2 Coffin Tokens + 1

Some of the information on this page is no longer applicable.
On May 26, 2022, a proposal to stop COFFIN emission was approved through governance voting.
Originally, the redeem function was suspended. A proposal to allow redemption CoUSD is up for vote as of June 21, 2022.
Coffin Finance is an algorithmic, decentralized, and partially collateralized stable token protocol on Fantom Opera. The mechanism is inspired by Frax Finance and previous version of Iron Finance. But there are some differences.
Most different parts are burning mechanism and are using FTM as collateral, instead of fiat-backed collateral, the USDC. We avoid using centralized tokens as collateral, to aim and create true decentralized stable token.

Coffin Token (COFFIN)

The protocol will mint COFFIN and distribute it proportionally to Coffin token holders who stake their LP/tokens in the farm. This is not a governance token. The total planned emission of COFFIN token from farm is 100,000,000 COFFIN. The redeem function can mint additionally when users request redemptions. So, technically there is no limit. As we understand, this evasion of the total supply limit is the same with Iron Finance. However, it is not only the inflation aspect, but, we also prepare the following deflation mechanism.
This token is designed to inflate or deflate depending on the price of CoUSD.
When the CoUSD price is below the peg, COFFIN transfer is TAXABLE. The rates depend on how the price is far from the peg. It means, the token has a deflation aspect.
When the CoUSD price is above the peg, it's NOT TAXABLE. Because of the distribution, it'll be inflated.
There are some exceptions in terms of transfer tax for LP-ing, Staking, Withdrawing from our farm.
The burning mechanism increases the collateral ratio and helps COFFIN price goes up. We believe that COFFIN demands helps for CoUSD price stability.

Coffin Dollar (CoUSD)

Coffin Dollar (CoUSD) is an algorithmically stable coin designed to stabilize at $1.
It is not a deflation token. The CoUSD is only minted when COFFIN token burns and FTM serves as the collateral. The system tries to adjust the value of one CoUSD which is equivalent to one USD.
To learn collateral ratios for minting / redeeming, please read the following article.

Coffin Governance Token (XCOFFIN)

Only if the CoUSD price falls below the peg, the protocol provides a COFFIN single stake pool for XCOFFIN.
The stake can be removed at any time.
The XCOFFIN represents a vote of confidence in the value of Coffin Finance and its systemic ability to keep the CoUSD pegged.
The XCOFFIN is also a governance token. This token will not be released immediately. This specification is subject to change , but, can be discussed on Discord or Twitter.
You can discuss this on our Discord / Twitter. Also, please see the following pages.
We highly recommend you to Do Your Own Research and never use funds within Coffin Finance that you cannot afford to lose. You won’t be compensated for any losses. All interactions with the associated smart contracts on the Fantom Opera Network and software on Coffin Finance are at your own risk.