{"id":"promethios","version":1,"language":"en","title":"Promethios","hidden":false,"content":"**Promethios** is a decentralized elastic supply protocol. It maintains a stable unit price by adjusting supply directly to and from [wallet](https://iq.wiki/wiki/cryptocurrency-wallet) holders. The Promethios protocol was launched in late May 2023, on the [Ethereum blockchain](https://iq.wiki/wiki/ethereum).[\\[3\\]](#cite-id-mkspd6se3or)  \n![image](https://ipfs.everipedia.org/ipfs/QmTLmuwpfupDiSjWUnhHLJtWBY8PNYwiTYx31xHy1ai1zt)  \n  \n# FIRE Token  \n  \nPromethios launched $FIRE, a rebasing token targeting $0.01 USD. The token is the product. It can be used in participating projects and partnerships that integrate the token and the FIRE community. FIRE is designed as a [Multichain](https://iq.wiki/wiki/multichain) Stable Unit of Account for use in Gamefi and On-chain Markeplaces. FIRE uses rebasing to adjust the supply of FIRE tokens in response to changes in demand.[\\[4\\]](#cite-id-m12knmlh3qe)[\\[1\\]](#cite-id-4fd4bmks8w)  \n  \nFIRE is not a [stablecoin](https://iq.wiki/wiki/stablecoin), but through rebasing, it offers the privileges of a Stable Unit of Account. For instance, it means, if fishing in a game costs 5 FIRE it costs 5 cents. On the other side, if the price is variable above some threshold, the privileges of Stable Unit Account could be lost and the users could not get to integrate with the [token](https://iq.wiki/wiki/ai-tokens).  \n[\\[1\\]](#cite-id-4fd4bmks8w)[\\[2\\]](#cite-id-67cqgbs81nv)  \n![image](https://ipfs.everipedia.org/ipfs/QmUcEAXaYTaYKT9ruNvC7e1vygQ18HRV2Yz1i15GU3fYA3)  \nFIRE also supports cross-chain rebasing. It was launched simultaneously on [Ethereum](https://iq.wiki/wiki/ethereum), [Arbitrum](https://iq.wiki/wiki/arbitrum), and [Optimism](https://iq.wiki/wiki/optimism) with 6.9% of the supply locked in [LP](https://iq.wiki/wiki/liquidity-pool) positions with a [POL](https://iq.wiki/wiki/pol-protocol-owned-liquidity) approach. Rebasing is done twice a day. It also may be rebased manually as needed.  \n  \nOn June 3, 2023, FIRE airdropped 12.8% of the supply to the community with 'Airdrop0'. It was founded by Van Ghoul(xGhoul0x) who was one of the founders of Based.Money during Defi Summer in 2020.[\\[5\\]](#cite-id-4o23ydovgiu)  \n  \nLeaving the staking pool before the lock duration leads to a 10% tithe penalty given to the protocol. The FIRE portion of the tithe will be burned and the USDC portion will be used to provided further liquidity for FIRE.[\\[6\\]](#cite-id-ppsdlnb8l7)  \n  \n## Tokenomics  \n  \n$FIRE was launched on Ethereum, Arbitrum, and Optimism with a starting supply of 150 million tokens, i.e., 50 million per chain.[\\[2\\]](#cite-id-67cqgbs81nv)![image](https://ipfs.everipedia.org/ipfs/QmRvohoG7rJMYXF9Fh54EY9wz4Yu9BKkqxaYyyxzAggi2H)The transmuting volume is directly beneficial to stakers through yield and indirectly to all holders through [burning](https://iq.wiki/wiki/token-burn).