Monthly Update: July 2022
Once again, it’s time for us to lay down our progress. We’re happy to bring you more than one piece of good news this time around, so let’s jump right into this month’s developments!
From our Tech department
The Staking Platform has been submitted to auditors
We’re pleased to let you know that our Staking Platform has been submitted for smart contract audit. This entails a process similar to the Primary Lending Platform’s audit, with the key difference that the Staking platform comprises fewer contracts.
Through this process, we engage closely with our auditors, HashEx, to work through any items they note and to devise the best ways to re-work any issues that need to be addressed. We will keep you updated regarding the results of each feedback round.
PLP UI updated
As most of you have noticed, two UI updates were applied late this month. These included new metrics and charts on the Markets page (showing Lender APY, Lender Deposits), a more prominent display of borrower APY, greater precision for the display of Loan-to-Value ratios, new tooltips, and the correction of some displayed values.
Bug Bounty Program
Our Immunefi bug bounty program was released this month. Fringe Finance has received a number of well-considered reports from whitehat hackers and has been working through the items with whitehat hackers to determine the best treatment for each bug report.
We are very pleased to advise that none of the bug reports are related to any risk to funds. We have reached this process’s final stages and will soon be making awards to deserving hackers.
The bug bounty program is an ongoing key aspect of our approach to security. With the future release of new Fringe Finance roadmap items, we will extend our bug bounty program accordingly. As Fringe Finance’s TVL increases over time, we will scale bug bounty rewards to continue attracting the valued attention of the whitehat hacker community.
USB Platform development
We continue the development of the USB platform, and it continues to cycle through testing and re-work. We will provide further updates as we progress toward a smart contract audit.
A sneak peek of the Staking Platform
In the above video, published on July 14th, you can see Fringe Finance’s CTO, Brian Pasfield, demonstrating the components of the Staking Platform and how it works.
This platform is a key component of the Fringe ecosystem and will allow $FRIN and other token stakers to earn rewards from Platform activity and partner promotion programs.
We are at the beginning stages of testing our initial multi-chain roadmap, having deployed the PLP’s Testnet to Polygon, Arbitrum, and Optimism. As we progress, we will make further announcements.
Fixed interest rates
We are progressing in the design of our fixed interest solution. This is a key roadmap item for Fringe Finance, given it opens up new markets for lenders who value predictable interest rate returns and borrowers who want predictable, fixed interest rates on their loan positions.
Fringe Finance will be able to service new market participants who demand the ability to control lending and borrowing costs. DeFi has a range of fixed interest rate models that each have tradeoffs. We have closely assessed over half a dozen different fixed interest rate models and over a dozen fixed interest rate platforms to ensure our design and any leveraging of existing FI protocols achieves the best scalability and user experience for our fixed interest solution.
This month, the Primary Lending Platform saw the integration of four tokens: ApeCoin’s $APE, Shiba Inu’s $SHIB, ShapeShift’s $FOX, and Lido DAO’s $LDO. After these listings, we saw five-figure loans on the platform for the first time, specifically against $LDO. Also, on the 21st, the platform’s TVL briefly broke above $200k for the first time!
Fringe Finance will continue to integrate new assets and trying to get as much exposure as possible from each listing.
Interacting with DAOs
One of the many value propositions of Fringe is the ability for projects to collateralize their Treasuries, financing their operations without the need to dump tokens in the open market. In this way, negative price pressure is greatly reduced. As such, and in pure DeFi spirit, we are in the process of reaching out to DAOs to propose integrations and Treasury optimization.
Our proposal to SushiSwap DAO was registered on July 7th and gathered almost unanimous support. We were then invited to discuss it on Sushi’s July 28th Community Call, featuring nearly 400 SUSHI token holders. On July 20th, we also proposed that the ApeCoin DAO use our PLP to fund part of its operational costs through stablecoin loans. The proposal is still open for $APE holders to vote.
We are also joining ShapeShift’s next Tokenomics Discord Call on August 2nd, 10:00 PM GMT to present Fringe as an opportunity to ShapeShift’s community. We’ll see you there!
Your most frequent questions, answered
We’re always seeking to engage and keep a dialogue open with the Fringe community of users and token holders. We held a post-launch AMA for all questions that might have emerged since the platform went live. Questions touched on interesting topics such as the project’s next immediate goals, when the transition to the Fringe DAO will be concluded, and much more.
Check it out here.
This month, our CTO was interviewed by two news outlets.
On BeInCrypto, Brian gave his two cents on the recent liquidity problems of some CeFi crypto lending firms and what can be done to fix them.
Finance Magnates did a piece on the performance of DeFi tokens in the current bear market and what this means for DeFi in the long term. In the words of our CTO, “DeFi tokens without a real use case do not have a reason to hold value in and out themselves.”
Fringe was also the subject of an article by Bitcoin Insider teaching step-by-step how to take a permissionless, no-KYC loan against $SHIB, a first in the whole of DeFi. We’re also happy to have one of our loyal community members, DeFi Eric, create a video tutorial!
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.
For more information on Fringe Finance, visit our website.