Eulogy DAO:

a cross-protocol
Fantom alliance

Eulogy DAO is an alliance of core Fantom protocols seeking to cooperate and organize in furtherance of Fantom common good purposes. Eulogy DAO's first initiative seeks to restore and maintain the fUSD peg.


- Spookyswap
- Multichain
- 0xDAO
- Beethoven
- Spiritswap
- Liquid Driver
- DEUS Finance

This is the initial list of alliance member protocols but it will be updated to reflect newer additions as further firm commitments are provided. Each member will be awarded a veLOG as mentioned below in the tokenomics section.

The name Eulogy was chosen for the alliance DAO because it is the DAO members who have and will define the Fantom legacy. The concept remains rooted in the traditional Fantom imagery with both an eye on the future yet also deeply mindful of the past. Eulogy is an alliance, a DAO and a token. But really Eulogy a vision for the legacy of Fantom.

Eulogy DAO's first order of business is to restore the fUSD peg and ensure that it reaches stability. This is a mission-critical imperative for Fantom.

Future Eulogy DAO initiatives may be enacted. No particular additional initiatives have been planned at this time and - in fact - maintenance of the fUSD peg may remain the sole Eulogy function though such a decision remains the discretion of the alliance by way of governance vote.


Secure Oracles.

- Integrating Chainlink price feeds will ensure that fUSD is protected by the most battle-tested oracle infrastructure available on the market. FTM/USD price feeds will be utilized for minting and liquidation of fUSD.

Lossless protocol.

- This is a sophisticated fraud prevention technology and token standard which will intervene proactively in the event of suspicious activity.

Hardened Liquidation system.

- A liquidation system consistent with what is presently used on MIM & DEI based on Bento Box Technology with a roadmap to upgrade to a Maker DAI-like auction based liquidation system.

Enforced monetary policy.

- This will be paired with a variant of Frax inspired, and DEUS developed highly effective AMO technology that enforces peg stabilization mechanism onto the market. Given the particular importance of this aspect of the plan, the peg stability mechanism to be utilized is expounded upon below within the FAQ section.

Liquidity Incentives.

- The Eulogy protocol and its native token “Eulogy (LOG)” will be created and the application itself will live within The LOG token will be to incentivize fUSD - USDC liquidity on Solidly, Spookyswap, Beets, Curve and others by implementing a veLOG NFT that captures the Fees and also directs the LOG emissions via gauges.

Frequently Asked Questions


The peg will be addressed in a two-fold manner:

  • Dynamic interest similar to Maker DAI inspired by the monetary policy of USD;
  • Enforced monetary policy akin to Frax Automated Market Operators (AMO).

There will be a simpler basis for arbitrageurs as baked into the protocol rather than merely creating a secondary market. The economic incentive is not only easily accessible and obvious to all, it is also deeply incentivized as an additional base function to natural arbitrage. This is protocol-owned arbitrage.

The AMO provides a second layer of protection which is triggered randomly under extreme market fluctuation conditions pushing natural market actors to act rapidly. As needed, lower repayment fees, higher borrowing fees, and higher interest rates will be used to make it attractive to buy fUSD below 1$. The opposite will occur should fUSD be above peg, thus creating substantial sell pressure. If either is not already achieved naturally by market participants, the AMO will intervene and enforce the monetary policy for them.

What will be achieved with these methods is price influence that is both very fast and very effective and works to endlessly bilaterally distribute stabilizing economic pressure so that price will remain consistently pegged to $1 USD.

Once access to the underlying minter contract is granted by the Foundation, the plan will be executed immediately with implementation presently estimated at one month with a possibility of two months in the event of any now unforeseen complications.

Total supply 1,001,001,001 LOG;
15% locked into veLOG (as NFT) given to top 25 FTM protocols and DEUS finance for their contribution;
10% locked into veLOG (as NFT) given to the first Validators minting fUSDv2 via sFTM collateral;
65% LOG will be paid out in gauges, linearly, with distribution halving every 6 months;
10% LOG will be used for Liquidity bootstrapping of 4 weeks;
LOG will use a similar token model like DEUS / veDEUS, collecting fee revenue into veLOG also providing veLOG holders with anti dilution protection and the ability to vote for gauges.

In full cooperation with the Fantom Foundation, DEUS is taking the manpower lead on implementing fUSD restoration technology. This will be done with the other member protocols listed above participating as needed and providing quality assurance oversight with specific emphasis on security auditing. Upon successful restoration and peg stability being achieved, full control of Eulogy will transition to complete DAO goverance.

DEUS has committed to this work because a thriving fUSD is essential to the DEUS plans of growth within Fantom. DEUS believes that Fantom is the absolute premiere and most ideal DeFi ecosystem and it seeks to particpate as a key Fantom-native protocol over the longterm.

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