Forthewin Network has completed the IDO for its NEP token and launched the Swap module on the N3 MainNet. Users can create their own token swap pairs, provide liquidity in return for NFT LP tokens, and farm NEP tokens.
The NEP IDO began at 6:00 p.m. (UTC) on June 14 and completed on June 21 at 4:00 p.m. (UTC). Of the 50M NEP tokens available at IDO, 3.2M were sold. The remaining allocation will be included as part of the staking rewards pool.
FTW Swap opened two hours after the IDO concluded. Swap pairs were launched for bNEO, GAS, and FLM against NEP, allowing users to contribute liquidity to the pools or trade tokens with a 0.25% fee. The platform also allows users to create their own swap pools using custom token contract hashes.
FTW Swap UI
Alongside the Swap launch, the team opened the Farm module with staking pools for GAS/NEP and BNEO/NEP. Unlike other DEXs, FTW Farm offers a fixed 100% APR on its staking pools, fixed based on a contributor’s LP rather than derived from the percentage share of the pools.
LP contributions in FTW Swap are represented in NFT form, rather than as a NEP-17 token correlated to percentage ownership of the pool, found in typical AMMs such as Flamingo. This allows users to directly lease out their LP with protocols such as Rentfuse, allowing others to farm the rewards, or trade it directly on NFT marketplaces like GhostMarket.
IDO LRB incident
Following the first few days of the NEP IDO opening, the LRB token suffered a significant price crash, from a peak of US $0.28 on June 12 down to approximately US $0.03 by June 15. Triggered by mass selling in the Flamingo reverse pool, the token would hover at this level for three days before further reducing in value to just fractions of a cent.
Due to Forthewin’s decision to use fixed swap rates for tokens used in the IDO, this allowed users to purchase NEP at an extreme discount using LRB. Approximately 2.5M tokens were sold for LRB following the price crash, around half the total supply sold at IDO at the time.
Forthewin founder Ed made the decision to use the contract update function to alter the project’s smart contracts with the tools needed to halt support for LRB and revert the previous swaps made with the token. A list of refunded transactions was provided by the team.
The action was taken with the intent to protect NEP investors who had purchased tokens at the intended price. Ed also offered to honor the trades of IDO participants who had used LRB prior to 12.00 a.m. on June 18.
Forthewin also has a proposal open for discussion on GrantShares. The team seeks funding to pay for contract audits, setup off-chain resources, and develop new features. Community members can view and participate in the discussion on the GrantShares Github page.
Users can participate in Forthewin Swap, Farm, and its other ecosystem tools at the link below: