FynixDAO

Bitcoin at the core. Every rule in the contract.

Fynix DAO pools participants’ capital in USDT. Sixty percent is attributed in Bitcoin and forty percent goes to an operational strategy. Deposits, allocations, exits, profit sharing and votes run on smart contracts on Polygon, where anyone can check them.

See how it worksCheck the treasury

Deposits are not open yet.

The Fynix phoenix

Treasury value

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USDT, net capital of active positions

Bitcoin pool of positions

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BTC

Active positions

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Operational NAV

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Live figures will appear here once the contracts are deployed.

How it works

  1. 1

    Choose a position

    Fynix is open to invited participants: you join with your Telegram username and an access code. Positions come in six sizes, from 10,000 to 100,000 USDT. A 5% entry fee is paid to the Fynix admin wallet and the rest becomes your net capital. You receive a position NFT, which cannot be transferred.

  2. 2

    Your capital is allocated in three tranches

    Half on day 0, a quarter on day 7 and a quarter on day 14. Each tranche goes 60% to the Bitcoin wallet and 40% to the operational wallet. Bitcoin is bought at the Chainlink price of that moment and joins the DAO’s Bitcoin pool, which has one average price for everyone; the operational part becomes units at the NAV of that moment. Capital not yet allocated waits in the contract.

  3. 3

    Profits: 30% to the DAO, 70% by value and time

    When the DAO distributes profits, 30% goes to the DAO revenue wallet. The other 70% is split by each position’s value and the time it has been in since the previous distribution; each position then keeps the share set by its class, from 40% for 10,000 to 100% for 100,000. What positions do not keep also goes to the DAO revenue wallet.

  4. 4

    Exit when you choose

    Request an exit at any time. Once approved, the contract pays you in USDT: the Bitcoin part, measured against the DAO’s average Bitcoin price and capped at what you put in; the operational part at the current NAV, after the management fee; any capital still waiting to be allocated; and the profits already distributed to you and not yet claimed.

Allocation schedule

Every position follows the same three tranches from its deposit date.

Day 0

50% of net capital

Day 7

25% of net capital

Day 14

25% of net capital

60% Bitcoin wallet 40% operational wallet

Position sizes

Each position is an NFT drawn by the contract: the ring shows the profit share, the diamonds the class level. The profit share sets how much of its slice of a distribution a position keeps; the management fee is charged each quarter on net capital.

Position NFT for 10,000 USDTPosition NFT for 20,000 USDTPosition NFT for 40,000 USDTPosition NFT for 60,000 USDTPosition NFT for 80,000 USDTPosition NFT for 100,000 USDT
Deposit (USDT)Net capitalProfit shareFee a quarter
10,0009,50040%1.0%
20,00019,00050%1.0%
40,00038,00065%0.9%
60,00057,00080%0.8%
80,00076,00090%0.7%
100,00095,000100%0.5%

What you get back when you exit

Below the DAO’s average Bitcoin price you carry the fall, by the same percentage as everyone. Above it you get your entry value back and the rise stays with the DAO. The operational part follows its NAV, up or down. Try it.

Position size (USDT)
−20%
−80%0%+200%
−5%
−60%0%+100%

You would receive

32,680 USDT

−5,320 against your net capital of 38,000

Bitcoin part18,240

Entry value 22,800, value at the DAO average price ratio 18,240. You carry the fall, by the same percentage as every participant.

Operational part14,440

Entry value 15,200, valued at the current NAV, up or down.

Paid to you Entry value Stays in the treasury

Illustration for a position that is fully allocated (after day 14). The Bitcoin part is measured against the average price at which the DAO bought its Bitcoin, the same for every participant. It leaves out unclaimed profits, which are paid on top, and the quarterly management fee, which comes out of the operational part. The real figure is fixed by the contract when the exit is approved, using the Chainlink price and the NAV of that moment.

How decisions are made

Every position votes. A result weighs two things equally: one position, one vote; and the value of the positions that voted.

By default a proposal passes when at least 51% of positions vote and the weighted approval is above 50%. Both thresholds are frozen when a proposal opens, so a change never affects a vote in progress. Positions created after a proposal opens cannot vote on it.

See proposals and current settings

Who controls the contracts today

The contracts are administered by a multisig wallet. It approves exits, publishes the operational NAV, distributes profits and can pause deposits and new exit requests. Votes are recorded on-chain and the multisig carries out approved proposals.

The aim is to hand these powers to on-chain governance step by step. The addresses holding each role are listed on the transparency page.

Risks to weigh before you join

Bitcoin price
If Bitcoin trades below the DAO's average purchase price, the Bitcoin part of your exit falls by the same percentage as everyone's. Above it, you get your entry value back and the difference stays with the DAO until governance decides to distribute it.
Operational strategy
The operational part is valued at the NAV published by the admin multisig. It can fall below 1.0000.
Admin powers
Today a multisig approves exits, publishes the NAV, distributes profits, sets parameters and can pause deposits and new exit requests.
Exit limits
Exits are capped per 30-day window (20% of the treasury's value by default) and need USDT available in the contract.
Contracts and price feed
Smart contracts can contain bugs. The Bitcoin price comes from Chainlink; while it is stale, deposits and exit approvals wait.
Stablecoin
Everything is settled in USDT, which depends on its issuer keeping it redeemable at one dollar.
Regulation
Rules for DAOs and crypto-assets are changing. Check what applies where you live before you take part.