Description: Inspired by the original idea behind Basis (and it's predecessors bDollar and soup), our team set out to build upon the success of tomb.finance and subsequent 2omb.finance with the creation of Vinyl. Vinyl Finance is a multi-token protocol pegged to Fantom that consists of the following three tokens: Vinyl ($VINYL); Tracks aka Vinyl Shares ($TRACKS); CD - Vinyl Bonds ($CD).
What makes Vinyl different?
Stage 2 of Vinyl Finance is tNFT (tangible NFT) marketplace where VINYL is the native token to allow for the purchase of underground house music wax and shipment worldwide. We already have a partnership with a US-based record label and distributor, Nice Timing, lined up to make this a reality. This means a real use case for the token in addition to proving additional liquidity to the Fantom Opera ecosystem.
VINYL: Vinyl Token
The VINYL token is designed to be used as a medium of exchange. The built-in stability mechanism in the protocol aims to maintain the VINYL peg to 1 FTM token over time. Note that VINYL actively pegs via the algorithm. It does not mean it will be valued at 1 FTM at all times as it is not officially collateralized.
TRACKS: Vinyl Share
TRACKS are one of the ways to measure the value of the Vinyl protocol and shareholder trust in its ability to maintain VINYL close to peg. TRACKS have a maximum total supply of 68,500 tokens distributed.
CD: Vinyl Bonds
Vinyl Bond's (CD) main job is to help incentivize changes in Vinyl supply during an epoch contraction period. When the TWAP (Time Weighted Average Price) of VINYL falls below 1:1 FTM, CDs are issued and can be bought with VINYL at the current price. Exchanging VINYL for CDs burns VINYL tokens, taking them out of circulation (deflation) and helping to get the price back up to peg. These CDs can be redeemed for VINYL when the price is above peg in the future, plus an extra incentive for the longer they are held above peg. This amounts to inflation and sell pressure for VINYL when it is above peg, helping to push it back toward 1 VINYL to 1 FTM ratio. Contrary to early algorithmic protocols, CDs do not have expiration dates.
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