We’re not going to lie, the launch was bumpy. But not because of us.
We suffered a large DDOS attack which started a couple of seconds before the launch countdown reached 0. Within the first 5 minutes of our launch, our provider blocked 2.5 million requests. There’s no way for us to know who was responsible for the attack, but it’s safe to assume it was someone who didn’t want to see us succeed as much as our users that were eagerly waiting to farm.
Not only that, despite the attack and nearly half of our users being unable to access the website, the amount of traffic those that could access it drove crashed one of the 3 Polygon RPC nodes we were using at the time resulting in a lot of stats not loading.
We were disappointed then, as were many of our users. On top of this, we detected a substantial amount of users coming into our Telegram group with the sole purpose of smearing our image and intentions. It was easy to tell these were not legitimate users since these would be their only messages after joining.
But this only tells us one thing: we must be doing something right. And we will continue doing things that way. No matter how much envy we cause.
Despite the negative sentiment in the atmosphere at first, we never stopped answering questions or working as hard as we have been all this time. And it paid off.
The negative sentiment completely disappeared and was replaced by a massive amount of support from our community for which we are very grateful. We now have 8 dedicated and passionate moderators helping us answer questions and concerns from our community which now allows us to focus most of our attention into working on our features.
We have invested quite the amount of funds in marketing and promotions and so far it has been very effective. Without going too much into detail, we have paid several marketers, promoters, YouTubers, ad campaigns and even hired a marketing manager to help us push our product to the next level.
Enough talk. Let’s announce what everyone has been waiting for. Big changes.
So what are vaults exactly? Think of vaults as smart farms, where you don’t need to go through the hassle of harvesting your rewards, selling half, adding liquidity again and re-staking that LP. Same thing goes for pools or single tokens, you don’t have to deposit more or compound your rewards yourself.
Instead, there’s literally nothing you need to do. All you have to do is watch your stake grow over time because we take care of auto-compounding it for you at an optimal rate pear year.
Here, your APRs become APYs (APR + compounding = APY).
We can take farms from other projects and auto-compound those for you. Or even better, we can take vaults from other projects and auto-compound those as well. Effectively auto-auto-compounding your deposits. The best part? It costs us close to nothing thanks to the gas fees on Polygon being so cheap!
With this, we aim to become a yield aggregator on top of being a yield farm. We know how fast DeFi moves, and we’re keeping up the pace.
- 0.5% withdrawal fee on all vaults reserved to burn FISH
- 4.5% earn fee (from profits) to directly burn FISH
Our first set of vaults will be using the QuickSwap strategy, followed by AAVE vaults. There really isn’t a limit on how many vaults we can add, so we will always be on the lookout for better and new ones.
The ETA for our vaults is Friday sometime in the afternoon UTC. This article will be updated with the exact time when we have it and the vaults section of our website will be updated along with a countdown to be added.
Changes to the supply
The problem with unlimited supply tokens is the inflation. At a rate of 1 FISH per block, ~43,200 FISH are minted every day.
We understand that at some point, people start wondering where the token price will end up with nothing controlling the supply. We have a slow, automatic and gradual burning system in place and big manual burns only work temporarily.
We have therefore decided to be more aggressive in our ways to control the supply.
We are changing the emission rate of FISH from 1 per block to 0.8 per block. Thus reducing the amount of emitted tokens per day to ~34,560.
We are introducing a hard supply cap of 3 million FISH. Some of you might have noticed we announced a supply cap of 2 million FISH earlier in some Telegram conversations.
This wasn’t by accident, we wanted to see the first impressions of this announcement. The general consensus is that people thought it was too little. We are therefore slightly raising that number to 3 million.
Therefore, with ~34,560 tokens minted every day and~1,036,800 every month. This means the maximum supply will be reached in about 3 months from now.
This will effectively introduce scarcity for our main token, FISH, which should eventually stabilize its price.
We have other use-cases planned for FISH which we will announce in due time.
Since we are introducing a supply cap and reducing the emission rate, we will also be reducing the earnings from referrals to 1% (currently 2%) and eventually turn off the referral system all together that will have done its job to help us promote the launch.
The ETA on these changes in some time right after the vaults are implemented
99.9% of the messages we have received lately have been positive, encouraging and supportive and for that we’d like to sincerely thank our community. We would not exist without you.
Please note that none of these changes are final, everything can be adjusted.
We will evaluate the effects of these changes and the our users’ reactions to them and keep adding/removing/modifying stuff as time goes on.
We’re continuously working behind the scenes. There is so much more to come.