Farmer Frank
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Phase 1: TA

Phase 1: Treasury Accumulation

At launch, the primary objective will be to construct and grow Farmer Frank's treasury. We are going to do so through a liquidity bootstrapping event:
For the first week, all fNFT Bonds prices will be discounted by 20%. The discount will be linear throughout the whole duration, meaning that the price will gradually increase until it will reach the normal price.
Discount duration: 1 week
  • 2 days: Whitelist only
    • We will be holding a competition on our Twitter & Discord where winners will be added to a whitelist.
    • Winners will have access to the discount 2 days before everybody else.
    • This means that whitelist participants will buy fNFT bonds at the lowest price.
    • Discount range: 20% --> 14.3%
  • 5 days: Non-whitelist
    • Discount range: 14.3% --> 0%
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During this initial phase, aggressive accumulation of veJOE tokens is crucial to the pursuit of our goal. This is why we will not be distributing rewards for this phase. Everything will be reinvested within the protocol. Despite us not giving token rewards to bond holders, their bond will still accrue in value through share issuance, which are designed to account for the reinvestments.
This means that a bond purchased during this phase will be worth more than a bond purchased later; leading to the latter bond earning less rewards once they will be distributed.
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