Promethios
Promethios is a decentralized elastic supply protocol. It maintains a stable unit price by adjusting supply directly to and from wallet holders. The Promethios protocol was launched in late May 2023, on the Ethereum blockchain.[3]
FIRE Token
Promethios launched $FIRE, a rebasing token targeting $0.01 USD. The token is the product. It can be used in participating projects and partnerships that integrate the token and the FIRE community. FIRE is designed as a Multichain Stable Unit of Account for use in Gamefi and On-chain Markeplaces. FIRE uses rebasing to adjust the supply of FIRE tokens in response to changes in demand.[4][1]
FIRE is not a stablecoin, but through rebasing, it offers the privileges of a Stable Unit of Account. For instance, it means, if fishing in a game costs 5 FIRE it costs 5 cents. On the other side, if the price is variable above some threshold, the privileges of Stable Unit Account could be lost and the users could not get to integrate with the token.
[1][2]
FIRE also supports cross-chain rebasing. It was launched simultaneously on Ethereum, Arbitrum, and Optimism with 6.9% of the supply locked in LP positions with a POL approach. Rebasing is done twice a day. It also may be rebased manually as needed.
On June 3, 2023, FIRE airdropped 12.8% of the supply to the community with 'Airdrop0'. It was founded by Van Ghoul(xGhoul0x) who was one of the founders of Based.Money during Defi Summer in 2020.[5]
Leaving the staking pool before the lock duration leads to a 10% tithe penalty given to the protocol. The FIRE portion of the tithe will be burned and the USDC portion will be used to provided further liquidity for FIRE.[6]
Tokenomics
$FIRE was launched on Ethereum, Arbitrum, and Optimism with a starting supply of 150 million tokens, i.e., 50 million per chain.[2]The transmuting volume is directly beneficial to stakers through yield and indirectly to all holders through burning.[4]
States of the Protocol
FIRE
FIRE is the core rebasing token in the Promethios ecosystem. It targets a stable price of 1 cent, and its supply can vary to maintain this price. [8]
wFIRE
wFIRE is a token that abstracts away the rebasing behavior of FIRE. It is used when rebasing might break compatibility with other contracts. wFIRE has a stable supply but a variable price. [8]
veWFIRE
veWFIRE is a token used to distribute profit-sharing rewards to token holders and FIRE stakers. Users can deposit FIRE into the veWFIRE staking contract and earn veWFIRE tokens over time, up to a cap of 100 times the amount of FIRE staked. While users can withdraw their underlying FIRE at any time, doing so will result in the loss of veWFIRE tokens accrued. This token is designed to incentivize long-term holding and participation in the Promethios ecosystem. [4][8]
Utility
On the games and marketplaces platform, the FIRE token provides:
- Provide Liquidity: Deploting Liquidity on-chain and add TVL for the other party's project token.
- Incentivize the other party to join: Based on the volume provided, by sharing the LP fees earned on their chain.
- Fund directly: By sponsoring on-chain game development through On-Chain Game Jams, Game Builder Bounties, Online Penny Arcade.
- Bootstrap Protocol-Owned Liquidity: wFIRE is used to bootstrap liquidity for Promethios. This allows for the utilization of UniswapV3 and participation in modern liquidity incentive programs.
- Ideal Liquidity Pool: Promethios aims to establish an ideal liquidity pool with features including a stableswap mechanism, a 1:100 price ratio, low fees to minimize extra protocol fees, and compatibility with rebasing.