FarLog Cash: What You Need To Know

3 min readJan 11, 2021

FarLog Cash is a new algorithmic stablecoin that aims to implement a truly decentralized stablecoin network onto the Binance Smart Chain along with elastic supply token pegged to the price of Bitcoin.

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Three-token System

There exists three types of assets in the FarLog Cash system.

FarLog Cash ($FLC): a stablecoin, which the protocol aims to keep value-pegged to 1 US Dollar.
FarLog Bonds ($FLB): IOUs issued by the system to buy back FarLog Cash when price($FLC) < $1. Bonds are sold at a meaningful discount to price($FLC), and redeemed at $1 when price($FLC) normalizes to $1.
FarLog Shares ($FLS): receives surplus seigniorage (seigniorage left remaining after all the bonds have been redeemed).

Stability Mechanism

Contraction: When the price($FLC) < ($1 — epsilon), users can trade in $FLC for $FLB at the of price($FLC). This allows bonds to be always sold at a discount to cash during a contraction.
Expansion: When the price($FLC) > ($1 + epsilon), users can trade in 1 $FLB for 1 $FLC. This allows bonds to be redeemed always at a premium to the purchase price.
Seigniorage Allocation: If there are no more bonds to be redeemed, (i.e. bond Supply is negligibly small), more $FLC is minted totalSupply($FLC) * (price($FLC) — 1), and placed in a pool for $FLS holders to claim.

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FarLog Cash: FLC

Designed to be used as a medium of exchange. The built-in stability mechanism expands and contracts their supply, maintaining their peg to USD

A total of 100,000 FLC will be distributed for 10 pools; 10,000 per pool with the rate of 2000 FLC per day/per pool for 5 days

Stable: USDC, USDT, BUSD, DAI

Community: BTC, ETH, BNB, SXP, CAKE, DOT

FarLog Shares: FLS

Represents the value of the FarLog Cash network. Increased demand for FarLog Cash results in new FarLog Cash tokens to be minted and distributed to FarLog Share holders, provided that the Treasury is sufficiently full.

Holders of FarLog Share tokens can claim a pro-rata share of FarLog Cash tokens accumulated during expansion phase.

FLS token will also serve as governance token for Farlog cash ecosystem which includes fBTC (bonus token)

Maximum supply- 1,000,000

850,000 via 2 Pancakeswap pools

LP Pool 1: FLC/BUSD- 637,500 over 1 year. Reducing 75% every 30 days

LP Pool 2: FLS/BUSD- 212,500 over 1 year.

Treasury: 5% of FLS expansion rewards will go to treasury which will be used for community development as voted by FLS holders

150,000 for Founders (15%) vested over 6 months released linearly

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BONUS TOKEN

fBTC: Elastic supply token, pegged to the price of Bitcoin.

This is where the fun begins. This has never been done before. Further details will be revealed prior to the launch of fBTC

It will be distributed roughly after 2 to 3 weeks of launch of platform. The reward share will be calculated from day 1.

Initially 15% of the supply will be distributed retrospectively and rest will be ongoing emission to:

FLC/BUSD liquidity Providers

FLS/BUSD Liquidity Providers

FLS boardroom stakers

fBTC/BUSD LPs (After launch of fBTC)

fBTC stakers (After launch of fBTC)

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Website, community and further documentation coming soon!

Follow

for announcements: Twitter.com/farlogcash

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