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Float Protocol

Today, Float Protocol is announcing its live integration with market-leading oracle solution Chainlink. The initial integration involves Float Protocol leveraging the widely-used ETH/USD Chainlink Price Feed to power our monetary policy and price stabilisation mechanisms.

We selected Chainlink because it’s the most time-tested oracle solution in DeFi, supplying high-quality price data on-chain using decentralized oracle infrastructure that has proven resilient against various unexpected situations, such as API downtime, flash crash outliers, and data manipulation attacks via flash loans. …


Ahead of our Genesis launch beginning today, Sunday 9th May at 10pm UTC, we are delighted to announce that we have passed our audit process. No major problems were discovered. Below we explain everything about the process:

What needed auditing?

The Float Protocol is effectively a monetary policy around two tokens: a stablecoin called FLOAT and a support token called BANK. …


As published last week, we are fast approaching our Genesis and Launch. In general, there was a lot of positive feedback but also a little confusion. Therefore, we are issuing this article to clarify the details and allow for a bit more breathing room between the end of Phase 3 and the launch.

Change of timeline:

First, we are changing the timeline so that Phase 3 (scheduled to end Sunday 9th May at 10pm UTC), where we incentive the BANK-ETH SLP, does not overlap with the Launch plan.

Phase 4 (including the Genesis, FLOAT minting incentives/rewards) will last from Sunday 9th May 10pm…


Please note, there have been amendments to the below! The Genesis period now starts on Sunday 9th May at 10pm UTC. All details here — https://medium.com/float-protocol/float-launch-tldr-adjustment-of-dates-19792738710f

At every stage, we have been aware that community, fairness and long-term thinking is needed to build true crypto money. Our democratic launch of the BANK token (which supports the system and takes profit), with a cap on deposits and a whitelist of active participants, is indicative of this. We went on to have over 3,000 participants and a peak TVL of $1.5bn.

Our Genesis is no different. We want to incentivise people to try the Protocol, have skin in the game and become users. …


Photo by Pavan Trikutam on Unsplash

Thanks to all those that joined us for the community call with the band on Thursday 22nd of April.

Video

Abridged Transcript

Update

Paul M: Okay. I wonder if I should start launching into it with a bit of an update and go from there?

John L: Yeah, I think that sounds good.

Paul M: Cool. So the summary, everyone, is that we are currently in the audit phase. We are waiting on other people, which is always a nerve-racking experience, but it’s going well so far and we’re hopeful that we’ll make it for launch. …


Photo by the blowup on Unsplash

As part of our ongoing commitment to good governance, we are today announcing that we are diversifying our multi-sig to include fewer team members and more community stakeholders to provide accountability to the Protocol moving forward.

As it stands

The multi-sig is made up of 4 team members of Float Protocol. A ¾ majority is needed to execute a transaction. This multi-sig currently controls:

  • Upgrading the BANK contract (through 2 Day Timelock)
  • Minting BANK (through 2 Day Timelock)
  • Add and Revoke Roles (through 2 Day Timelock)
  • Setting the Reward Distribution
  • Pausing BANK

By launch it will also control (through 2…


Democracy and good governance are very important to us. In our short life so far, we have already had a Phase 1 distribution which prioritised active DeFi governance participants, three community votes on vital parts of our distribution and even created our own voting system (Scattershot, a fork of Snapshot).

Moving forward, we plan to support full on-chain governance and set-up a fully-fledged DAO. This document just clarifies our procedures for now.

If you want to propose something within Float Protocol, the stages are as follows:

  1. The proposer starts a discussion in discord under the #🗳governance channel.
  2. If there is…


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:

  • It isn’t $dollar tied.
  • It can provide a proper denomination of stability for crypto instead of that of TradFi.
  • Unlike other stablecoins, Float’s target price changes a little bit daily depending on what happens to demand for it and…


As you may or may not know by now, Float Protocol’s Phase 2 distribution is being shortened and Phase 3 will begin in its place. This change was initiated by a community discussion and subsequently put to a Scattershot vote. This vote passed overwhelmingly: 23.2k BANK to 675.41 BANK (see here).

TLDR

  • Phase 2 will end 1 week early on Sunday 28th March at 10pm UTC. It will be replaced by Phase 3 which will start immediately (i.e. also on Sunday 28th March at 10pm UTC).
  • Phase 3 will last 6 weeks and all rewards previously allocated to the second week…


Thanks all those that joined us for the community call with the band on Thursday 25th March.

Agenda:

  • Phase 2 update
  • Development update
  • Questions and answers

Video

Abridged transcript

Phase 2 update

John L: I’ll start with a quick Phase 2 update. Float Protocol started with a democratic launch in Phase 1, with whitelisted addresses and limits per pools, to enable very fair and wide distribution to those who are active and engaged community members in the DeFi ecosystem.

We had a governance vote on the pools that we wanted to include in Phase 2 last week. Those pools were chosen via a new fork of…

Float Protocol

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