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FAI Stablecoin (Depreciated)
FAI - A decentralized, collateral-backed cryptocurrency that is soft-pegged to the US dollar.
FTS rewards for the FAI vault were elimniated on August 6th 2021. FAI will be removed from Fortress when all FAI is paid back from borrowers.
FAI is a decentralized, collateral-backed stablecoin cryptocurrency that is soft-pegged to the US dollar, and backed by a basket of cryptocurrencies.
Fortress protocol will enable users to mint FAI, based on the amount of collateral a user has supplied to the protocol. Users can mint FAI tokens up to 50% of their supplied collateral balance (fTokens), and because FAI is a BEP-20 token, users can do what they would like with their FAI, such as staking it for more FTS tokens or adding it back into the platform as liquidity, for more rewards.
Because FAI is a synthetic stablecoin, and not backed by USD, it relies on market forces, cryptocurrency collateral, and other safety mechanisms to maintain a healthy and stable price near $1. The market is incentivized to maintain a stable peg, however if there comes a time that the price isn’t stable, a governance proposal can be passed to activate the Fortress Price Adjustment Module, that can change parameters within the FAI stablecoin system, to modulate supply and demand, and return the price to peg.