Monthly Update: April 2022
Dear Fringe community,
As some of you have noticed, this month, we’ve been endlessly testing and re-testing the Primary Lending Platform’s Testnet. In a month that we anticipated (meme-ishly, we have to say) would be full of updates, we saw a great number of hacks and exploits around the DeFi ecosystem, which has motivated us to deeply investigate and test our platform against new real-world-like scenarios.
How did we fare against them?
So far, we can attest that our twice-audited platform is performing correctly against virtually every adverse scenario presented. We, however, identified one edge case in which manual liquidations couldn’t be performed with complete precision, which, although minor and unlikely, required a small contract fix. The possibility of a small mishappening such as the need for a small fix was contemplated in last month’s time estimates, although it did limit our ability to update the community regarding our deployment onto the Ethereum Mainnet.
What else happened this month?
Collateral parameters modeling
Last month, the Pasfield/Pasfield team went above and beyond all expectations with their technical overview of how the lending parameters for collateral assets in the Primary Lending Platform are obtained. This read, a must for every Fringe community member, goes deeply into the mechanics behind maximizing stability and robustness for long-term adoption.
Your questions, answered
More than 30 questions from the community were answered in the April #FringeFrensAsk Telegram AMA, divided into Part 1 and Part 2 on our Medium blog. We talked about the status of roadmap items, marketing our product to institutional investors, contingency plans for possible exploits, and many other subjects. We also received several interesting ideas to be discussed across the board for platform implementations.
On April 15th, our CTO Brian Pasfield was interviewed in the Action and Ambition Podcast by Entrepreneur. In this interview (highly recommended interview for all newbies!) he elaborates on Fringe’s unique proposition and its impact on DeFi. Brian was also interviewed for an article about the $182 million Beanstalk hack on The Verge. He noted:
“DAO governance is currently trending in DeFi. While it is a necessary step in the decentralization process, it should be done gradually and with all the possible risks carefully weighted. Developers and administrators should be aware of new points of failure that can be created by developers or DAO members intentionally or by accident.” If you’d like to learn more about Brian’s thoughts on Beanstalk’s situation, please review his relevant answer during AMA Part 2.
Staking and USB Platforms progress
While our efforts towards finalizing the Primary Lending Platform lead us towards a long-awaited launch, we remain at work in pushing out the remaining components of the Fringe ecosystem.
In particular, the work performed on the Staking and USB Platforms leads us to believe we should be entering the testing of these products within the next couple of months.
Finalized the details surrounding our Launching Party
When it comes to yachting, we’re readier than ever. We’ve finished setting the scene for an epic Primary Lending Platform presentation.
Spreading the word about Fringe
Carlos Cano and Konstantin Shirokov were invited to an episode of the New to Crypto Podcast, covering the Primary Lending Platform, FRIN token, staking, partnerships, and much more. On April 18th, Carlos and Konstantin were also invited to introduce Fringe Finance to the Spanish-speaking community at Crypto Latin Fest. Konstantin and Brian then participated in Cryptex Finance’s Office Hours on April 28th to discuss how Cryptex could benefit from utilizing Fringe’s Lending Platform.
Along with this, our fifth Partner Spaces on April 13th featured Aleksei Pupyshev, Lead Architect of GTON Capital. With him, we discussed DAOs, DeFi 2.0, surviving in crypto, and what GTON brings to the crypto space.
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.