tokens. These tokens represent a proportional share of the pooled assets, allowing a user to reclaim their funds at any point.
The FinaLounge allows you to stake your FNA and receive xFNA in return and then you stake it in the xFNA pool. When users make trades on the FinaSwap Exchange a 0.3% fee is charged. 0.05% of this fee is added to the FinaLounge pool in the form of LP tokens for the relative pool. When the rewards contract is called (minimum once per day) all the LP tokens are sold for FNA (on FinaSwap Exchange). The newly purchased FNA is then divided up proportionally between the xFNA holders in the pool, meaning their xFNA is now worth more FNA.
The FinaFarm allows users to yield farm FNA rewards with each new block based on staking FLP tokens they received from the FinaSwap pools.
Lending and borrowing
FinaBank is a lending and margin trading platform, built on the FinaVault, that allows for anyone to create customized and gas-efficient markets for lending, borrowing, and collateralizing a variety of DeFi tokens, stable coins, and synthetic assets. FinaBank’s broad diversity of tokens is supported through the use of a unique isolated market framework. Unlike traditional DeFi money markets where high-risk assets can introduce risk to the entire protocol, in FinaBank, each market is entirely separate (similar to the FinaSwap DEX), meaning the risk of assets within one lending market has no effect over the risk of another lending market.
The FinaToken $FNA is the farming and governance token for the FinaSwap platform.
The FinaSwap protocol is governed and upgraded by FNA token-holders, using three distinct components; the FNA token, governance module, and Timelock. Together, these contracts allow the community to propose, vote, and implement changes through the administrative functions. Proposals can modify system parameters, support new markets, or add entirely new functionality to the protocol.
Solaris will become FinaToken
Solaris (XLR) holders can swap their Solaris to FinaToken on the Binance Smart Chain (BSC). This swap and rebranding will allow us to move forward with improved usability and new DeFi related use cases.
How will the swap to FinaToken work?
We aim for a swap with infinite time to swap by utilizing a blockchain snapshot. The plan is to deploy a smart contract that Solaris holders can use to swap their Solaris holdings to FinaSwap tokens. A specific swap website will be made available, and users can swap their Solaris with a few clicks using their metamask wallet. Users that hold their funds on Txbit Exchange will have their Solaris swapped automatically. More detailed information will follow when we get closer to the swap.
How about Txbit Exchange?
Solaris/FinaToken will be decoupled from Txbit Exchange. Given the new line of DeFi products, it does not make sense to maintain the strong connection between Solaris and Txbit Exchange. The good news is that Txbit Exchange will create their Txbit Token ($TXBIT), and every Solaris holder will be eligible to obtain one Txbit Token for each Solaris they hold. So not only will have Solaris holder the benefit of swapping to FinaToken, but also the benefit of obtaining Txbit Token.
Reward Savings and Buy-up program
The current use-cases for Solaris will become obsolete and will be discontinued in the future. Users that currently have funds locked up in savings will be paid with interest. Most probably the Savings feature will be reused by Txbit Exchange for their Txbit Token.