Next Steps for Phantom

Phantom & FRAX Partnership is Official! Image Credit: Ironspider

Note: All readers need to understand that everything written here or in other PhantomDAO Medium posts are just ideas of a collective group of many contributors. Everything is subject to change at the discretion of the community. This project is open-sourced with no central ownership or control. When we refer to “we”, “our” or any other plural or collective reference it means contributors together with the community. This is an ongoing experiment and everyone should perform their own risk assessment accordingly.

The Time is Nigh

Phantom is moving on and up. Things we discuss in this article:

1. (Some) Whitelist Details
2. Launch Roadmap
3. How you can get ready

Whitelisting

From Phantom’s inception we have been incredibly vague about our whitelisting mechanics, and for good reason. Too many well-intentioned projects have been gamed and the outcome is terrible — later entrants get dumped on by bad actors and the protocol limps on from that point onward.

So, how are we doing things differently?

1. Phantom is launching DAO-first.
2. We are hand picking each and every one of our whitelisted members.
3. It requires contribution.
4. [Redacted] something something about launch (no one is ready for this one).

So, yes… the Specter role means you are Whitelisted. Does having Specter now guarantee you whitelist? No. We are looking for active, helpful contributors who think and act DAO-first. We are constantly reviewing internal metrics and watching the Discord to ensure that the current holders of Specter deserve it.

With that said, you should note that sending DMs to any Mod and asking for Whitelist will get you put on a blacklist immediately (unless of course you made a contribution and you would like clarification as to why it was not provided). Same goes for posting in the Discord server asking for the same.

On the 15th of January 2022, we will commence collection of Specter wallet addresses in the Discord server. This process will last five (5) days and if you forget to post your address, your slot will be replaced — this is plenty of time to submit your address.

Launch Roadmap

Target Date: 15th of January — Whitelist Wallet Address Collection Commences

+5 days: Whitelist Wallet Address Collection Closes & Whitelist PHM Token Claim Goes Live

+3 days: First on-chain Vote Goes Live

+2 days: [Redacted] Goes Live — pending vote approval above

+3 days: [Redacted] Finished & Next on-chain Vote Goes Live

+2 days: [Redacted] & [Redacted] Go live — pending vote approval above

How you can get ready

Note: Each step will require two (2) transactions. The first approves protocol spending limit and the second executes the actual swap/transfer/bridge. If you’re starting on Ethereum, you’ll need some ETH for transactions. This applies to Specters and Apparitions alike.

1) Acquire FRAX on ETH. Uniswap provides the deepest FRAX liquidity. Link here.

2) Bridge FRAX (ETH) to anyFRAX (FTM) using SpiritSwap. The bridge should take about 10 minutes, but can sometimes be longer. Link here.

Bridging over for the first time will automatically grant your wallet 0.4 FTM (~$1).

3) Add FTM to your MetaMask, instructions here.

4) Once bridged, your FRAX will be anyFRAX and not canonical/native FRAX. Connect to FTM. Convert your anyFRAX to FRAX here.

5) If you’re new to FTM, you’ll be low on gas fees and the 0.4 FTM may not be enough. Trade some FRAX for FTM here.

You’re done! You should now have FTM and canonical FRAX on the Fantom blockchain.

What if you don’t have Ethereum (or funds on mainnet)?

You could use a CEX (like Binance) to purchase FTM and send it to the FTM network directly, completely bypassing the bridging process.