FLOAT launched at the most recent ETH all-time high and has not only weathered one of the most difficult weeks in crypto since early 2018, but thrived.
- The Basket TVL has grown from 1,627 ETH on Launch day to 2,263 ETH in 2 weeks (once we return to 100% this ETH accumulation through the Auctions gets turned into BANK burns).
- FLOAT Supply has increased by 33% (3.6M at the first auction to 4.8M)
It’s not all been sunshine and rainbows! ETH price dropping lead to us going from a basket factor of 100% to ~50% within 48 hours. For many protocols this kind of launch would be an early end — instead the FLOAT price not only stayed steady but actually increased as people moved into FLOAT during the drop, a sign that people are already seeing the benefits of holding FLOAT in times of crisis.
Before we get too carried away and dish out our plans let us first go back to the beginning — FLOAT’s Genesis:
- 3.6m FLOAT was minted by the first Auction in exchange for over $6m worth of ETH.
- 50% of BANK locked earning rewards
This may not seem like a great deal of FLOAT supply but, we are aiming for steady, sustainable growth. The sort of growth that puts us in good stead for the long-term while avoiding awkward downward trends due to launch incentives. We’ve already added 10% more FLOAT to the market.
We have also lined up a little POAP to acknowledge all the Genesis participants who managed to mint their FLOAT tokens before the first Dutch Auction held by the Protocol.
Post Genesis on the 16th of May, we launched the complete Protocol where regular Dutch Auctions have returned the market price of FLOAT to the target price time and time again. Furthermore, many participants have been taking part in these circadian Auctions, earning juicy profits as they arbitrage away.
A few community members have taken it upon themselves to share this ideal in image form. Here is one of the images that stood out on our discord posted by bubba.
Due to the Dutch Auctions, the Protocol managed to recover to a basket factor of ~80% even though ETH continued to wobble as the markets were lashed with tweets and FUD. Despite the crypto-atlantic waves, FLOAT is still here, still FLOATing and doing very well.
Behind the scenes the Abbey Road hackers have been working hard at it, gently paving the pathway for the long walk to freedom, freedom from the dollar-peg, a true crypto-native unit of account.
It is not as simple as build it and they will come; up next is our vision of adoption. Integrations will be key to the success of $FLOAT; for $FLOAT to be true internet money it needs to be a currency that you simply cannot avoid. In the meantime all you $FLOATers and $BANKsters out there can bask in the glory of the Float Protocol launch and look back at our first days in this world via our new Dune Analytics board:
You can look at how FLOAT has performed over time relative to the target price and how the value of the basket changes day to day. Click here if you want to take a closer look.
Analytics — https://duneanalytics.com/Float/Float-Protocol
Discord — https://discord.gg/nVCZacJJqM