Transparency at Fodl
FODL February kicks off with a sustained push for greater transparency
Fodl has leveraged blockchain technology to create a fully decentralized leverage margin trading platform. All data is on-chain, and there is full transparency over fees and how they’re calculated.
Indeed, one of the most appealing aspects of blockchain technology is real-time access to data. And that’s what we want to talk about today — the importance of real-time access to data at Fodl.
Why is transparency important?
When transparency in a crypto community is done right, the rewards are substantial. We all enhance our reputations, conduct ourselves better, strengthen the trust we have in one another, increase productivity, and become more innovative. What’s not to like?
Getting the balance right
However, as detailed in this article by Grant Thornton, transparency should not become a goal in and of itself. There is a balance to be struck. As dictated by the accounting principle of materiality, trivial matters should be disregarded, while important matters should be disclosed.
But this balance is not easy to strike. Too little transparency and the FUD rises. Too much transparency, and people get confused — and caught up — over the details, forgetting context.
Our goal is to help the Fodl community become even more active and engaged. To achieve this, we make sure the community knows all the most important information it needs to contribute to our community’s success. Transparency is vital to this.
Where we are getting it right
First of all, let’s consider where Fodl is strong.
The Fodl GitHub is now open source. This means that all development work is available for everyone to see — and improve upon. We hope this heralds the beginning of more developer interest in Fodl, and sets us on the path to greater decentralization of our community — our ultimate goal.
There are lots of other initiatives in place to promote transparency too, which we can separate between the Fodl Finance platform and the community itself.
The Fodl Finance platform
As a fully decentralized leveraged finance platform, our technology puts a premium on transparency. Unlike centralized alternatives, users enjoy:
- Full control of their funds and, therefore, full transparency over them
- Attribution of all leverage and fees on chain, available for everyone to see
- Full transparency on how fees and leverage are calculated
- Full knowledge of any fees to be incurred before opening a position — not after
- Full insight into every lifecycle event — opening, closing, and adjusting
The Fodl community
- A new DAO category on our Discord server where suggestions, proposal discussions and finalized proposals for voting can be viewed and discussed.
- All trading education channels are free and open to the public to view
- Community produced guides and articles are worked on and finalized collaboratively and in public view
- There are regular and frequent core team interactions with the rest of the Fodl community
- Weekly developer updates, the most recent of which is here.
- Our chat and boatlifter channels are full of community suggestions, which are being considered, responded to, and acted on by the core team.
- Working groups are open to the community to view and, if anyone shows an interest in helping, they can get involved
- We have open discussions on narrative for Fodl on the Fodl Discord server.
- We are staunch supporters of free speech, meaning that we allow any comments and suggestions to stand, and to be answered, as long as the Discord rules are being followed
The 0xb1 community manager, Oliver, founded a community of community managers called the Fixers last year. They implement the PENTS approach, with each letter standing for the 5 pillars that make any community great. The ‘T’ stands for transparency, and so this has been a driver behind Oliver’s work to increase structured insight into the Fodl community’s day-to-day activities.
Where we can improve
However, despite this strong foundation, there are always ways we can get better. After listening to recent feedback from our community, we realize that we need to make some changes. We always want to improve, so we are making some enhancements to our transparency push.
Multi-sig transition
Part of being trusted is transitioning to multi-sig, with time locks, so there is no need for platform users or FODL token holders to blindly trust us. Although 0xb1 has a strong and trusted reputation in the space, it is vital that the market has full assurance over what is going on, what CAN go on, and to be fully protected. Until now we have not had multi-sigs in place for the hardware wallets on which multiple treasury/rewards addresses rest, and this needs to be rectified.
So we will have multi-sigs with minimum 24-hour time locks in place by the end of this week. This 24-period serves as an alert mechanism so the community can be made aware of coin movements before they occur. This will apply to the team funds, grants treasury, LP reward distributor and Position reward distributor.
$FODL LP Staking Rewards 0xaa2312935201146555078e2a6c0b0feaaee43452
Grants
0x3cc5dae887fc44f17d24fae0c6031a816aec420c
Platform Position Rewards
0x139aa9232a37a2172b8a66cdedf019a8eaa9fbc5
Team
0x60396d8a5b4c3ecbf1b5d813c5554bcae778a183
To reiterate past statements, team funds held in 0x60396d8a5b4c3ecbf1b5d813c5554bcae778a183 were to be vested over 12 months, after a 6-month cliff from the date FODL launched. This means that FODL in 0x60396d8a5b4c3ecbf1b5d813c5554bcae778a183 will be distributed linearly to Fodl team members over the 12-month period covering April 10, 2022 to April 10, 2023.
Public address tracker
We also are in the process of getting a public address tracker added as a tab to our site, which we will announce in the days ahead. The page will reflect all the new multi-sig addresses that FODL is held in at all time. This will allow even greater community visibility into Fodl core team operations.
Core team signatories
For the sake of transparency, the multi-sig will begin with 3/5 of the core team, who will use the addresses below:
Core team signatory: ArcSin
Address: 0x85630cd831AfC74AD3c90024CF4F15A187768da0
Core team signatory: fshutdown
0xF00db2BDc61BaD6C404e55767d4dad696F07bB3b
Core team signatory: XeZZ
0x2969E2042a3836B077e6d7C58e41d58f66c4455b
Core team signatory: 0x_b1
0x718fcce4e82De60B85c45F70D3ff735fa1461Bc2
Core team signatory: FatPeppa
0x656cc850ae2288D8bd31E231c3CE8Ce2C6bf1332
For the avoidance of doubt, 0xb2 will not be a core signatory as he is an American citizen.
To conclude, we want to be clear. February is a big month for us all. Those community members working closely with us and watching our Discord know this better than most. And if our team’s expertise in NFTs and DeFi means anything, the time to strike is now.
We’re ready to do just that! If we can count on the support of our outstanding community, we know that February will be the month when the Fodl business model is validated.
Are you ready? Join the boatlifters on our Discord channel now!
