Proposal about Graveyard Finance

Coffin Finance is curious about new strategies to revitalize the project. Now, there are some ideas but not perfect ones because some of the ideas are different protocol models. Unfortunately, it’s hard to say that we can prioritize trying the revival without funds to payout. Introducing another protocol model may be one of the ways. A passionate influencer, Crypto Lodge kindly gave us an idea and he has agreed to lead a new project which is related to COFFIN. The name is Graveyard Finance, which is a Tomb Fork pegged to USDC.

OVERVIEW

The basic idea is:

• New Tokens
  1. CoGRAVE pegged to USDC ( algorithmically )
  2. CoSHARE
  3. CoBOND
• 2% Genesis deposit / withdrawal fee goes to buyback CoUSD / COFFIN.
• Genesis pool tokens will include single stake COFFIN, CoUSD, xCOFFIN and a CoGRAVE/USDC LP. Keeping USDC out of Genesis will cut back on the number of whales who only want to earn CoGRAVE and dump it after Genesis. Having only CoUSD, COFFIN and xCOFFIN single-stakes in Genesis will keep more CoGRAVE in the community.
• New Tokens
  1. CoUSD/CoGRAVE
  2. CoUSD/USDC
  3. COFFIN/FTM
• Incentivizing CoUSD/USDC and COFFIN/FTM pools with high APR’s/rewards in CoSHARE, and incentivizing COFFIN/CoUSD holders by such taxes without expiration are mandatory.
• More information will be released after the results of the vote.

Yoichi is working as a dev alongside Crypto Lodge. He is familiar with Tomb forks. The new project will be led by Crypto Lodge as protocol leader and Yoichi as main dev. It’s not led by the COFFIN team and kaz/coffinmaker, but we would like to partner with the project officially as long as it benefits the COFFIN holders. We will proceed to vote on some points on snapshot.org

PROPOSAL DETAILS

• Agree that Graveyard Finance may use current COFFIN Intellectual property images officially.
• Continue to stop COFFIN emissions
• Continue to stop CoUSD redeem. ( now postponing re-enable CoUSD redeem) and stop xCoUSD mint for the time being.
• More buyback CoUSD if needed.
• Seek possibilities of “COFFIN SWAP” for liquidity
  1. REDEMPTION for 3omb https://app.redemption.fi/en/swap
  2. For Tomb https://swap.tomb.com/#/swap
• Stop COFFIN transfer tax for the time being or when graveyard genesis.

For now, the Intellectual property of current images which are used on COFFIN Finance belong to kaz/coffinmaker on behalf of the designer. Kaz/Coffinmaker accepts Graveyard Finance to use current images on the Graveyard Finance website for free, aside from NFT graphics. COFFIN Finance itself is considering NFTs. So we cannot assure their NFT usages and for our future images. It’s related to the COFFIN brand. We assure Graveyard Finance is permitted by kaz/coffinmaker to use the current images and Graveyard Finance is not engaging in any unofficial / pirate behavior. So we think it’s better to handle voting.

In terms of the buyback, we believe we should handle it rather than re-enable redeem as of now. CoUSD mint/redeem will still be kept suspended as of now. But COFFIN token holders still control it through votings / buyback by collateral. As you might know, CoUSD price got back 0.05=>0.5 after the last buyback. As long as there are enough collaterals ( now ), we can conduct buybacks to increase the value through voting. COFFIN emission is also related to the new protocol. They are related to tokens which are issued by Graveyard Finance. So we are going to make proposals on Snapshot.org for voting.

We believe we can seek more ways to revive current protocol. This new protocol which is related to COFFIN is one of the ideas. We will enter into an above basic agreement as long as the community agrees. The details of Graveyard Finance will be revealed soon.

• If you agree with the idea, please vote “Yes”.
• If not, please “No”.
• If you think we need more discussion, please vote “Need more details”.

🔥We’d love to hear your suggestions and ideas.
🚀Please share them with us on our discord server so that we can work together to create good solutions.
❤️Thank you for your patience and continuing support.

From the ⚰️ to the 🌙
#COFFIN #DeFi #Fantom $FTM #Crypto #WAGMI

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