Monthly Update — February 2024
In February 2024, Fringe Finance focused on enhancing its offerings and user experience following the launch of its V2 platform in January. The update signified a considerable advancement in the decentralized finance (DeFi) sector, introducing new and improved features designed to enrich user interaction, security, and platform functionality.
This period has been marked by technological advancements, strategic partnerships, and program launches, all of which aim to enhance the platform’s utility and user experience.
Fringe Finance V2 Incentive Program
The newly introduced V2 Incentive Program, unveiled in February, has already shown a positive impact on the platform’s Total Value Locked (TVL). Designed to reward lenders across five blockchains (Ethereum, Polygon, Arbitrum, Optimism, and zkSync), the program is structured around TVL milestones, demonstrating Fringe Finance’s commitment to growth and user engagement. You can make your deposit here!
Technology Update
This past month, the technical team has focussed on bedding down the Fringe V2 live system, preparing technical infrastructure for the Fringe incentive program, releasing the final audit report and progressing development on new features.
Several frontend releases have occurred to enhance the performance of Fringe V2, which have included UI loading speed, wallet connection issues — especially on mobile and WalletConnect, some fragility when swapping chains via external wallets, issues closing some Amplify leverage trading positions, rendering testnet token lists when no wallet is connected and others. We have an additional frontend release currently being tested and expect to push it to the live system shortly. Most high-priority issues have been resolved, and Fringe continues improving the front end. The team is also now looking at options for possible UI styling adjustments.
Fringe Finance Partnership with Pyth Network
Fringe Finance added Pyth Network as a price feed provider, which improved our Price Oracle Model and gave our users another reliable data source, enabling them to trade confidently on our platform. The new price oracle model supports more efficient liquidations on the Fringe platform by reducing price discontinuations into a smoother curve to ensure borrowers receive better prices for their liquidated collateral during any liquidation event. This is designed to benefit borrowers and promote Fringe’s adoption.
We were awarded an allocation from the Pyth Network Retrospective Airdrop program because of this integration, and it will be used to drive the platform's adoption!
Fringe Finance v2 Audit: Hashex Report
We received the audit report of our smart contracts, which was conducted by Hashex. The audit of Fringe Finance’s smart contract was executed Iteratively over several months, from August 2023 to February 2024, assuring a deep and thorough evaluation process. Following the audit, Fringe Finance acted on HashEx’s recommendations, updating our code and reinforcing the platform’s security posture.
This successful audit laid the foundation for subsequent updates to the Fringe Finance platform. As soon as new additions are made to our codebase, complementary audits will be performed to guarantee the platform's security and integrity.
Next Steps
Now that the incentives program is in place, the time is to push forward! Fringe Finance applied for a grant on the LTIPP program on Arbitrum, and new features are being developed to close the V2 cycle!
Smart contract changes are being finalized for LP token support, ERC4626 token support, and enhancements to our price oracle handling. These added utilities will be important to attract new cohorts of users to Fringe. New listings are also in the pipeline, so pay attention to our social media channels for updates!
Fringe Finance. Defi for Everyone!
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