Thread by @FrankVeFarmer

1/ Farmer Frank is coming to the Avalanche ecosystem very soon! ❄️ Here’s a thread 🧵 on how our approach to the JOE wars is different:

2/ Since Convex first went live, every single protocol building ahead of veTokens utilized fuginble tokens 🪙 to bootstrap liquidity.

3/ This is probably because of the Convex model already proving itself successful to the market - by being the largest accumulator of veCRV tokens.

4/ However, it’s also safe to say that Convex’s mechanism has some inefficiencies, which diminish its potential over the long run 📉. An example is Convex spending 60M$ in incentives to maintain the peg between cvxCRV/CRV pair.

5/ Here’s why Frank veFarmer's perspective is COMPLETELY different to the one of every other ve-accumulating protocol. Instead of using ERC20 tokens to accumulate liquidity we will be using NFTs! 🖼

6/ Frank’s NFTs are called fNFT Bonds 📜 and will function like perpetuities. This means that fNFT Bonds represent a fraction of ownership over revenue generated by the entire Farmer Frank protocol. Bonds will benefit holders in 3 ways:

7/
❗ Rewarding part of revenue perpetually.
❗ Accruing in value over time, enabling holders to later sell the NFT on a secondary market for a premium.
❗ Additional benefits such as additional boost in Farmer Frank Farms.

8/ To mint your bond you will simply have to lock JOE tokens to the Farmer Frank Treasury. At launch, we will be incentivising early joiners by discounting all bonds for a limited period of time. Farmer Frank is coming FAST, so prepare your JOE bags 🎒 sers!

9/ For more on how Farmer Frank aims to revolutionize liquidity accumulation by issuing NFTs instead of ERC20 tokens you can find our documentation here:

docs.farmerfrank.xyz

#JOE #veJOE #FarmerFrank #JoeWars #Avalanche