The Forthewin Network’s multi-service DeFi platform recently received an Excellence Award in the Neo Polaris Launchpad. Supporting common use cases like trading and staking, the platform also allows users to mint and list tokens without any programming experience. Ultimately, the Forthewin development team intends to offer a tool for new dApps and projects to raise funds and distribute tokens to early backers and users.
Forthewin was developed and is maintained by a neo-community developer named Ed. Ed first joined the Neo ecosystem in 2018 with his decentralized lottery and raffle application. Speaking to NNT, Ed noted that he would like Forthewin to serve as a platform to help new projects raise funds for development. He said,
Forthewin wants to add more features to the store. We aim to offer an all-in-one solution for crypto startups. From my experience as a DApp developer, starting a crypto project requires a lot of resources and it is difficult to afford as a small startup. We want to help them save time creating minting, vesting, crowdfunding, listing, trading and voting contracts by sharing our Forthewin used contracts. We believe unicorns can save time and focus on their core ideas.
In December 2021, Ed launched the DeFi platform on N3 with two features – the Rune NFT series and a NEP-17 token generator called Smith. Smith allows users to mint NEP-17 tokens for a 10 GAS provisioning fee and a 1 GAS minting fee. When Smith mints a NEP-17 token, the following information is required: token name, symbol, decimals, total offering, author and description of the NEP-17 token.
Source: Forthewin.Network
Forthewin submitted the Smith contract for the Polaris Launchpad hackathon along with two newer dApps – Swap and Farm. Swap allows users to create and contribute to liquidity pools, switch between pools and earn fees for being liquidity providers. Farm allows users to stake LP tokens for a fixed 100% APR.
The project received awards equivalent to $8,000 for the Excellence Award and 3,111.95 GAS in the Polaris Plus community voting round.
bartering and farming
Forthewin introduced the Swap and Farm modules in June, with Overlord testing. While these smart contracts have been publicly scrutinized, most Forthewin contracts are closed-source contracts.
Swap’s on-chain AMM uses the constant product formula (Token A Balance * Token B Balance = K) to regulate liquidity pools. According to this standard, K represents the consistent balance between the two assets in the LP, which also determines the prices of the token pair. When setting up a pool, the creator can set a time limit on the initial liquidity, restricting access to the underlying capital until a specified time. The development team found that this feature was designed to provide confidence that the LP would not be liquidated at any particular point in time.
When users contribute liquidity to a pool, they receive an LP token representing the percentage of the parts they contributed. For example, if a user contributes $10 worth of assets to a $100 pool, they will receive 10% of that pool’s LP token. The swap tokens will be minted in the NEP-11 standard used for NFTs on the Neo blockchain.
Farm allows users to earn NEP token rewards for staking LP tokens. The NEP token is the governance and utility token for the DeFi platform, designed for two main purposes. The first is to vote on the direction of the Forthewin platform, while the second is to use various dApps, including Smith, as well as the upcoming dApps and features.
At press time, Forthewin offers NEP/GAS and bNEO/NEP pools on the single farm module.
Post Polaris
Since the Polaris Launchpad hackathon, the Forthewin development team has continued to improve the DeFi platform and add new features to it.
Source: Forthewin.Network
Forthewin introduced its Double Farm module that gives out two tokens as a reward for users who wager LP tokens. For example, in the bNEO/NEP LP, users will receive both NEP and GAS as staking rewards. At press time, other Double Farm pools include NEP/fUSDT, NEP/GAS, and bNEO/GAS.
Additionally, Forthewin has collaborated with TOTHEMOON to create merged Rune and Cryptonaut NFTs. Rune NFTs are algorithmically generated and stored decentralized in the chain. They were originally used in a GameFi smart contract where different Rune NFTs competed in Battle tournaments. Since the cooperation with TTM, the battle arena module has migrated to TTM’s website.
Most recently, the development team launched Locker, a time lock utility for NEP-17 tokens. The service was designed to provide neo-based crypto startups and other users with the tools to handle lock-up periods, late payments, and other time-limited transfers. Locker keys are distributed in NFT form. This allows the key to change hands, either through a normal transfer or through sale on an exchange.
The Forthewin development team is currently participating in Draper University’s five-week blockchain entrepreneurship program, which aims to help attendees learn from leading startup mentors and give them the opportunity to pitch their projects to venture capital firms for further investment and incubation.
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