IMPORTANT: $FRIN’s Airdrop Is On Its Way! Everything you need to know.

Fringe community,

As we informed you in our last update, we have decided to airdrop the FRIN token instead of executing a token swap. We made this decision to save our community the pain of conducting a swap in the current gas fee panorama for the Ethereum chain. The airdrop is set to commence this January 24th, with a Snapshot at 4 PM AEDT (GMT+11) on January 24th.

Through this update, we’ll dive into the specifics of the airdropping process. If you are a $BOND token holder, make sure you read carefully! Missing out on details could result in you not receiving the airdrop and, therefore, being left without your share of FRIN tokens.

About the FRIN token

Although our original intention was to make $FRIN exactly identical to $BOND, we have seen an opportunity to make a slight change in the token design.

Instead of making $FRIN a purely ERC-20 token, we will make a slight change, using the DS ERC20 token standard used by the MakerDAO MKR governance token. This is so that we can employ stablecoin stability mechanisms similar to those Maker uses to stabilize DAI. Since the USB platform is underway and our design is greatly inspired by Maker, we consider it prudent to use this market-proven, well-tested approach.

DS ERC20 tokens have the property of allowing Fringe, in edge cases that require extreme measures to stabilize the platform, to mint and then burn governance tokens from our Treasury. Tokens would be minted only for these reasons and this can only ever be triggered automatically by the protocol. It suffices to say that we understand and are against the consequences of discretionary minting, so minting can only happen automatically in these edge case occasions and as dictated by the protocol itself.

As we mentioned before, $FRIN will retain $BOND’s tokenomics. A rewards program will follow shortly after we have successfully finalized the airdrop.

The airdrop itself

As we established in our last update, $BOND holders will receive FRIN tokens at a 1:1 proportion to their current holdings.

The process of identifying who owns the tokens in the market and how many do they have will require several steps to unroll. There are currently $BOND tokens spread in four places:

  1. Non-custodial wallets, like Metamask, cold storage wallets, Trustwallet, etc.
  2. Exchange addresses in the centralized exchanges that support $BOND: Gate.io, Ascendex, ProBit, Hitbtc, Bilaxy, and FMFW.
  3. Staked $BOND in Ascendex used to accrue interest.
  4. $BOND in Uniswap v2 liquidity pools, which help users trade our token through this decentralized exchange.

To successfully conduct the airdrop, then, we need to:

  1. Pull all the liquidity provided by Fringe to centralized exchanges and Uniswap liquidity pools.
  2. Have centralized exchanges snapshot the number of $BOND and addresses that hold it within their platform. There will be NO need to unstake tokens for this in the Ascendex platform, although CEXs might temporarily freeze trading, deposits, and withdrawals through this process. All of our exchange partners will support this move, except Probit. Please make sure you remove your tokens from Probit before the date of the token swap.
  3. Ask users to remove all liquidity they may have provided to Uniswap v2 Liquidity Pools before January 24th.
  4. Fringe Finance will snapshot non-custodial addresses holding $BOND at 4 PM AEDT (GMT+11) on January 24th. Go here to convert this to your time zone.

You can expect the airdrop to be completed within the same day it starts (January 24th), though there is a slight chance it could extend into the next day.

To recap, here’s what you should do:

If you’re holding $BOND in a non-custodial wallet:

  1. Make sure to assess how many BOND tokens you hold in your wallet(s).
  2. Avoid transacting/moving your $BOND on January 24th.
  3. Do not provide liquidity to any Uniswap v2 liquidity pools, and make sure to remove it if you currently are a provider.
  4. Wait until you receive the airdrop. Make sure the original $BOND amount matches the received $FRIN balance. You’ll need to add the $FRIN token to your wallet using the following instructions:
  5. If you did not receive the full airdrop, please get in touch with our Telegram administrators through our official channel.

To see your $FRIN balance in a non-custodial wallet, you’ll need to manually add the token. You can use this tutorial if you’re unsure how to do this.

$FRIN’s Mainnet ERC20 token address is 0xC9fE6E1C76210bE83DC1B5b20ec7FD010B0b1D15.

If you’re holding $BOND in a centralized exchange that is NOT Probit (or are staking in Ascendex):

  1. Read the announcement relating to your exchange:
  1. Make sure to assess how many BOND tokens you hold in your wallet(s).
  2. Avoid transacting/moving your $BOND on January 24th. Your exchange might halt deposits and withdrawals temporarily, so plan ahead for this.
  3. Remember that there is no need to unstake your tokens if you’re using Ascendex.
  4. Wait until you receive the airdrop. Make sure the original $BOND amount matches the received $FRIN balance. If it doesn’t, please get in touch with your exchange immediately.

If you’re holding $BOND in Probit:

  1. You will have to remove all your $BOND tokens from this exchange to another supported exchange or a non-custodial wallet. Please do so as soon as possible.
  2. Once your tokens are on another exchange or a non-custodial wallet, please make sure you read their corresponding announcement and follow the instructions for your kind of wallet in this article.

If you’re a $BOND liquidity provider on Uniswap:

  1. Remove all liquidity you have provided before January 24th. We advise you to plan ahead for this as to not face unnecessarily high gas fees and have plenty of time.
  2. See the steps for holders of non-custodial wallets as you withdraw your $BOND into your wallet of choice.

Thank you for supporting Fringe Finance.

We’d like to thank our community for their dedicated support and attention along this road. After successfully finalizing this airdrop, we can say that our rebrand process will be complete and that the launch of the Primary Lending Platform in Mainnet will be at an arm’s length.

We’ll be publishing updates through the process of the airdrop, so stay tuned to the official communications channels below!

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Fringe Finance

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Decentralized financial ecosystem unlocking the dormant capital from traditional financial markets and all-tier cryptocurrencies. #DeFi lending & borrowing.

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