End of Month Update: March 2022.
Dear Fringe community,
We did it. We’re fully audited by not one, but two major firms.
You don’t need us to convince you that the process of getting the thumbs up from our auditors was complex, taking several rounds of back-and-forth. However, sticking to our principles of prioritizing security, we’re happy to say that we’re done and that it was all worth it.
So, where are we now? What’s coming for Fringe? Wen Mainnet? Well, let’s go through our usual round of updates by moving through all of these answers.
From the Tech team
Last month, we announced that there were several items withstanding evaluation by our auditors. Arriving at a thumbs-up required several rounds of fixes, checks, and re-checks to the vulnerabilities detected by the audit. Happily, most of them were non-critical, so we were confident about our ability to deliver our community with a finalized audit by this update. The final results and certificate shall soon be made public by HashEx.
Along with fixing vulnerabilities, we have been preparing for the rollout of the Primary Lending Platform. Working closely with our development team, primarily located in Ukraine, we’ve been able to progress swiftly, minimizing the impact of the military conflicts currently underway in the region. Our team and processes are positioned to undertake the final sprint, which includes:
- Finalizing the modeling to define the collateral asset parameters. We’re currently finalizing these parameters, which will be made public in a separate post.
- Polishing the final UI of the Primary Lending Platform. This entails only front-end fixes, so this will not cause the need to re-audit as it doesn’t affect smart contracts.
- Deployment of code to the cloud infrastructure for front-end and back-end components.
- Deployment of smart contracts to Ethereum Mainnet.
- Setting Mainnet confirmation parameters.
- Validating Mainnet deployment.
The Primary Lending Platform will include up to six collateral assets in its first release. These will also be announced shortly, along with their parameters.
Being fully audited places the codebase into a sound position for subsequent roadmap items to be added in due course, always with their corresponding audits. We have finalized building the Primary Lending Platform, and it’s just a matter of placing it in the Ethereum blockchain where it will live (hopefully) forever. Achieving this should be a matter of a few weeks, at most.
And, speaking about roadmap items…
Our Staking Platform continues its development according to plan. All smart contract development for the Staking Platform is complete, and the UI has been constructed (some of you even managed to catch a glimpse of an old version last week!) The dev team is finalizing the integration of the UI with smart contracts, and we anticipate being able to commence initial internal testing next week.
The staking platform will allow the staking of various assets so stakers can enjoy rewards. Assets include FRIN tokens (to receive a percentage of the fees collected by the platform), bTokens (to receive initial yield farming rewards,) and USB stablecoins (to receive interest on USB stablecoins and also for initial yield farming rewards.)
The Staking Platform is intentionally being released soon after the Primary Lending Platform so that we can focus on the release of the core aspects of the PLP. Any fees collected by the PLP in its first weeks will be small in aggregate, while user adoption has time to achieve traction. To prevent users from spending in staking fees while these features are rolled out and the platform gains traction. All fees will be retained, with a proportion of the profits to be distributed to $FRIN holders later and a proportion to fund ongoing development.
The USB platform continues development at a measured pace to ensure it adopts the lessons learned during the audit and testing of the Primary Lending Platform.
Once the release of the Primary Lending Platform occurs, we will be able to allocate additional resources to the continued development of the USB platform. This is a critical component of the overall Fringe Finance strategy. Therefore, the rigor we’ve applied to the Primary Lending Platform is now being enjoyed by the USB platform.
Our marketing team has also been preparing for the launch of the Primary Lending Platform, as some of you learned from our Metaverse Yacht Party announcement (still not too late to apply for whitelisting!).
To prepare, we have:
- Recorded a pre-launch episode with a well-known podcast in the scene, only waiting for our final confirmation to go live.
- Started the promotion of Fringe to Latin American communities.
- Created Fringe communities in four languages, appointing ambassadors to each.
- Reached crypto investors everywhere with featurings such as our latest in NewsBTC, CoinTelegraph, and HackerNoon.
- Ran Twitter Spaces with our partners from IoTeX and Bancor.
- Continued communication with new potential partners.
We are also entering a stage in which we know the protocol will be heavily scrutinized by the public and, as such, are looking into starting the production of more documentation surrounding it. The community has rightfully pointed the way regarding this, as you have all been incredibly welcoming of our latest Audit Report. We have noted this and plan to increase the production of high-quality information with insights on developing a DeFi protocol.
Now that we have succeeded in auditing our platform, we are primarily concerned with making sure its deployment into the Ethereum network goes swiftly. Over the next few weeks, Cyber Unit and our internal tech team will collaborate closely on the steps outlined in this update, and you can therefore expect several updates regarding these items.
We hope you are as excited as we are about this launch. It will mean a lot to us to meet the loyal Fringe community in the Metaverse to celebrate our Primary Lending Platform!
Expect a month full of updates,
The Fringe Finance team.
About Fringe Finance
Fringe Finance is a decentralized money market designed to unlock the capital spread in crypto assets regardless of their capitalization and supported network. With a next-generation DeFi lending & borrowing ecosystem, Fringe aims to unlock the dormant capital from traditional financial markets and all-tier cryptocurrencies.