FAQs
What is Fanance Club?
Fanance Club is a Revolutionary Sports player's DEX platform powered by the Cardano blockchain.
In Nutshell, it’s a Decentralized Exchange (DEX) for celebrity or Sports star stocks, where economic incentives for users to trade the player’s token are connected to speculating real-life performance, Staking Rewards, Liquidity Provider Rewards and Special benefits to NFT holders.
What can I do on Fanance Club?
You can buy and sell the assets of your favourite celebrities and sports players. These stocks will increase or decrease in price based on the market supply and demand by anticipating the player's real-life performance.
Apart from that users can also do the following:
STAKE FANC-ADA LP and EARN APY & % of the transaction fee
Initial Star offering Purchase
Stake PLAYER - FANC LP and earn APY and % of the translation fee
Buy/Sell Player’s NFT
Participate in Prediction Markets
Governance & voting
What do I need to use Fanance Club platform?
Internet!! You just need a web browser to play, Chrome or Edge will do. There is no KYC required. you will also need to connect your wallet ( Explain wallet options)
Can I trust Fanance Club?
100% Yes! Leveraged on the reliability, Immutability and transparency c characteristics of the 3rd generation Blockchain Technology - Cardano, Users will always maintain full ownership of the assets they possess. No one can interfere with a user's assets without their permission. Also trading, Staking, farming are all executed by Blockchain’s Smart contract and hence manipulation is impossible and everything will be transparent and reliable
How can I buy FANC?
Option 1: Public Token Sale
Option 2: You can swap ADA for FANC in our Platform
Option 3: you can buy from DEXs like Uniswap, etc or CEXs like Binance once its listed
How can I Sell FANC?
Option 1: You can swap FANC for ADA in our Platform
Option 2: you can sell from DEXs like Uniswap, etc or CEXs like Binance once it is listed
What is the Maximum and Minimum FANC token Supply?
FANC is the deflationary token by nature with the total Maximum supply upon the Fanance club platform’s launch will be hard-capped to 500,000,000 FANC tokens and the minimum supply via burning mechanism will be capped to 100,000,000 FANC
How are the Tokens burned?
FANC is a deflationary token with burning Mechanism as follows
50% of every transaction fee will be burned
5% of Prediction markets pool will be burned
The Burning mechanism will be in place until the minimum supply reaches 100,000,000
What is the Tokenomics of FANC?
FANC is the deflationary token by nature with the total Maximum supply upon the Fanance club platform’s launch will be hard-capped to 500,000,000 FANC tokens and the minimum supply via burning mechanism will be capped to 100,000,000 FANC
To ensure a fair initial token distribution, the token distribution process will be guided by two principles: optimal decentralization and efficient distribution
How do FANC-ADA liquidity providers earn APY and Transaction Fee?
30% of the Maximum Supply = 150,000,000 FANC tokens will be minted and distributed over the span of 8 years.
These tokens would be distributed to ADA-FANC LP stakers proportionate to the % contribution. Thus Early Supporters (fewer in numbers) will be incentivized heavily with very lucrative APY%. As more and more users start to Stake ADA-FANC LP token, the APY gets stabilized.
On top of that, 10% transaction fee of the whole platform (transaction from Fancy Transaction and Transaction on trading all players) will be shared to ADA FANC LP Stakers.
How do PLAYER - FANC liquidity providers & NFT Owners earn APY and Transaction Fee?
An optional feature is that you can provide liquidity to a particular PLAYER-FANC pool and can stake the LP token.
Staking PLAYER-FANC LP token will farm the respective Player’s token.
Based on the player’s performance, a proprietary scoring system (will be shared once test net is launched, due to patent protection reasons) will be calculated for each player and basis that token will be minted
Just to give an example, Say for Cricket, a different scoring system will be made for ODIs, Test match and T20s. Scoring will be given to exhaustive factors like if he is in playing 11, man of the match, runs scored, strike rate, wickets taken, bowlers economy, dismissals like catches, runouts, etc.
The above said minted tokens will be distributed to PLAYER-FANC LP stakers and NFT Owner as below
Let’s say, based on the Player’s performance, 40,000 tokens are minted for a month. Out of 40,000, 10 % = 4000 tokens will be transferred to NFT owner. The remaining 90% will be proportionately distributed to LP Stakers taking a snapshot on daily closing (GMT) if you have staked in LP during the day closing you will be counted for that day. Say if you had staked for 5 days, 1 % of Overall pool for 4 days and 2% of overall pool for 1 day. You will be given 72 tokens (90% of 40,000 = 36,000; if month has 30 days, then 1200 tokens per day; 1% for 4 days is 12x4 =48 and 2% for 1 day is 24x1 = 24; so you will receive total of 72 tokens)
The Payout of APY will be monthly.
On top of that, 10% of the transaction fee of that particular player trading will be shared to respective PLAYER- FANC LP Stakers.
How to purchase Player NFT?
For every player market launches, an NFT of the player will be minted. During the Same ISO time Window, respective NFT will also be launched with a base price in FANC and is open for bidding auction. When the ISO window closes, the auction bidding also gets closed and the highest bidder will become the owner of that Player’s NFT.
Once the Bidding closed, the Winner will be given a specified time to transfer the bid FANC and the ownership will automatically e transferred via smart contract. If the winner failed to do the transaction within a defined time, the next highest bidder will be considered.
These NFTs can also be sold to another party via Fanance club or other 3rd party NFT marketplace
The NFT Owner enjoys the benefit of the Players transaction fee and Player’s APY until he possesses ownership of the NFT.
Why is there no order book like a typical stock exchange?
DEX (Decentralised exchanges) typically works on AMM (Auto Market maker) model.
This Solves the Liquidity issue and also makes it completely non-manipulative due to boyish sell or buy orders.
This is how this works: Everytime a user purchases stocks, The system or pool issues stocks of the player and its price increases (and decreases when the user sells). Meaning the more the user buys, the price increases, more the user sells, the price decreases.
All these are done by smart contracts leveraging Cardano Blockchain technology
How Real Performance of player influence the price?
The price of the player stock will solely depend on Market Demand and Supply.
Meaning more the buying, price increases and more the selling, price decreases.
However, the newly minted player's tokens that will be rewarded as APY to PLAYER - FANC liquidity providers & NFT Owners is based on the real-life performance of the player. ( Details in above "How do PLAYER - FANC liquidity providers & NFT Owners earn APY and Transaction Fee?" Question)
For the Players who are expected to perform well, more users will buy, hold and stake expecting to farm/earn more of these players tokens as more of these players will be minted and hence the price increases. Vice versa scenario of selling expecting players to be out of form also will happen driving the price lower.
We believe that Player’s real-life performance will influence the Demand and supply players thus leveraging your sports knowledge to earn more tokens (Money) or make more profits
What is the transaction fee?
Fanance Club will operate with a fee structure of 0.5% for transaction. We should also take into account network tx fees, which are significantly lower on Cardano than, as an example, Ethereum, which is notorious at the moment for the high fee structure.
This fee of 0.5% will be distributed as follows
For FANC Transactions (Buy/Sell FANC, Stake & Unstake FANC-ADA LP):
50% will be burned
40% for ADA-FANC LP token stakers
10% for the platform
For Player’s Transactions (Buy/Sell PLAYERS, Stake & Unstake PLAYER_FANC LP):
50% will be burned
10% for ADA-FANC LP token stakers
20% for PLAYER-FANC LP token stakers (only for that particular player’s transaction)
10% for Player’s NFT owner (only for that particular player’s transaction)
10% for the platform
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