Fanfury with Adrian Ross

| April 8, 2022 | 0 Comments

Brief Information

Fanfury is a Daily Fantasy Sports Metaverse that is decentralized, trustless, community owned through profit-sharing.

Introduction AMA

Pat: We’re about to start, AMARoomies πŸ’ͺ🏼 AMA now is with Fanfury! Joining us here today is their CEO @nimrostafarian 🎊

Adrian: Hello everyone – hey @cryptopatsu thank you for having me.

Pat: Glad you could finally join us πŸ’ͺ🏼 Please introduce yourself to the community, your brief background and share the story of how you got into crypto πŸ™‚

Adrian: I am very excited to be here – its going to be a pleasure talking to everyone here. I’m looking forward to giving away that $1000.

Sure. – So my name is Adrian, and I am one of the founders of Fanfury. I have a background in design and i’ve worked with products over the last 10 years in the digital space, most recently in the finance industry designing software for audit firms.

I got in to crypto in late 2020(?), and sort of aped into the $Doge coin show that was going on at the time – luck played its part and I was able to make a lot of money very quickly. But as they say in crypto, you’ve not been in if you haven’t been rekt, and rekt I got. My saving grace was $Luna, that I held through the storm and it’s what ended up paying its dividents

But once i was done riding it out, I was convinced that I was going to build. And being a sports person all through my life at all levels, playing fantasy sports was a natural extension of living the game, past my playing years.

Being exposed to fantasy sports for more than 15 years, it was only natural that I looked at the fantasy sports industry. Along with my co-founders @Vivek_Fanfury and Shikhar Singh, we decided that we would be the first to build a game on Terra.

Pat: Lucky you! Can you explain what Fanfury is all about?

Adrian: Sure –

So Fanfury is one of the first fully decentralized Daily Fantasy Sports apps built on the Terra blockchain, using smart contracts and data oracles to control the entire process automatically. Fanfury has 2 contest types:

1. Player v Player
2. Large Team Pools

These contest types are offered in five different sports. Users are able to take advantage of an industry low Rake Fee (8%-22% average) of 5%, and a large payout of 75% winners.

Our high payouts are also supplemented with a cash back that pays out all teams that do not win in the contests.
Having a 5% Rake Fee, allows us to distribute 95% of the prize pool back to our players, so that we can offer a 75% win rate, among our participants.

The beauty about this system is that the 25% that do not win, take a 5% cashback. This essentially means, that you’re taking back something on every game you play.

Pat: Interesting! what are some unique features that you think would attract fantasy sport players and those who are not yet familiar with this?

Adrian: We have also made it extremely easy for our players to take part in the DeFi mechanisms that Fanfury offers, by replacing our DeFi experience with something that is more recognizable and trusting.

Players are not used to terms like “Staking” or “Bonding”, I mean half of Crypto doesn’t know what they mean.
So we’ve taken the time to replace these terms through storytelling, and lore using familiar MMORPG game aesthetics to make our users engage with DeFiI think that one of the things that we have that most other games don’t, is an audience that already knows our gameplay. The experience of the app itself is not dissimilar to traditional apps and we’ve made sure to keep it that way, so that our learning is virtually non-existent.

Our game is targeted at the regular fantasy sports audience that right now pays too much for not enough. And I think that by tying the ownership of the protocol, its’ profits and governance over to fantasy sports and sports fans, we can ensure organic growth that is sustainable

I think that one of the things that we have that most other games don’t, is an audience that already knows our gameplay. The experience of the app itself is not dissimilar to traditional apps and we’ve made sure to keep it that way, so that our learning is virtually non-existent.

Our game is targeted at the regular fantasy sports audience that right now pays too much for not enough. And I think that by tying the ownership of the protocol, its’ profits and governance over to fantasy sports and sports fans, we can ensure organic growth that is sustainable.

Pat: Nice to know that. When is launching?

Adrian: So we’ve actually had no IDO’s – we’ve done just one pre-sale – so this is really a public Fair Token Value launch.
A Fair Token Launch happens over a period of time, before we have our TGE.

So the public sale starts on Apr 15th – Apr 22nd, and I will talk more about how we plan to do the public sale and it’s launch price.
Apr 23 will be the launch of our app! We do however have a testnet that is going on. And that will continue till we go live, so if anyone here wants to be part of the testing, head over to our discord, or just head to our website, and you should be able to take part.

Pat: Wuhoo! Pretty exciting! do share some details about your IDO please 😊

Adrian: Absolutely!! We will be doing a Fair Token Value Launch like I mentioned.
And what this means is that the token launches without a price, and goes through price discovery over an extended period of time.

