Float — a peer-to-peer, yield-enhancing mechanism for influencing floating assets.
More about the Float project
Float — the easiest and safest way for users to buy online assets. Users do not need to worry about overcollateral or sudden liquidation.
Instead, Float uses a new protocol to allow users to access an asset in a floating fashion where economic mechanisms exist.
How to get started:
| 1 | Connect your wallet to the app. Make sure you have DAI to place a position. |
| 2 | Go to the "markets" channel to enter a long or short position in the protocol. |
| 3 | Stake your long or short tokens to earn FLT tokens (alphaFLT tokens), Floats governance tokens. |
For each market, users can create "long" or "short" tokens for that market. Holding long tokens allows you to benefit from the rise in the price of the underlying market. Holding short tokens allows you to benefit from the decline in the price of the underlying market. Currently, Float does not charge any trading fees to traders. Fees are only charged when users vacate their position. All charged fees are charged to the treasury, used to provide price support for the FLT token.
Control features
Float token holders will manage important protocol decisions. Offers can be created by users with sufficient Float balance.
Example sentences include:
- New markets for the protocol.
- Change in commission percentages for minting and redemption.
- Changing the parameters of the offer of the Float token within certain limits.
- Selecting a new provider of yield.
The community of Float token holders then votes on this proposal. While the voting weight is planned to increase, based on the amount of Float a user owns, the exact voting mechanism remains to be determined. The possibilities include simple linear voting, quadratic voting, condemnation voting, and more. The goal - to streamline the process to increase voter participation.