Foundry: A DAO for Economic Freedom
It’s time for crypto to start making moves on the global stage. Foundry will be our gladiator.
$FRY holders will be the sole directors of Foundry. If $FRY holders are largely pseudonymous or otherwise unbullyable, Foundry will also be unbullyable and unstoppable. This allows Foundry to pursue projects boldly, even if those projects threaten power. Eventually this could lead to plans as bold as ZimDai: a blueprint for an economic jailbreak.
The sale of FRY opened at noon UTC, June 19th 2020, and is running for about 19 months, until January 23, 2022. This has been the initial source of funding for Foundry products. After this date, Foundry will rely on profit from the products it builds.
Why Buy $FRY?
Foundry is a DAO that builds profitable products, then feeds this profit back into the $FRY token--in the form of additional liquidity and a raised FRY price (via buy-and-burn mechanisms or other tokenomics). If only one of Foundry’s products generates profit, this profit guarantees an upward pressure on the price of $FRY.
Profit Model
Whenever Foundry launches a new product, the profit stream of the new product is tied positively to $FRY tokenomics; if the product finds profit, $FRY benefits proportionally. For example, all of dETH's profit goes to growing the permafrost, a pile of permanent ETHFRY liquidity. Everytime dETH is minted or redeemed, both the $FRY price and ETHFRY liquidity is bumped a bit higher.
Governance
The $FRY token is also used as a governance token. $FRY can be used to propose new actions or vote on any existing proposals. These proposals will often take the form of sending funds to contractors or firms to construct, improve and maintain Foundry products, but could also be more intricate actions on Polygon, such as posting a manifesto to Permapost or performing a DeFi trade of an ERC20 token. In all cases, once the proposal has enough support from $FRY holders, the action will be executed. Our governance interface is already live and can be found here.
Radical Freedom
Proposals that are voted in via the governance described above, cannot be stopped by any centralized authority; additionally, the $FRY holders themselves could be very hard to identify, and thus hard to threaten or punish. This makes Foundry capable of pursuing “radically free” products and endeavors that normal institutions must avoid, for fear of backlash--legal and otherwise.
Permapost, an uncensorable competitor to Medium, is our posterchild app for this purpose. Content on Permapost can never be censored - and Foundry itself can’t be punished for building and maintaining it. This applies to any radically free product Foundry could pursue in the future. In other words, Foundry is capable of exploring a unique, lucrative niche: ventures that are profitable, but which conventional entities avoid for fear of backlash.
By buying and holding $FRY, you lend energy to this champion of freedom, gain influence over the kinds of things Foundry builds next, and expose yourself financially to the profitable upside of this underexplored niche.
The Foundry circle of life
The four seasons of Foundry
$FRY Holders Direct Funds
Via governance, $FRY holders choose how and where to spend Foundry's funds, targeting products that are profitable and focusing primarily on radical freedom. In the first iteration of this cycle, the funding will have come from the sale.
Profit Harvested Into $FRY
The profit streams will boost the price of $FRY and/or increase ETHFRY liquidity, using tokenomic mechanisms like the permafrost. The valuation of $FRY will go up and Foundry will be able to utilize this as a source of funding for the next phase.
Foundry Products Built
The funds will be directed to firms and contractors who can implement Foundry's desired products. From ideation through POC, MVP, and product-market fit, the $FRY holder community will be responsible for reaching a return on investment as quickly as possible.
Products Generate Profit
Some of the products built will generate significant profit, either as a direct stream of ETH or DAI, or as a premine of another token meant to capture the new product's profit.
The fry token sale
Foundry is filling its treasury by minting and selling FRY tokens through a token sale.
The token sale lasts 19 months and consists of 2000 auction “buckets” of 7 hours each. These buckets are selling off 30,000 tokens each.
Each individual auction works by splitting the tokens in that bucket over the participants proportional to the amount of money they enter into the auction.
60.000,000 tokens will be sold during the initial sale over just under 20 months.
There will be an after-sale supply of 100,000,000 FRY tokens.
After the initial sale ends in February 2022, additional FRY will be minted and sold, at a 5% per year inflation rate. The influx of funds this attracts into Foundry will balance out the inflation, such that the value of FRY will not be diluted.