The final price of the token, is determined by the amount of stable coins deposited/the amount of tokens available for sale.
In our case this number is 6% of our Total Token Supply of 420m tokens, which is 25.2m.

Since, we do not yet know how much we will get in deposits, so we do not have a Public Sale price yet!! 😱

The deposits that come in from the public sale start with

1. The auction of 250 Team Fan Clubs;
2. The deposits being taken through our price discovery tool

These Team Fan Clubs are essentially owners of the protocol, its profits, as well as its governance.
So the Owners of these ideally hold a LOT of power, both financially, and in terms of voting power The sale of the Fan Clubs begins on the 15th of April and will continue till the 20th.
The deposits being taken in the price discovery tool, will start on 18th of April and continue till the 22nd.

Pat: Awesome! Let’s now proceed to the community questions. Are you ready?

Adrian: There are also certain rules around how deposits can be made in the price discovery tool, mainly dealing with how many deposits and withdrawals can be made in a day.

The reason we’re going with this method of launching is because of a few reason:
1. Bots
2. Whales

Community AMA

Q: I learnt that the dust of Furya gave rise to the birth of Fanfury. Is this true? If this is really true, then what were the problems that led to the fall of Furya and how do you intend to ensure that these problems will be tackled so it does not also lead to the fall of Fanfury?

Adrian: I think this question has been asked a lot so I think its important to address it:

What are Team Fan Clubs –
Team Fan Clubs are decentralized staking pools.

However, by associating them with specific Teams (Arsenal Fan Club), we are able to create valuable in-game assets.
These assets are the benefactors of the profits that are generated by the protocol, from the Rake Fee that it charges, and thus have access to an almost unlimited source of revenue.

Rake Fee Model:

The Rake Fee of 5% is distributed between a very select few:

1. Stakers of $Fury = 40%
2. Burning of $Fury = 40%
3. Liquidity Providers = 10%
4. Team and Charity = 10%

– By burning 40% of our Rake Fee, we essentially give our stakers close to 66% of all profits that the protocol generates.
– Its also important to understand that although all our contest entries are paid for in $Fury, the funds are being held in stable coins in order to maintain the integrity of the prize pools and payouts
– By holding it in stable and then paying out the rewards again in $Fury, we burn $Fury depending on the price.

Therefore,
– if the price of $Fury is low; the amount of $Fury burnt will be high
– if the price of $Fury is high; the amount of $Fury burnt will be low

This is because we’re always burning a $dollar amount of $Fury, rather than a fixed amount of $Fury itself, making its deflationary mechanism respond to market dynamics.

This is revolutionary when it comes to tokenomic models, because not only is the token deflationary, it is also non-inflationary.

This means that every other protocol runs in to emission issues because of their reward structures to both stakers and LP providers.

Staking Rewards and the Circle of Life:

Fanfury solves this by distributing our staking and liquidity rewards from the Rake Fee, which is the profit of the protocol, and part of the circulating supply.
By doing this, we are ensuring that there is no inflation because of reward programs to either stakers or LP providers, and the rewards that ARE going out, are sustainable, long-term and deflationary.

The Owners and Members essentially are taking every bit of profit that the protocol is generating.

Claiming Ownership:

In order to become an Owner, an Potential Owner must claim a Fan Club as their own. To do this, the auction has been designed, not to see who brings in the highest amount, but who brings in the most pledges.

Potential Owners could be traditional Fan Clubs, Fantasy Sports Channels, Club Supporters Trusts, Content Creators around the teams or sports, or literally anyone who can get a small following together.

These Potential Owners battle it out, over a 6 days period (Apr 15 – 20), to bring as many supporters as they can to pledge $100 each to his campaign to claim the Team Fan Club. At the end of the 6 days, the PO that brings in the most participants is assigned ownership of the Team Fan Club, along with all the supporters of his competitors as well.

Q: I would like to know that What will be the % of $FURY that will be distributed to gamers who stake to the liquidity staking pool? Will the additional earnings of $FURY be done on a continuous basis? At what period of time can gamers withdraw what they have staked? Please kindly add more information on staking $FURY.

Adrian: Our Rake Fee has an allocation dedicated to Liquidity Providers, however Fanfury plans to own its own liquidity.
We will drive Protocol Owned Liquidity from the start, and will be the sole holders of all the liquidity that the system will need.

Players will have the opportunity to Bond their $Fury-UST tokens in exchange for a delayed payout of $Fury tokens at a discount.

By doing this we ensure that all tokens being released through our Bonding scheme are being paid for in LP tokens, and are not being given out as free rewards to LP providers, for renting their liquidity.

