Float Protocol
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Float Protocol

wen FLOAT launch?

In light of a successful distribution and other algorithmic stablecoins launching in recent weeks, we are frequently asked when Float Protocol plans to launch. In this article, we set out the timetable so you can start marking your diaries.

Background

For those who don’t know, Float Protocol is a stablecoin offering short-term stability and long-term purchasing power protection. This means that:

In terms of distribution, we launched our governance/support token, BANK, via a democratic launch where over 3,000 addresses and $1.5bn of capital took part. We also have a deep liquidity pool for BANK to be used as a vital part of the system.

Additional reading:

It’s been great so far, but we are just getting started:

Internally, we set ourselves as few milestones before launching:

Pumped to launch

Monday 12th April: Code Freeze 🧊

We will be finishing up development of the V1 smart contracts by Monday 12th April. No more changes to the code will be made after this date. A big change in recent weeks has been the auctions, which can now be called on-demand, and a new mechanism for controlling the target price. Both of these will be outlined in full in our interactive litepaper (see below for details). The code contains the following elements:

Monday 12th April to Monday 3rd May (3 weeks): Audit and peer review period 🔎

Like our Democratic Launch and Distribution contracts, we will be using peer reviews again. These are leading and experienced developers who have built production smart contracts who will be dedicating their time to ensure the security of the protocol is watertight. As a reminder, the contracts we wrote for the distribution held over $1.5bn with no issues.

We will also be engaging traditional audit firms alongside the peer review process as an additional check.

Thursday 6th May to Sunday 9th May (3 days): Minting ceremony 🚀

Over a three day period, you will be able to buy FLOAT for the first time. In a change of plan, after seeing other protocols offer incentives for minting their stablecoin, we won’t be offering rewards for participating in the mint process. Instead, we will encourage people to buy FLOAT to use it for its original purpose: as money, as alternative to ETH as collateral, as a digital denomination for crypto (more details to be released).

The 5% rewards reserved for the minting ceremony will be allocated to incentivising the FLOAT-ETH (more specifics on that soon)

Monday 10th May: First Auction 🔨

24h after the end of the minting ceremony, we will run the first auction. As a reminder, our auctions are cool because:

Other things to come:

Socials

Website https://www.floatprotocol.com/ (also available via: https://ipfs.io/ipns/floatprotocol.eth/#/pools)

Docs — https://docs-float.gitbook.io/docs/

Twitter — https://twitter.com/FloatProtocol

Telegram — https://t.me/officialfloatprotocol

Medium — https://medium.com/@floatprotocol

Github — https://github.com/FloatProtocol/

Discord — https://discord.gg/nVCZacJJqM

Scattershot (fork of Snapshot) — https://scattershot.page/#/snapshot.floatprotocol.eth

Forum — https://forum.floatprotocol.com

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