FAQs (recommended reading)

1. What is Garbi Protocol?

Garbi Protocol is a decentralized exchange for stablecoins that uses an automated market maker (AMM) to manage liquidity on Arbitrum. It is running here: https://garbi.io/

2. If you have any new services in mind besides the stablecoin AMM and are you thinking about expanding GarbiProtocol to other chains in the future?

GarbiProtocol now has 5 sub-products: GarbiSwap (Stablecoin AMM), Garbi Farms, Garbi Equity Certificate (GEC), Garbi Stable Bridge, and Garbi Game. We will continually improve all of it, and yes, maybe in the future, we will have more Garbi Products. We have not any plan to move Garbi to other chains for now. Arbitrum is a very new blockchain with many good features (Fully supports Smart Contract - Solidity, Lower transaction fee, very large and active community, etc.), so there is no reason to expand. Still, everything can change in the future base on the community.

3. You said you will lower emissions. When do you expect all Garbi will be mined? And what happens when all Garbi is mined? Is it possible to change to revenue sharing model?

After the release of the Garbi Swap (Garbi Protocol 1.0.0) version, Garbi is running in production mode, so we will update emissions on all pools to balance the speed of distribution. So everyone who helps with the protocol will be the owner of Garbi (get $GRB token as proof). As we wrote this page https://garbi.io/earn.html There are currently 0.032 GRB tokens minted per block, so approximately 921.6 each day. We will need ~2.5 years to get all of GRB at this speed. When all GRB is mined, you will not get any GRB from Pools or Farms, and Garbi Swap will do its job to burn GRB from its trading fee. Also, Farms or other Garbi Products will do the same. We can update anything about Garbi votes in the Community.

4. Are we going to get DAO? When do you expect it to be live?

Yes. You can check this page https://garbi.io/dao.html. We will work on DAO system after Garbi Protocol is fully running. We love how other fully DAO protocol works (Compound, MakerDAO), etc, and how they are giving value to the community, we will have not any DeFi without them, it is the main reason we created Garbi Protocol.

5. What are the fees going to be for Garbi Protocol and on what blockchain? ETH, BSC, ARBITRUM, etc

0.25% is the trading fee of Garbi Protocol, 25% of it (0.05%) will be used to buy GRB on the market and burn, 5% of it(0.01%) will be SAFU contract to use for BUG BOUNTY Program, etc. Garbi Protocol will only work on Arbitrum for now.

6. What are some other competitors of Garbi Protocol, and why should people choose Garbi services and not the services of other competitors?

Garbi Protocol with the main product is Garbi Swap (Stablecoin AMM) and Garbi Farms (Yield Aggregator), Garbi Zero Loss lottery, so we will have many competitors lol (uniswap, swapfish, etc.). But we will try to partner with any other good protocol on Arbitrum, so basically, we have no competitors, lol. Garbi Swap (our main product for now) will have its unique features compare with another protocol. For example, with Garbi Swap, Liquidity Providers will not earn only from trading fees. The protocol is also supplied to GMX protocol or other DeFi pools to create more interest. The Garbi Swap Contract will move the liquidity around to do both works (trading and farming).

7. Safety and security are always the most important things. So what is the security mechanism of Garbi Protocol to ensure user funds do not become the target of hackers?

Correct, Security First is our main point when creating Garbi Protocol. To prevent (decrease the opportunity for attacking - flash loan) we created a Whitelist contract. Whitelist contract will be a firewall for the protocol. All other contracts which want to access (make an internal call) to Garbi Protocol Contract will need to be approved first. And we will work on the Audit and BUG BOUNTY Program to increase the performance of Garbi’s source code.

8. What happens when you run out of money? How will Garbi Protocol Network create revenue other than minting tokens?

The best of a decentralized application is you only need to do it once. Zero server cost. The UI is running on GitHub pages for free, and anyone can download the UI to run it on their local. So what happens when we run out of money? We just let it run without any issues. We will move our admin permission to the DAO contract, so at that time, the community will control and run/build the protocol. Without us, Garbi Protocol will run forever on blockchain to do its job. Garbi Swap, Garbi Farms will buy GRB with its profit and then burn to increase GRB token value (create revenue for all communities).