This is a VERY limited time offer, and is not similar to other Bonding programs that are inflationary, through reward distribution.

In the case of Bonding the protocol is selling $Fury token at a 7% discount to buy the liquidity rather than rent it through reward programs. By buying our liquidity, we ensure that the protocol can have a stable price, without the chance of a bank run ever.

We will also hold a Treasury of assets that will back the price of the token, eventually.

Coming back to our 10% allocation in the Rake Fee, this goes to our Treasury, and wil be used in case we need to seed deep liquidity for upcoming projects that will require deep liquidity.

Q: I don’t still know how your staking pool mechanisms work? And also why did you build it on Terra chain and not on BSC or other well-known chains?

Adrian: One of the things that make Fanfury unique is the fact that we will be chain agnostic, so although there are multiple reasons why we’ve chosen to build on the Terra blockchain, least of which is our ability to compensate EVERY user on EVERY game, we’ve been very cognizant to ensure that we’re targeting a traditional fantasy sports audience, and as such, they don’t know blockchain.

Therefore our application is easy to onboard through social logins, like google. Once you’re onboarded you will be asked, very much like in a regular game, to purchase a certain amount of tokens. And then participate very much like a normal fantasy sports player would, to select your team.

When it comes time to pay, either when you’re buying a certain amount of tokens at the start or now, you will be allowed to connect to our in-app wallet will offer an onramp service, and directly pay or your $Fury with your debit card.

Crypto users will have the ability to use our wallet to swap between over 100 currencies directly to $Fury or $UST, all within the same wallet

Having the ability to offer an end to end experience to our customers without the need to expose them to the blockchain world is in our mind what will make our protocol chain agnostic as well.

Q: Can you tell us some of the remarkable ways to earn more $FURY in your platform? What are the benefits of buying your tokens especially now that we are in bear market? What are the advantages of holding $FURY for a long time?

Adrian: Fanfury uses the $Fury token and in essence the token is a representation of everything that is Fanfury. ”

The $Fury token derives its utility from being an in-game token. Unlike other in-game tokens however, the tokens that are used in the game are themselves independent of the token price.

Unlike other protocols that cannot use an in-game token effectively because of the change in price dynamics (which is why Axie has SLP ;)), $Fury effortlessly uses price dynamics to its advantage both through reward distribution as well as its burn mechanism.

Important

Although all contest entries are listed in $UST, they are paid for in a dollar amount of $Fury ($10 UST worth of $Fury), but are held in $UST by the protocol.
By doing this, we ensure that the number of tokens that the protocol takes per game, is irrelevant to the prize pool itself.

We can also ensure that we use the price to control the burn mechanism on every contest pool. Since we burn a percentage of our Rake Fee collected and held in $UST, we are always burning a certain dollar amount of $Fury.

Eg:

$200,000 worth of $Fury

$Fury price = 0.1 = 2,000,000 $Fury
$Fury price = 1.0 = 200,000 $Fury
$Fury price = 10.0 = 20,000 $Fury
$Fury price = 100.0 = 2,000 $Fury

This ensures that there is always consistent feedback from the market deciding token burn policy.

This also ensures that the $Fury token is constantly deflating its supply on every contest pool.

The importance of this mechanism coupled with the constant buying pressure on the token from regular fantasy sports players playing the game, is going to put tremendous pressure on a token with a fixed supply, large token lockups through the fan clubs, and deflationary tokenomics

Closing Remarks

Pat: And that’s a wrap. Thanks for answering the questions generously 🀩 Please invite the community to your groups and socials.

Adrian: My sincere pleasure.

Pat: They can continue the discussion there. πŸ™‚

Adrian: We will make sure to do that.

Pat: Can I get the links to your social media and telegram groups?

Adrian: Official links from FanFury

Socials:
Twitter: https://twitter.com/FanfuryOfficial
Telegram: https://t.me/fanfuryofficial
Medium: https://fanfuryofficial.medium.com/
Reddit: https://www.reddit.com/r/fanfuryofficial/
Facebook: https://www.facebook.com/Fanfuryofficial
Instagram: https://www.instagram.com/Fanfuryofficial/
Discord: https://discord.gg/fanfuryofficial
Youtube: https://www.youtube.com/c/Fanfury
Linkedln: https://www.linkedin.com/company/fanfuryofficial

Websites:
Website: https://fury.fan/

Pat: Awesome!
thank you so much for being here today @nimrostafarian. Best of luck to the whole Fanfury team!

Adrian: Thank you for having me everyone! Thank you to our AMARoomies for the interest and for all the questions πŸ₯‚

Sarah Abraham

Writer

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