Latest Updates on FPv1
Introduction
On 14th Oct, 2023, we launched version 1 of Floor Protocol. As we approach the launch of Floor Protocol V2, it’s crucial that we take the time to understand the significant upgrades and changes still being made to FPv1.
The decision to decommission FPv1 marks a pivotal moment in the future of our protocol. At first glance, it might sound concerning. “You’re changing what we know and love! Time to fud on ct!” — trust us, we hear you. This is why we are focused on ensuring a smooth transition, where users won’t have to say goodbye to V1. So, here’s what we’re changing.
Impact on Existing Users
The decommissioning of FPv1 and the liquidity adjustments have understandably raised some concerns among existing users. Safebox and Vault parameters have been adjusted to discourage people from adding new assets to the protocol for the time being. Vault redeem fees have also been removed, making it cheaper and easier for users to reclaim their NFTs. μTokens have become 100% pegged in preparation for V2, and house liquidity will be moved to V2.
With $FLC being the utility token designed for the V1 premium features (such as Safebox), it won’t be used in V2. But fret not, we’ve got you covered.
Safebox and Vaults
Regarding the Safeboxes, users will no longer be able to deposit their NFTs into them. This will not affect existing Safeboxes, as they will last for the remainder of their specified duration. However, users will no longer be able to extend their existing Safeboxes. Users who currently have their NFTs kept inside an indefinite Safebox will stay active as long as Safebox is valid.
For FPv1, Vaults have received a few changes. Both Vault and Key auctions have been disabled. We have also removed Vault Redemption fees, allowing users to withdraw NFTs from their vault without any cost on our platform. The last change we made to Vaults was removing the Minimum Reserve Ratio required for Vault Redemption.
Floor Protocol V1 Token: $FLC
$FLC is a utility token that allows access to our platform’s premium features. Those who took the time to learn and understand took full advantage of our Safebox and Liquidity Farming features. They were able to make a good profit from our platform. As much as we were happy to see people making money from NFTs, it caused a divide.
FPv1 quickly became a tool for pro players — those with high levels of knowledge and understanding of our systems. We, however, know we can do better. We want to build an NFT fractionalization protocol that works for everyone, not just a select few. This is what FPv2 is doing.
There would be a new token associated with FPv2. Unlike the V1 token which gives exclusive privileges to the pro players, it is a token for the community. The token will start with a massive airdrop. It will cover all the reputable collections on multiple chains. We are crafting a new type of airdrop that uses NFT collections as a distribution network. It is a network that not only rewards active members but also gives dormant wallets a fair share. This token’s mission is to fully activate mass before and after the TGE. As FPv1 being decommissioned, $FLC loses its function as a utility token. However, $FLC becomes your early access to the new token. Holders will be able to convert the $FLC tokens via an on-chain protocol. Although it is not finalized yet, we expect $FLC to become a farming machine that generates a passive yield of the new token. The unused $FLC allocation (65% of total supply including treasury, airdrop, etc) will be burned. There won’t be any supply of $FLC adding to circulation. We, the team, are holding our share and will join the conversion as it starts.
Preparing for FPv2
Floor Protocol V2 will focus on natively rationalizable assets — aka “404 NFTs”. No matter if you are ERC404, DN404, BT404, or any fancy new solution that gets a similar result, we are here to put the new tech in the spotlight.
Conclusion
The decommissioning of FPv1 marks a significant step forward in our journey towards the goal we initially set- creating a more inclusive and robust NFT ecosystem. While the changes to FPv1 may seem daunting initially, they have been made to position the community better in the long run. We’ve listened to your concerns and have taken steps to ease this project — such as adjusting Vault parameters and removing Redemption Fees to make reclaiming your NFTs more accessible.
The introduction of FPv2 will bring a new era for our protocol, with enhanced features designed to cater to all users, not just the pros. The transition of $FLC to a farming machine generating passive yields of the new token continues to push towards our commitment to providing value and utility to our users. Our innovative airdrop strategy aims to reward both active and dormant wallets, ensuring fair distribution across the NFT space.
ABOUT FLOOR PROTOCOL
Floor Protocol is an NFT marketplace, aimed at helping web3 enthusiasts discover, buy, and collect rare NFTs. Through its $FLC Index Token, Floor Protocol offers investors simplified entry into premier NFT collections. Additionally, with the introduction of μTokens, investors are able to fractionalize their high-value assets, putting more utility in the hands of the holders.
For more information about Floor Protocol or if you have any enquiries, please contact us at support@flooringlab.com
Learn about Floor Protocol’s recent official news：
Website:
https://fp.io/
Twitter:
https://twitter.com/floorprotocol
Medium:
https://medium.com/@floorprotocol
Youtube: (Guides to getting started)
https://www.youtube.com/@AkayMiller
Discord:
https://discord.gg/flooringlab
Gitbook:
https://docs.fp.io/introduction/getting-started
Telegram:
https://t.me/floorprotocol
