Introducing Pharaoh Finance; Modern finance built on Ancient Principles
About 96% of Egypt’s land mass is desert, and similarly much of DeFi consists of unsustainable, soon abandoned, projects. However here at Pharaoh Finance, we believe it is what you do with the other 4% that matters.
One of the most powerful ancient civilizations was built on the highly fertile land surrounding the River Nile, and the Egyptian people flocked to it, and its’ abundant yields. With rising demand came innovation; irrigation and cropping to maintain sustainable yields which could enrich vast empires.
Pharaoh Finance is launching a unique initial dex offering designed to offer highly profitable yields to early participants, whilst our unique risk-weighted ETFs will ensure a sustainable continued demand for the protocol.
Please find a brief outline of what you begin to expect from the Pharaoh Finance team. Please note, updates regarding marketing, social media and so on will be published here and on our twitter in due course. Details are considered work in progress and please stay tuned for any further updates
IDO — Old Kingdom of Egypt
Our IDO will be used to bootstrap deep liquidity for the dex from day one, as all IDO funds will be paired with the teams $PHAR tokens (renouncing our ownership of the protocol by virtue) and added to the dex.
Users will be able to deposit ETH or BNB (via the Ethereum network and binance smart chain, respectively) to the IDO address, and in return will receive their $PHAR tokens.
The IDO price will be $0.05 per $PHAR, with a launch price of $0.25 to encourage early participation and liquidity provision.
Once the allocation has sold out (specific numbers for the presale will be confirmed closer to the time) farming will commence 24 hours later. There will then be a 72 hour period where farms are open but the $PHAR token is not yet tradable, in order to further reward our early investors and allow them to test the product. There will also be a bounty bug during the initial 72 hours of farming and the code will be made fully public for our community to assess, as well as a series of audits to ensure funds are as SAFU as the pyramids are robust.
Public launch — First intermediate period of Egypt
After this 72 hour period is finished, trading will open and the public may purchase $PHAR and stake in our farms. There will be no deposit or withdrawal fees on the farms or the first 72 hours following the public launch (this also applies to the IDO phase), after this there will be a small withdrawal fee of 0.5% which will be used to buy back and burn $PHAR tokens.
The initial farms will be; PHAR/WETH, PHAR/BNB, PHAR/USDT, PHAR/MATIC and BNB/WETH (as well as a single PHAR staking pool for governance). Early investors will then have their first governance task, as Pharaoh’s of this new fertile land; and the next 3 farms will be decided by our DAO (users can vote using their $PHAR tokens locked in single side staking).
ETFs — Middle Kingdom of Egypt
Egyptian (exchange) Traded Funds provide exposure to a basket of goods, helping a user to hedge against volatility and risk in an asset class. Pharoah finance will be looking to introduce their unique risk-weighted ETFs in Q3 of 2021. There will be 5 initial ETFs; with a risk weighting of 1 through 5, from least to most risky. Please see examples below; noting final basket of goods will be determined partially through DAO participation;
1 — Hatshepsut; 50% stablecoin farming USDT-USDC, 25% BTC, 20% ETH, 5% PHAR
2 — Ramesses II; 25% stablecoin farming USDT-USDC, 10% BTC, 15% ETH, 15% BNB, 5% PHAR, 30% DeFi bluechips
3 — Amenhotep III; 10% stablecoin farming USDT-USDC, 10% BTC, 15% ETH, 15% BNB, 10% PHAR, 30% DeFi bluechips, 10% Exchange tokens
4 — Xerxes; 10% BTC, 10% ETH, 10% BNB, 10% PHAR, 40% defi bluechips, 10% sub 1 bn market cap, 10% sub 100m market cap
5 — Tutankhamun; 10% BNB, 10% PHAR, 30% Defi bluechips, 25% sub 1 bn market cap, 25% sub 100m market cap
The Scorpion King — let your capital loose, with a one-click liquidation of ETF positions and go all in on token of choice from the community (this will be a rolling monthly vote through the DAO)
All ETFs will be available to pair with PHAR and USDT initially (more assets to come) and farm, producing a yield paid out in PHAR tokens. Do note, the above are just examples and should not be considered final designs for the ETFs.
