Scarab Finance - The First Algorithmic Stablecoin on Fantom Opera, Pegged to the Price of 1 FTM via Seigniorage
Description: Stake your SCARAB-FTM LP in the Sarcophagus to earn GSCARAB rewards. Then stake your earned GSCARAB in the Temple to earn more SCARAB!
The $SCARAB algorithmic token serves as the backbone of a rapidly growing ecosystem aimed towards bringing liquidity and new use cases to the Fantom Opera Mainnet. The protocol's underlying mechanism dynamically adjusts $SCARAB's supply, pushing its price up or down relative to the price of $FTM. Inspired by the idea behind the well known project on Fantom Opera Mainnet Tomb Finance, the Scarab protocol consists of three tokens: Scarab ($Scarab), Golden Scarab ($GSCARAB) and Scarab Bonds ($SBOND).
What differentiates $SCARAB from other algorithmic tokens?
Unlike previous algorithmic tokens, $SCARAB is not pegged to a stable coin— it is instead pegged to $FTM. Following a similar protocol to Tomb. Due to the success of Tomb Finance we have decided to replicate their protocol, for the people who were too late on Tomb and missed out on the biggest rewards, because algorithmic tokens have higher rewards when they are starting out. One of the primary shortcomings of past algorithmic tokens has been a lack of use cases, leaving no good reason for somebody to want to use or hold them. In order to successfully maintain the peg in the long-run, the SCARAB team will maintain a focus on innovation around enhanced functionality and use cases.
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