[\\[4\\]](#cite-id-m12knmlh3qe)  \n![image](https://ipfs.everipedia.org/ipfs/QmdShz9bmt9GhyG8MSaTWeAP2YLyxqTAEa7Pfgf4bCe6Ln)  \n  \n# States of the Protocol  \n  \n## FIRE  \n  \n FIRE is the core rebasing token in the Promethios ecosystem. It targets a stable price of 1 cent, and its supply can vary to maintain this price. [\\[8\\]](#cite-id-5s4ubhk1y3v)  \n  \n## wFIRE  \n  \nwFIRE is a token that abstracts away the rebasing behavior of FIRE. It is used when rebasing might break compatibility with other contracts. wFIRE has a stable supply but a variable price. [\\[8\\]](#cite-id-5s4ubhk1y3v)  \n  \n## veWFIRE  \n  \nveWFIRE is a token used to distribute profit-sharing rewards to token holders and FIRE [stakers](https://iq.wiki/wiki/staking). Users can deposit FIRE into the veWFIRE staking contract and earn veWFIRE tokens over time, up to a cap of 100 times the amount of FIRE staked. While users can withdraw their underlying FIRE at any time, doing so will result in the loss of veWFIRE tokens accrued. This token is designed to incentivize long-term holding and participation in the Promethios ecosystem. [\\[4\\]](#cite-id-m12knmlh3qe)[\\[8\\]](#cite-id-5s4ubhk1y3v)  \n  \n# Utility  \n  \nOn the games and marketplaces platform, the FIRE token provides:  \n  \n* **Provide Liquidity:** Deploting Liquidity on-chain and add TVL for the other party's project [token](https://iq.wiki/wiki/ai-tokens).  \n* **Incentivize the other party to join:** Based on the volume provided, by sharing the LP fees earned on their chain.  \n* **Fund directly:** By sponsoring on-chain game development through On-Chain Game Jams, Game Builder Bounties, Online Penny Arcade.  \n* **Bootstrap Protocol-Owned Liquidity:** wFIRE is used to bootstrap liquidity for Promethios. This allows for the utilization of UniswapV3 and participation in modern liquidity incentive programs.  \n* **Ideal Liquidity Pool:** Promethios aims to establish an ideal liquidity pool with features including a stableswap mechanism, a 1:100 price ratio, low fees to minimize extra protocol fees, and compatibility with rebasing.  \n  \n[\\[6\\]](#cite-id-ppsdlnb8l7)[\\[7\\]](#cite-id-bsxotiwsuwv)  \n  \n# ","summary":"Promethios is a decentralized protocol launched in 2023, utilizing rebasing to maintain a stable unit price through its token, FIRE, mostly used in Gamefi and o...","categories":[{"id":"cryptocurrencies","title":"Cryptocurrencies"}],"promoted":0,"tags":[{"id":"Protocols"},{"id":"Entertainment"}],"metadata":[{"id":"references","value":"[{\"id\":\"4fd4bmks8w\",\"url\":\"https://app.bondprotocol.finance/#/tokens/42161/0xb25ea095997f5bbaa6cea962c4fbf3bfc3c09776\",\"description\":\"FIRE token by promethios\",\"timestamp\":1692639656569},{\"id\":\"67cqgbs81nv\",\"url\":\"https://hackmd.io/@xGhoul0x/blog/https%3A%2F%2Fhackmd.io%2FiCtGaIfPTJSUbHL4BBkVRA\",\"description\":\"hackmd.io url for FIRE\",\"timestamp\":1692642496349},{\"id\":\"mkspd6se3or\",\"url\":\"https://github.com/Promethios-Fire/Promethios-contracts#readme\",\"description\":\"promethios