What Is Family (FAM)?
Family is the first multichain reserve-backed decentralised exchange (RDEX). It’s focused on continuously growing its own Treasury and the value of its native token. The whole idea of WagmiDAO is inspired by some of the best known modern DeFi protocols — Olympus DAO, Frax and the AMM DEX model. The WagmiDAO combines the already established Liquidity Mining, with Bonds and builds an AMM DEX on top with the partly collateralized stablecoin $FAM being the cornerstone of the Treasury earning yield through external protocols and thus raising the floor price for the $GMI token through externally realized revenue.
Family is being launched first on the Harmony Network, with more chains in development. It is fully committed to a fair-launch, meaning there are neither any seed rounds, private funding, nor any VCs Users are incentivized to provide funds for the Liquidity Pools and to purchase Bonds on WagmiDAO in order to earn the native token – $GMI. WagmiDAO is capable of supporting the $GMI tokens’ floor price. All value accrued by the WagmiDAO Treasury is focused on growing the $GMI tokens’ floor price, and thus increasing the value of the whole ecosystem.
Family Storage Key Points
| Coin Basic | Information |
|---|---|
| Coin Name | Family |
| Short Name | FAM |
| Circulating Supply | 1,784,920.34 FAM |
| Total Supply | 1,784,920 |
| Source Code | Click Here To View Source Code |
| Explorers | Click Here To View Explorers |
| Twitter Page | Click Here To Visit Twitter Group |
| Whitepaper | Click Here To View |
| Support | 24/7 |
| Official Project Website | Click Here To Visit Project Website |
Bonds
Liquidity Providers are given the chance to buy $GMI at a discount, in exchange for their LP tokens, or other crypto-assets. Bonds allow WagmiSwap to be the first RDEX to own a large percentage of its Liquidity and further help growing the Treasury, which ensures a higher $GMI token floor price. Bonds add another opportunity to get profit, therefore incentivising participants of the protocol to provide more Liquidity. Family is an automated market maker (AMM), that allows for any combination of available token pairs to be swapped.
The $FAM stablecoin
$FAM is a partially collateralized stablecoin inspired by Frax Protocol and Olympus DAO, and aims at improving the functionality frameworks of the Wagmi DAO, by minimizing the element of uncertainty. $FAM is designed to grow the value locked in the Treasury by utilizing the collateral to generate yields through other protocols. Read more in the section about the $FAM stablecoin.
Treasury
The Treasury is the backbone of the ecosystem. It’s being developed combining various parts of Family and is designed to grow constantly, which also raises $GMI token’ floor price. All trading fees and rewards that accrue to the Treasury will be used to earn additional Yields. Read more on how the floor price of $GMI token is going to be supported and raised, and how the Treasury grows as well, in the Treasury section.
How does it work?
Family stablecoin will be minted by staking USDC at 1:1 ratio. After minting, the whole USDC amount is being split 75% to 25%. 75% of the amount stays in USDC and 25% of it is used instantly for $GMI token buyback. This way, $FAM is in fact backed by 75% USDC and 25% $GMI token. Afterwards, all the funds acquired are being sent to the Family contract. That decreases the amount of $GMI token in circulation, thus pushing its price higher. The idle USDC in the Family contract are going to be used for earning yields in different protocols, flowing back to the Treasury increasing its value steadily and strengthening it as the backbone of the ecosystem.
The $FAM stablecoin will also be used in different Family pairs, providing utility and creating an opportunity for a safe yield generation (stablecoin yield farming) in the WagmiDAO protocol. As the trading volume of $FAM and $GMI on the WagmiSwap grows, the Treasury also grows from trading fees, as well as minting/redeeming fees. This creates a positive feedback loop and raises the floor price of the $GMI token, further increasing the Yield for the Farms and Bonds, thus incentivising more Liquidity Providers to use the protocol.
Peg Stability Mechanism – $FAM LP Support
For every 24 hours that $FAM’ price is under $1, the protocol re-allocates 1% of the total emissions towards the Family-USDC Farm. The idea behind this is for the Protocol to increase the revenue on that pair and start issuing more rewards for farming it. The increased Yield incentivises more users to provide Liquidity and stake their LP tokens, thus leading to increased demand for the $FAM stablecoin. For every 24 hours that the price of $FAM is below $1, the protocol adds 0.2 $GMI per Harmony Network block to the Family Contract. These emissions cut once the peg is back to $1.
Roadmap
