Jetfuel, the yield farming and aggregator platform, has announced the launch of its newest product, Fortress, an algorithmic money market supported by its Governance and Rate Modification token FTS and unique synthetic stablecoin FAI. Fortress will bring secure and trusteless lending and borrowing services to users on BSC.
Jetfuel intends to launch Fortress on the Jetfuel launchpad on April 20th in what the company calls an Initial Jetfuel Offering (IJO). In total 500,000 Fortress (FTS) governance tokens will be on sale to users. The company is seeking to raise a total of $2 million at a sale price of $4 per token.
Fortress is the latest product from the prolific Jetfuel team who have already launched a number of quality products this year. In March the company minted an innovative new token for passive yield and staking dubbed GFORCE. Having raised 0.5 million for GFORCE with a nearly instant sellout, the company now sets its sights on an even more ambitious product and token launch. Fortress’ chief goal is to provide decentralized and permissionless lending and borrowing to BSC users.
According to information from the Jetfuel team, the Fortress protocol is designed to deliver efficient and secure access to lending and borrowing markets. Fortress enables its lending and borrowing service by leveraging money markets in a way which makes the process seamless and efficient. Supplying assets to Fortress will allow users to not only earn compound interest on their locked collateral, but to mint the algorithmic stablecoin FAI.
The FAI stablecoin, which lies at the heart of the Fortress ecosystem, will be pegged to the US dollar and backed by a basket of cryptocurrencies. Users can mint FAI up to 50% of the total value of collateral they lock in the Fortress protocol. FAI can then be used as users best see fit, including for staking to earn more FTS governance tokens, or they can simply be spent, or even put back into the platform as liquidity for even greater rewards.
The FTS token which will be on sale confer voting rights for users as well as a means of creating proposals which will govern the future direction of the platform. Following a future protocol update, Jetfuel plans that the FTS tokens will serve a dual role as means to reduce interest when borrowing, and to increase interest when lending. The impact on interest rates will be granularly controlled, and will depend entirely on the individual users’ willingness to part with FTS tokens for increasingly favorable rates.
Initial Jetfuel Offering
The IJO event which is planned by Jetfuel will occur on Jetfuel’s launchpad, allowing them to do everything in house. Described as a ‘token sale and liquidity incentive platform’ Jetfuel’s IJOs have already established a solid track record with both GFORCE and TYRON launching successfully this year.
While 10 million FTS tokens will be minted, the number of tokens which will be made available during the sale period is a very limited 500,000. These 500,000 will help to bootstrap liquidity for the protocol and provide a strong foundation. The rest of the tokens will be released slowly over a two and a half year time span with the vast bulk of these (65%) allocated to farming rewards.
Users who wish to purchase Fortress (FTS) tokens can do so with BUSD tokens only. For further details on the impending token sale, the company has provided a guide to be found at Introducing Fortress: Unlock the Power of Your Assets.
FTS At a Glance
Token Name: Fortress
Token Symbol: FTS
FTS for sale: 500,000 (5% of Total Token Supply)
Total Token Supply: 10,000,000 FTS
IJO Sale Price: $4.00
Raised in: BUSD
Max Wallet Cap: Overflow
Start Date & Time: April 20st 5 PM UTC
End Date & Time: April 22nd 5 PM UTC or when sale is over
Source : bsc.news
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