contracts\",\"timestamp\":1692642614174},{\"id\":\"m12knmlh3qe\",\"url\":\"https://www.promethios.com/\",\"description\":\"promethios website\",\"timestamp\":1692645330132},{\"id\":\"4o23ydovgiu\",\"url\":\"https://github.com/Promethios-Fire/airdrop-0\",\"description\":\"airdrop0\",\"timestamp\":1692645602549},{\"id\":\"ppsdlnb8l7\",\"url\":\"https://hackmd.io/IfX_oCoRQnquWw0iG8DRsg#LP-Staking-Incentives---Live-Now\",\"description\":\"LP staking; promethios documentation\",\"timestamp\":1692647714094},{\"id\":\"bsxotiwsuwv\",\"url\":\"https://hackmd.io/@xGhoul0x/blog/https%3A%2F%2Fhackmd.io%2Fls00q-RyQwC56dxCOlQjTA\",\"description\":\"Retrospective part 3\",\"timestamp\":1693833227288},{\"id\":\"5s4ubhk1y3v\",\"url\":\"https://hackmd.io/@xGhoul0x/blog/https%3A%2F%2Fhackmd.io%2Fx6l7dZCpRXSgDRe_sx286g\",\"description\":\"Launch retrospective part 1\",\"timestamp\":1693833272997}]"},{"id":"website","value":"https://www.promethios.com/"},{"id":"twitter_profile","value":"https://twitter.com/promethios_fire"},{"id":"telegram_profile","value":"https://t.me/promethios_main"},{"id":"github_profile","value":"https://github.com/Promethios-Fire"},{"id":"coingecko_profile","value":"https://www.coingecko.com/en/coins/promethios"},{"id":"arbiscan_profile","value":"https://arbiscan.io/token/0xB25EA095997F5bBaa6cEa962c4fBf3bfc3C09776"},{"id":"optimistic_etherscan_profile","value":"https://optimistic.etherscan.io/token/0xB25EA095997F5bBaa6cEa962c4fBf3bfc3C09776"},{"id":"commit-message","value":"main image, utility, token explanation"},{"id":"previous_cid","value":"Qmad7PGHVp1stEMWQvX5xzyogRB9SLvr1NcTLgGWwox2RF"}],"user":{"id":"0xa817e9da10923C49C3eD3265Ec9aAb4FB2AF69FE"},"author":{"id":"0xa99437c1445649AA316f7CC43dFf3E6e210a5F23","profile":{"username":"Karishma","avatar":"Qmc7ek3BpBjheHQ4knBSdPt6UJEnbJQQmbe8iNEPW2L88F"}},"media":[{"name":"image","id":"QmRvohoG7rJMYXF9Fh54EY9wz4Yu9BKkqxaYyyxzAggi2H","size":"0.83","type":"GALLERY","source":"IPFS_IMG"},{"name":"image","id":"QmTLmuwpfupDiSjWUnhHLJtWBY8PNYwiTYx31xHy1ai1zt","size":"0.23","type":"GALLERY","source":"IPFS_IMG"},{"name":"image","id":"QmYHz3ydQ1wh2LaVaK3k21cBF8SYWyFGfPtdyN8GnCYQPh","size":"0.89","type":"GALLERY","source":"IPFS_IMG"},{"name":"image","id":"QmUcEAXaYTaYKT9ruNvC7e1vygQ18HRV2Yz1i15GU3fYA3","size":"0.04","type":"GALLERY","source":"IPFS_IMG"},{"name":"image","id":"QmVUv9E7FW5dYXipMUwMsgbmwxaCXedbREXMfMiduU8xjr","size":"0.41","type":"GALLERY","source":"IPFS_IMG"},{"name":"image","id":"QmdShz9bmt9GhyG8MSaTWeAP2YLyxqTAEa7Pfgf4bCe6Ln","size":"0.09","type":"GALLERY","source":"IPFS_IMG"}],"views":18,"events":[],"ipfs":"Qmad7PGHVp1stEMWQvX5xzyogRB9SLvr1NcTLgGWwox2RF","transactionHash":"0x4c871ea5d9c40ff1b7a45fed575e4b8251aba40c253945b12075af9a41e5de4b","created":"2023-08-21T20:49:25.766Z","updated":"2023-08-21T20:49:25.766Z","linkedWikis":null,"images":[{"id":"QmRY6z6fE28pWL1gDSnj7AJb96Advii7gKMYhe27K9ufDG","type":"image/jpeg, image/png"}]}