Fringe Finance is very proud to announce that the first release of the non-custodial Primary Lending Platform (PLP) will be finished and live on the Ethereum Mainnet for public access on June 24th, at 11:00 PM GMT.
Starting from this date, lenders may deposit $USDC to the Primary Lending Platform to earn interest, while borrowers may deposit their whitelisted tokens as collateral to take out $USDC loans.
The Primary Lending Platform’s launch will be celebrated with a Metaverse Yacht Party, which will start as the platform goes live.
A key part of Fringe Finance’s mission is to allow holders of a wide range of tokens to optimize their capital. Today’s initial release is the start of a journey whereby the PLP will progressively add support for a long list of tokens as collateral. For our initial Mainnet release, the following collateral assets will be supported by the PLP:
Each month we will announce support for additional sets of collateral assets.
Fringe Finance will be adding support for additional popular and reliable capital assets over time. At this time, the only capital asset for lending is $USDC.
We are intentionally only supporting popular and reliable capital assets given each new capital asset fragments liquidity between multiple lending pools. Our selective approach results in less volatile interest rates and lower interest rate slippage.
Currently, the PLP supports variable interest rates. The variable interest rate mechanism is dependent on the supply of lenders’ capital versus the demand for loans taken out by borrowers. Consequently, it can be anticipated there will be some initial high variability in interest rates for a short period. This could represent a unique opportunity for lenders and borrowers as the market initially equilibrates on an interest rate.
Abundance of caution
For the sake of caution, Fringe Finance will initially set low debt limits (Max Borrowing Capacity) for each collateral asset before increasing them over the coming weeks to their target values.
Crucially, rather than limiting the borrowing capacity of individual borrowers, debt limits only limit the total amount of $USDC enabled to be borrowed against each collateral asset by all borrowers combined. The goal of these initially conservative parameter values is to ensure that in these early days of the PLP, the platform is working as expected and funds are safu.
Roadmap — the start of a beautiful journey
Today’s delivery of the first iteration of the Primary Lending platform is the beginning of a journey that will roll out a roadmap of valuable functionalities for the DeFi community and for $FRIN token holders. While all implementations will depend on a cost-benefit analysis, the Fringe roadmap proposes the following:
- Staking & Yield Farming Platform
- USB Stablecoin Platform
- Fixed interest lending and borrowing
- Borrowing against NFTs
- Support for other Layer-1 and Layer-2 chains
- Fully decentralized UI
- Fully decentralized backend
- Handover of Fringe Finance to a decentralized DAO
- Insurance for lenders and borrowers
We are already well advanced in the development of our Staking & Yield Farming Platform as well as our USB Stablecoin Platform. When our Staking Platform is released, amongst other staking opportunities, lenders will be able to stake their interest-bearing fTokens from the Primary Lending Platform to temporarily receive extra yield farming rewards.
Decentraland Yacht Party Launch Event
Our celebratory Yacht Party will take place at the exact moment as the Primary Lending Platform becomes fully operational — Friday, June 24th at 11:00 PM GMT — lasting for two hours.
Welcomed guests will receive an invitation in their emails before the launch date. With this party, we will welcome the PLP into existence within the Metaverse, symbolizing the decentralization goals of both Fringe Finance and DeFi as a whole.
It is a proud day for the team as we deliver the Primary Lending Platform to the DeFi marketplace and for the benefit of the $FRIN governance token holders. Join us on this journey and stay tuned as we make announcements of the delivery of new roadmap items.
Fringe Finance — DeFi for Everyone (™)
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.