FAQ section

Basic Information

What is Fantasm Finance and its vision?

Fantasm Finance is a DeFi project aimed at developing and popularizing synthetic tokens.

With Fantasm Finance we introduce a decentralized solution to scale up volume of the FTM token by using our partial collateralized design where synthetic token supply of FTMX will be partially backed by FTM and partially by the FXM token.

The protocol aims to establish synthetic tokens as decentralized and sustainable assets which are widely used as an Fractional-Algorithmic Synthetic currency in the digital world.

Is there an audit?

Obelisk

Was there an IDO or presale?

FXM had no premine, IDO, ICO, VC or presale.

What is the utility of FXM?

All platform fees are being distributed to FXM stakers and lockers.

FXM is also a governance token for the Fantasm Finance ecosystem. FXM token holders will be given voting power in the upcoming FantasticDAO.

FXM Token Utility

Are there any fees?

There is a 0.5% fee for minting and 0.5% fee for redeeming, transferred to the Staking and Locking Distribution.

There is a 50% penalty fee for claiming farming rewards early (before vesting period ends)

Mechanics

What is a Collateral Ratio (CR)?

Fantasm Finance is using a Collateral Ratio (CR) for Minting and Redeeming process. There will be a minimum Collateral Ratio which is set by governance.

CR will be adjusted every hour at the step of 0.1% (up or down) ▶️ 60min-Twap over 1FTM -> CR down ▶️ 60min-Twap under 1FTM -> CR up

How to mint FTMX?

FTMX can be minted at any time. A certain amount of FTM and FXM is required based on the current Collateral Ratio (CR). For example, when CR is at 90% and you want to mint 100 FTMX 90 FTM will be deposited into FTM pool reserve and 10 FTM will be converted to FXM/FTM LP (Protocol Owned Liquidity=POL)

I minted FTMX only with FTM but CR was at 90%. How?

The minting UI allows you to use only FTM even if the CR is under 100%. The protocol will automatically buy the needed FXM for you on the open market and use it for Minting process. Magic.

How to redeem FTMX back to FTM?

FTMX can be redeemed at any time. It works the same way as the Minting function. When redeeming a certain amount of FTM and FXM will be given back to you based on the current Collateral Ratio (CR). For example, when CR is at 95%: If you want to redeem 100 FTMX -> 95% will be returned as FTM and 5% as FXM

What is the mechanic behind FTMX to keep its peg?

FTMX can be freely minted and redeemed by anyone, creating profit opportunities for arbitrageurs.

Arbitrageurs are the vital actors of our protocol, ensuring and strengthening the peg of FTMX to the value of FTM.

How does the protocol prevent Flash Loan?

Fantasm is secure again flashloan types of attacks due to a simple yet absolutely effective 2-step minting and redemption mechanism. When a user wants to mint or redeem FTMX, 2 transactions (2 steps) need to be performed.

What is Protocol Owned Liquidity (POL)?

A portion of FTM using to mint FTMX will be converted to FXM/FTM LP depending on the current CR. This is giving our native token another utility and increases the token liquidity.

How to solve the Ledger <> Metamask Mint issue?

When trying to mint FTMX while using a Ledger, Metamask shows a "blind signing" error. Apparently there is an issue between Ledger and Metamask with some specific function names (like: Mint). Solution: You have to enable Enable Display Contract Data (debug data)

Farm, Stake & Lock

Is there any deposit fee?

There is no deposit fee on the farms.

I claimed my farming rewards but now they are gone. Why?

Farmed FXM rewards do have a 8-week vesting period. You have to "claim" them to put them into vesting. After "claiming" them on the Farm tab they will automatically move to the Staking tab and are displayed under "FXM in Vesting".

Do I have to wait 8 weeks to get my farming rewards?

If you want to get 100% of your farmed rewards - yes. But you can also claim your rewards during the vesting time with a 50% penalty fee on your vesting rewards. You can either get 50% of the rewards during the 8-week vesting period or 100% after.

Can I do something with my vesting tokens?

All vesting FXM are being counted as staked FXM and will earn FTM for you.

What do I get for staking my FXM tokens?

Everyone who is staking FXM will also earn FTM rewards.

Why should I lock my FXM tokens?

If you decide to lock your FXM tokens you will earn FXM tokens in addition to the FTM rewards (same as staked/vested tokens).

Do FXM rewards for lockers generate additional FXM emission?

No! FXM rewards for lockers are coming from the 50% penalty fee for claiming the farming rewards early (before 8-week vesting ended).