Treasury Profile: Q&A with the Famous Fox Federation

A project’s treasury is one of the most important pieces of successfully building in the web3 space. After all, without a way to keep the lights on, how can a team continue building? This is why finding a way to manage your project’s treasury through the frequent boom and bust cycles of crypto that’s aligned with your team’s values and goals, and your community is critical.

Today we’re taking a look at one of the strategies the Famous Fox Federation is using to manage their treasury: holding liquid staked versions of SOL!

What is the Famous Fox Federation? How does their community evaluate its treasury holdings? What’s on the horizon? We spoke with project Co-Founder draxxts to learn more.

Jito: Can you provide some context on the Famous Fox project for anyone who isn’t familiar?

FFF: The Famous Fox Federation (FFF) is an NFT project on the Solana blockchain that features a unique on-chain gamified staking ecosystem coupled with a strong suite of utility and a tight-knit community.

Jito: Awesome! What kind of utility does FFF provide?

FFF: For holders, FFF introduces a fun and exciting way to do on-chain staking for trait-based missions and raids each week. Foxes earn the project’s utility token $FOXY and FAME, on-chain experience points for foxes. Higher FAME levels for the Genesis Famous Foxes can unlock trait upgrades and even more incentives within the FFF ecosystem.

As innovative builders in Solana, FFF boasts of a wide array of tools made to help the average Solana user. With or without a fox, users have access to FFF’s safe and secure peer-to-peer NFT trading platform, FoxySwap. From token management to bulk NFT sending, the Famous Foxes continue to push the boundaries in terms of what can be done to improve the daily user’s quality of life while highlighting the best of what Solana has to offer.

Jito: How does the community evaluate its treasury holdings? What was calculus to hold liquid staked SOL vs. directly staked or other options?

FFF: They really look at our treasury as a measure of success with our project. Our treasury is a strategic cushion that we can leverage when necessary for expanding the project. Our reason for putting the funds into liquid staking is to support the Solana ecosystem while being able to earn yield and have access to instant liquidity when necessary. With direct staking you do have to be a little more active in monitoring the validators that you are staking with so going the liquid staking route takes some of that work out for us.

Jito: What aspect of JitoSOL won your team over?

FFF: We really like the Maximum Extractable Value (MEV) aspect of JitoSOL and earning additional yield with it, and we have a large respect for the team!

Jito: How have the results been? Is the community happy with this decision so far?

FFF: So far the results have been great, the account is growing in SOL value every day! We believe that the community is quite happy with the decision to go this route with the funds that we have been able to generate.

Jito: How does the team custody JitoSOL and ensure safety of the assets?

FFF: We custody the funds on our Squads multi-sig wallet for safe keeping. [Editors note: Squads provides a safe way for DAOs or individuals to mint and hold JitoSOL. Read about the integration here.]

Jito: Does your treasury still hold unstaked SOL? And if so, what would push the Famous Fox Federation Team and Community to decide to stake more of it?

FFF: We do purely to have quick access to liquidity as we hold very little USDC in comparison. This is just based on our internal structure for finances, as we generate more revenue we will allocate more funds into liquid staking.

Jito: What’s on the horizon for Famous Fox? Anything we should be on the lookout for?

FFF: Right now we’ve been building out our P2P lending protocol Citrus. We’ve recently released features such as LTV Offers (offers that automatically adjust with FP based on a % value set by the lender) and our reward point system JUICE (to reward users of the platform, these points will be redeemable for SOL, NFTs, exclusive merch, and much more).

In the 3 months that Citrus has gone live we have grown to 65k SOL TVL and have processed over 1 million SOL in loans!

We appreciate the Famous Fox Federation for their time for this Q&A, and for their trust in JitoSOL! For more information about both projects, check out the links below

JitoSOL Twitter: https://twitter.com/jito_sol
JitoSOL Staking Page: https://www.jito.network/staking

Famous Fox Federation Twitter: https://twitter.com/FamousFoxFed