As the website states, the Franklin platform was created for people who believe in a crypto-dominated future with no middlemen in financial transactions. The platform believes that DeFi fundamentally disrupts traditional finance since there is no sign-up process, intermediary approvals, and middleman execution. For decentralized organizations, collectible NFTs, and gaming, expand property rights and open up new economic models. The ecosystem of the platform contains FLyLaunchpad, FLyDEX for traders, FLyStaking, FLyFarming, FLyNFT, etc.
Additionally, as the whitepaper states, the native token of the platform is FranklinYield (Fly). FLy is an ERC20 token used to maintain and support the ecosystem. The FLy token was created to aim to give users the chance to receive discounts and other benefits from the ecosystem. The token aids in the company's growth by engaging people in long-term partnerships and forming a strong institutional and retail partners’ network.
Users who hold FLy and pay in Fly seek to get special benefits and discounts from the ecosystem. The token is used to pay for using platform services and projects. In light of the current market conditions and anticipated demand for appropriate services, the platform seeks to seize these chances to launch projects, expand the user base, and scale FLy token usage.
The platform has built a destruction mechanism for market demand and asset price support within the token strategy. A portion of the profits is used to purchase FLy tokens on public trading platforms every month. The number of FLy tokens purchased is delivered to a dedicated public wallet for burning. Once the FLy tokens are sent to the dedicated wallet, the tokens can never be retrieved. Hence, the tokens are lost forever or burned. The burning of the tokens leads to a decrease in the supply and an increase in value.
