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Description: Outback Finance is an autos taking protocol that is engineered to provide easier staking. Instead of staking on a dApp, Outback Finance allows users to receive a rebase on their tokens directly to their wallet! The APY for Outback Finance is set at a permanent 300,000% per year. With most generic staking protocols, APY fluctuates in coordination with the number of users that are staking. This means that in basic staking protocols, the APY can change drastically by whale movements. With Outback Finance, users will receive an APY of 300,000% despite the total amount staked from all other users. This equates to a daily ROI of 2.2%! The highest for any auto staking protocol on Fantom!
What is the Goal of Outback Finance?
The main priority of Outback Finance is to provide a long-term store of value for users and to return a high intrinsic value to all users of the protocol. Through the steady APY and a large treasury, the Outback Finance team aims to bring value to our investors beyond the $ROO token. Through steady, sustainable strategies, the Outback team aims to create value for investors in both the Fantom Ecosystem and the DeFi space as a whole.
Staking via a Fixed APY
APY stands for Annual Percentage Yield. In layman's terms, APY can be thought of as interest. Interest in the average bank is around .5%! Outback Finance aims to offer a fixed APY of 300,000% APY. This means that users can receive more $ROO tokens for just holding the $ROO token! Rebases are a way of increasing the circulating supply via an advanced algorithm. If users hold their $ROO token, they will be able to receive more $ROO tokens via the algorithmic rebases. Rebasing mechanisms adjust the circulating supply at set times. For users, this means that your holdings proportional to the total supply haven’t changed with each rebase. If you owned 1% of the circulating supply before the rebase, you will still have 1% after it. In addition to the tokens you had before the rebase, you will gain new tokens via each rebase. The APY will be permanently at 300,000% and will offer a daily return on investment at 2.2%. Rebases will occur every 30 minutes.
Lottery System
With any rebase token, there is the potential for the token to become overinflated. Following basic economic principles, when the circulating supply rises while the market cap stays stagnant, the price per token decreases. This was the major pitfall of other rebase tokens. To combat this, the team is introducing a variety of burn mechanism. The most beneficial burn mechanism will be via a lottery. The lottery allows users to buy one ticket by sending one $ROO token to the contract. The lottery will draw once every 3 days with the following ratio: 90% of $ROO to the winner, 8% to be burnt, and 2% to the bank.
Long-Term Growth
With any rebasing token, the biggest concern is the market cap being stagnant while the amount of tokens circulating is gradually increasing. To combat this, there will be a simple taxation on both buy and sells. The taxes will be beneficial to the growth of both the treasury and the protocol. In short, the taxes benefit the long term holders of the $ROO token that believe in the protocol.
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