Monthly Update: June 2023
Fringe family,
As you know, we’ve officially kicked off the audit process for our v2. Due to the sheer amount of upgrades coming to the platform, we’ve split v2’s release into v2.1 and v2.2. We’ve also begun laying the groundwork for Fringe v3.
This month was full of work behind the scenes to polish its release. Let’s recap everything that went down in June!
Tech Updates
v2 Audit is in Progress!
The audit process for v2 is underway. All the platform improvements and smart contracts are being audited by HashEx, a highly respected firm, and auditors of v1.
This audit is essential to ensuring our platform’s utmost security, reliability, and efficiency. The key areas covered during the audit include:
- Atomic repayments,
- Multiple lender assets,
- Multi-chain,
- Amplify leveraged trading,
- Margin Trade leveraged trading,
- New liquidation model,
- Decentralized backend,
- LP token collateral,
- Wrapped token gateway — to support auto wrapping/unwrapping for ETH/wETH,
- Gas use optimizations,
- UI improvements; and
- WalletConnect Multi-sig wallet support.
Please note that pooled collateral and our new price oracle model are currently in the conclusive stages of development and are not included in this audit.
This is the culmination of several months of hard work, dedication, and even theoretical work, as some items will be introduced to the market for the first time. We break them down in this thread.
V2 Rollout
As we mentioned in the intro, v2 will be released in two parts: v2.1 and v2.2. As the audit for v2 progresses, we are breaking it down into two releases to ensure a calculated roll-out of all our new features.
v2.1 includes atomic repayments, support for multiple lender assets, multi-chain capability, an innovative liquidation model, decentralized backend infrastructure, LP token collateral, and a gateway for $ETH wrapping/unwrapping. And v2.2 marks the official launch of the Amplify and Margin trading platforms.
UI Refinements
The dev team has commenced work on our pooled collateral user interface.
With pooled collateral, individuals can combine diverse assets as collateral for loans and margin positions. This approach focuses on an account's overall solvency rather than individual positions' solvency, thereby minimizing the impact of a single asset’s volatility on any loan position. If one asset’s value falls, it won’t necessarily trigger a liquidation, as the user’s other assets can still cover the loan. This helps to reduce the risk of liquidations and makes it easier for users to manage their collateral.
The system described above drastically changes the user experience, so the UI needs to be updated to reflect this in the product better. The new UI will be debuted at v3 along with pooled collateral features.
DEX Aggregator on zkSync
Our work on the DEX/liquidity aggregator is currently in progress.
A DEX aggregator combines liquidity from multiple decentralized exchanges (DEXs) into a single interface. It offers several benefits to users and traders, such as improved liquidity, price optimization, cost efficiency in gas fees, and access to a broader range of assets beyond the limitations of a single DEX. Since many of our new features rely on DEXs, developing this aggregator is critical to our roadmap.
Our decision regarding aggregators is to use Open Ocean for zkSync, and Paraswap for all other integrated chains. This is because Paraswap is currently not supported by zkSync. Open Ocean provides access to greater liquidity and possibly a greater range of assets on zkSync than its competitors on this chain.
Integrating with Open Ocean requires custom developments. This is now underway and is a dependency on our zkSync deployment. We may leverage this in the future with any chain where Paraswap is not deployed but OO is.
BSC Feasibility
We are exploring the possibility of implementing a Fringe deployment on the Binance Smart Chain (BSC). We believe this could open up new possibilities for our project and allow us to reach a wider audience.
We are currently in the process of evaluating the feasibility of this project and determining how it can be successfully executed.
We will keep you updated on our progress as we move forward!
Staking and Incentives
Staking and incentives are essential to growing the Fringe community and bootstrapping the platform's growth. By offering rewards for providing liquidity and borrowing stablecoins, we can attract new users and encourage them to participate in the platform.
We are currently working on a schedule for rolling out these incentives and will share more details.
Ecosystem Updates
Community Call with Fringe Finance
This month, we hosted a community call on Telegram, where we discussed various topics related to our ongoing V2 audit and further decentralization of Fringe. This includes (but is not limited to) the new features and improvements currently being audited and hashing out the plans for a decentralized framework for Fringe.
Check it out:
Engaging partners
We are re-engaging existing partnerships and connections to form the multi-chain marketing strategy for V2.
Our existing partnerships will provide us with a strong and trusted foundation to build on. This will allow us to reach a wider audience and grow our community.
Decentralize It! Podcast
This month we hosted Marcus Rein from Edge&Node, a core contributor to The Graph, in an insightful Twitter Spaces podcast. We talked about all things decentralization and touched on how The Graph is revolutionizing indexing for dApps. Listen to the podcast on YouTube:
We also hosted a Twitter Spaces podcast with Polina S. from Offchain Global, where we discussed Web3 community building:
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.
