FujiDAO, the protocol that helps optimise borrowing costs, launched the Fuji Climb: Fantom Expedition operation in early June. Users of the platform are invited to “climb” Mount Fuji, to get as high as possible, in order to earn points that they can later exchange for future FUJI tokens. Find out how to take advantage of it
FujiDAO, the first aggregator of decentralised loan markets
The FujiDAO protocol offers two main advantages. First, it allows liquidity borrowers to get the best interest rate. Secondly, and most interestingly, it continuously monitors rates on lending platforms and, as soon as a better rate comes along, it automatically redirects all users’ borrowing.
This means that FujiDAO users always get the best rate on the market. In addition, the pooling of funds also benefits borrowers by providing economies of scale on transaction costs. Finally, the protocol offers significant time savings.
Fuji Climb: Fantom Expedition
The Fuji Climb: Fantom Expedition operation, which started on 1 June, offers participants the opportunity to discover, through a game-like experience, the advantages of using the Fuji protocol rather than going directly through decentralised lending platforms.
The principle of the game is simple: each dollar borrowed from the platform generates one point per day as long as the borrowing position remains active.
The objective is to accumulate as many points as possible, because at the end of the expedition, these points can be converted and exchanged for future FUJI tokens. Indeed, FujiDAO has announced that 3% of the community share will be distributed to the participants of the expedition in proportion to the number of their points.
Are you ready to climb up Mt. Fuji?@FujiFinance is a borrowing aggregator that will source the best borrow rate in the market and automatically refinances the whole pool of debt.
They are gamifying this where users earn points that can be changed for pre-token bonds. Read pic.twitter.com/JnCU44dGeu
– The Reading Ape | Podcasts to Notes (@The_ReadingApe) June 8, 2022
How to join the expedition
Fuji Climb takes place on the Fantom blockchain (FTM). To start, you need to borrow DAI or USDC through the Fuji protocol. Points will be generated each day in proportion to the amount borrowed.
To optimise their performance, participants have the option of purchasing treasure chests that add a dose of luck.
The chests
There are three types of chests – Common, Epic and Legendary – which allow you to earn various bonuses. Each chest, depending on its rarity, offers more or less chance to earn extra points or upgrade items. Beware, as in any game of chance, the chest may be empty.
To buy a chest, you have to sacrifice a certain number of the points you have accumulated through borrowing. There is therefore a risk of losing the sacrificed points.
Figure 1: Fuji Climb Chests
For example, a common chest can hold up to 25,000 points for a price of 1,000 points. A legendary chest, on the other hand, will cost you 10,000 points, but it can hold up to 1 million points.
Bonus equipment
In addition to extra points, some chests also contain equipment items that are actually non-fungible tokens (NFTs). These provide a very powerful bonus, as they allow you to increase your final score considerably.
Figure 2: Fuji Climb bonus equipment
Each NFT is a point multiplier equivalent to a 10% bonus. The complete collection of 10 NFTs therefore doubles the final score.
It is also possible to collect several identical items to combine their effect to achieve up to 18% bonus per type of equipment. Each chest has a 5% chance of containing a bonus piece of equipment.
How long does shipping take?
Fuji Climb: Fantom Expedition takes place in three stages. The first stage, which runs until August 1, is the accumulation phase: the goal is to collect as many points as possible.
The second phase begins, in which participants complete their collection of missing bonus equipment in order to maximise their multiplier. To validate their score, players will have to perform a “lock-in ceremony”, i.e. burn their equipment. Only then is the bonus multiplier applied and the accumulated points validated.
The expedition culminates in the third and final stage with the bonding phase. Indeed, the validated points are then converted into vouchers at different vesting (or blocking) periods.
These vouchers are Financial NFT, ERC-3525 standard tokens or “semi-fungible tokens”. They can be exchanged for the future FUJI token at a later date, determined by the vesting period chosen at the locking ceremony.
To learn more about the rules of the shipment, please visit the dedicated section of FujiDAO’s documentation