Lending / Borrowing — Second Intermediate period of Egypt
The Pharaoh team will look to use the vault as a DAO based lending platform, whereby the community acts as a DeFi bank; projects (and anyone) may request a loan from the DAO in PHAR tokens, which can then be used to fund project development or deployment. From there, a small interest rate will be paid on the loan and upon completion of the loan period, the PHAR tokens must be bought back (fixed at the price of the tokens at the time of issuance) plus any interest, also paid in PHAR. In addition to helping projects bootstrap their funding, the holders of PHAR will benefit from an increased lock up of tokens over time (any interest and repayment will be added back to the vaults), but equally projects using the DAO borrowing fund will be encouraged to incentivise people to vote for their proposal through things such as airdrops to PHAR stakers.
Long term; there is also a view to issuing an over-collateralised stablecoin in order to facilitate peer to peer lending and borrowing within the ecosystem (as well as stablecoin farming). The decision to launch this has been pushed back to Q4 2021, due to the current ongoing issues with algorithmic stablecoins. Whilst we are confident in our design and the over-collateralisation rate preventing exploits or a continual loss of peg, the team believes it is in the best interest of both investors and the project to move this back on our roadmap (and in turn move other launches forward), in order to take even more time stress testing the design and completing a number of audits to ensure the protocol is as robust as possible. Should the community ardently disagree with this, and wish to prioritize the stablecoin launch; there will be opportunity to submit a proposal and vote, with an understanding of the aforementioned risks.
The Future — New Kingdom of Egypt
Please stay tuned for more details on this (and the above roadmap); set to begin in 2022, the new Kingdom of Egypt will include;
- A Dao based Credit Bond Issuances
- A launchpad for new DeFi protocols
- A Dao based bounty bug community audit program for new protocols
- Numerous other ideas in early stage development; we will welcome community suggestions in time
Tokenomics — Building the Pyramid
The PHAR token is looking to, much like the fertile land of the Nile, greatly reward early farmers whilst also innovating new technology to ensure not only the sustainability of the farm, but in this case a growing value accrual to the PHAR token.
There will be a total supply of 250,000,000 PHAR tokens, with the following breakdown;
- 20,000,000 will be available for presale at $0.05 per token, and a launch price of $0.25, creating an initial market cap of $5,000,000
- 4,000,000 tokens from the dev wallet (of 10,000,000 total) will then be paired with the IDO funds to provide initial liquidity to the dex
- There will be 15,000,000 tokens available as the initial farming rewards for IDO participants, note rewards from this will be locked until 72 hours after the public launch, though IDO tokens will not
- Another 10,000,000 tokens will be available for farming in the first 72 hours following the public launch
- 50,000,000 tokens will be reserved for the first year of farming, with an annual halving event to decrease the token supply in subsequent years (total 150,000,000)
- The final 50,000,000 tokens will be reserved for development of the project, to bootstrap the ETFs and for marketing efforts. 10m of these will form the Pharaoh Vault, which will be used in future products such as the DAO credit bonds.
Fees;
- 72 hours after the public launch of the farms, a 0.5% fee will be applied to withdrawals from the farms in order buy back and burn PHAR tokens, adding a deflationary element to the token. There will never be a deposit fee on any farm
- Swap fees — 0.1% fees, 0.05% will be used to buy back and burn PHAR as per the above, and the other 0.05% will be used to fund the Pharaoh Vaults
- Once live, the opening and closing of an ETF position will also incur a 0.1% fee, 0.05% will be used to fund the Pharaoh Vaults, the other 0.05% will be used to fund the establishment of new ETFs and to cover any swap fees required in this (any additional fees leftover from this funding will be burnt)
Thank you for taking the time to discover the great riches of Ancient Egypt, we hope you will accompany us on this great journey. Further details to follow, in order to stay in the loop please follow us here; or on our twitter page: https://twitter.com/Pharaoh_Finance
