Polaris feature: Forthewin Network – a DeFi platform for the Neo ecosystem

The Forthewin Network multi-service DeFi platform received an Excellence Award in the recent Neo Polaris Launchpad. The platform supports common use cases such as trading and staking, while also allowing users to mint and list tokens with no coding experience. Ultimately, the Forthewin development team intends to offer a tool for new dApps and projects to fundraise and distribute tokens to early supporters and users.

Forthewin was developed and is maintained by a Neo community developer who goes by Ed. Ed first joined the Neo ecosystem in 2018 with his decentralized lottery and raffle application. In a conversation with NNT, Ed noted that he wants Forthewin to serve as a platform to help new projects bootstrap fundraising for development. He said,

Forthewin wants to add more features on top of the business. We want to provide an all-in-one solution for crypto startups. From my experiences as a dapp developer, starting a crypto project takes lots of resources, and it is hard to afford it as a small startup. We want to help to save their time to build minting, vesting, crowdfunding, listing, trading, and voting contracts by sharing our contracts that Forthewin uses. We believe unicorns can save time and focus on their core ideas.

In Dec. 2021, Ed launched the DeFi platform on N3 with two features – the Rune NFT series and a NEP-17 token generator called Smith. Smith allows users to mint NEP-17 tokens at a deployment fee of 10 GAS and a minting fee of 1 GAS. When minting a NEP-17 token through Smith, the following information is required: token name, symbol, decimals, total supply, author, and description of the NEP-17 token.

Forthewin submitted the Smith contract for the Polaris Launchpad hackathon, along with two newer dApps – Swap and Farm. Swap allows users to create and contribute to liquidity pools, swap between pools, and earn fees for being a liquidity provider. Farm allows users to stake LP tokens for a fixed 100% APR.

The project received an equivalent of US $8,000 in prizes for the Excellence Award and 3,111.95 GAS in the Polaris Plus community voting round.

Swap and Farm

Forthewin launched the Swap and Farm modules in June, with auditing performed by Overlord. While these smart contracts were publicly audited, the majority of Forthewin’s contracts are closed source.

Swap’s on-chain AMM utilizes the constant product formula (Token A Balance * Token B Balance = K) to regulate the liquidity pools. By this standard, K represents the consistent balance between the two assets in the LP, which also determines the prices of the pair of tokens. When establishing a pool, the creator can set a time lock on the initial liquidity, restricting access to the underlying capital until a predetermined time. The development team noted this feature was designed to increase trust that the LP will not be liquidated at any given moment.

When users contribute liquidity to a pool, they receive an LP token representing the share of the portions they contributed. For example, if a user contributes $10 of assets to a pool worth $100, they will receive 10% of that pool’s LP token. The Swap tokens are minted in the NEP-11 standard, used for NFTs on the Neo blockchain.

Farm allows users to earn NEP token rewards for staking LP tokens. The NEP token is the governance and utility token for the DeFi platform designed for two primary purposes. The first is to vote on the direction of the Forthewin platform, while the second is to use various dApps, including Smith, plus the forthcoming dApps and functions.

At the time of press, Forthewin offers NEP/GAS and bNEO/NEP pools on the single Farm module.

Post-Polaris

Since the Polaris Launchpad hackathon, the Forthewin development team has continued to improve upon and incorporate new features into the DeFi platform.

Forthewin launched its Double Farm module, which distributes two tokens in rewards for users who stake LP tokens. For example, in the bNEO/NEP LP, users receive both NEP and GAS as staking rewards. At the time of press, other Double Farm pools include NEP/fUSDT, NEP/GAS, and bNEO/GAS.

Additionally, Forthewin has collaborated with TOTHEMOON to create fused Rune and Cryptonaut NFTs. Rune NFTs are algorithmically generated and stored onchain in a decentralized manner. They were initially used in a GameFi smart contract where different Rune NFTs competed against each other in battle tournaments. Since the TTM collaboration, the battle Arena module has migrated to TTM’s website.

Most recently, the development team launched Locker, a time locking utility for NEP-17 tokens. The service is designed to give Neo-based crypto startups and other users the tools to handle vesting, delayed payments, and other time-restricted transfers. Locker keys are distributed in NFT form. This makes it possible for the key to change hands, whether through a normal transfer or by being sold on an exchange.

The Forthewin development team is currently participating in the five-week Draper University blockchain entrepreneurship program, designed to help participants learn from leading startup mentors and provide the opportunity to present their projects to Venture Capital firms for further investment and incubation.

Readers can visit Forthewin Network at https://forthewin.network.