Welcome to our latest FNDZ update
Bitcoin continued its upward trend this week, passing the $24k mark after falling back to $20k. Ethereum continues to rise, moving from $1300 to over $1700, a gain of more than 30%!
The market as a whole has been moving up since the FED raised interest rates by 0.75%. Normally, this would be considered bad news by the markets, but the markets have priced in a 1% rate hike due to the recent inflation figures and the fact that the US economy is in a technical recession (two negative quarters of GDP decline), although Joe Biden disagrees....
More news: Babel Finance, a Hong Kong crypto lender that suspended withdrawals last month, has reportedly lost $280 million in deals involving customer funds. Speaking to The Block, the company said it lost about 8000 BTC and 56000 ETH in forced liquidations in June. Babel is looking to convert hundreds of millions of dollars in debt into equity as it seeks a revolving credit facility to raise funds, according to The Block.
Zipmex, a Southeast Asia-based cryptocurrency exchange, has filed for bankruptcy in Singapore, becoming the latest victim of the liquidity problems plaguing the crypto scene.
This week, the number of FNDZ tokens staked on the platform increased again by over 200k to a total of 5.6 million FNDZ tokens. This is more than 25% of the current circulating supply.
Our index vaults have now been live for three weeks and have capitalized on market growth. All index vaults are increasing in value, which is good news for depositors.
Total TVL in the vaults has increased to over $8500 in the three weeks since launch, with user numbers rising daily.
This week we also opened a FNDZ AR (Auto-Rebalancing) vault, which is a vault that automatically balances capital between BUSD and FNDZ tokens at a 50/50 ratio.
Rebalancing is a proven concept that even multi-billion dollar hedge fund managers use. We are pioneering AR Defi vaults with several projects. We want to position them as a product that every project should have alongside LP and staking pools. No one has really developed AR vaults for projects that work this way. Our AR vaults are easy to set up and scale and offer extra utility to the project’s community.
FNDZ aims to be the pioneer for AR vaults in DeFi and crypto. So if you know of a project that might like to open an AR vault, please point them to us!
Best performing index vaults
As you can see above, most of the index funds continue to perform well.
We encourage users to spread the word and show people what they are missing out on by posting pictures of the vaults and sharing their performance. If you had put $1000 into the ETH Heavy vault three weeks ago, you'd be up 30% right now, even though you've done nothing but enjoy the sun!
Many of you have asked us: what are these vFNDZ tokens that appear in my wallet when I make a deposit into an index vault?
When you deposit into a crypto index, you receive vault shares called "vFNDZ". This is your share of the vault's total capital. Consider it as proof that you deposited into a vault and how much you own. When you withdraw your money, the shares are traded back into BUSD at the current rate of the vault.
For example, you deposit $100, and each share is worth $1, so you get 100 vFNDZ sent to your wallet. If the index goes up in value and the vault shares are worth $1.25 when you withdraw them, you send the 100 vFNDZ back and receive 100 x 1.25 = $125 back (a 25% increase on your original deposit).
We’re continuing to approach crypto companies with the option to start their own index for their community. Feel free to reach out to the team if you know of any traders or companies that could benefit from launching their own trading or index vault.
Spread the word and tell your friends about FNDZ - The Home of Copy Trading!