Monthly Update: May 2022
As we announced a couple of days ago, we continue our progress as the Primary Lending Platform shapes up in the Ethereum Mainnet. Along with our partners at CyberUnit, we have completed the following activities:
Deploying all our smart contracts to the Ethereum Mainnet.
All the smart contracts associated with Fringe Finance’s Primary Lending Platform are now live on the Ethereum blockchain. Etherscan has also verified these contracts to ensure that the code we submitted to the blockchain is identical to the on-chain result. These contracts are:
- PrimaryIndexToken proxy TransparentUpgradeableProxy 0x46558DA82Be1ae1955DE6d6146F8D2c1FE2f9C5E
- PrimaryIndexToken masterCopy 0xf45cAaF20787F68787411Ec5D5B9E6920eEd920D
- fUSDC Token (fUSDC) (BLendingToken proxy) TransparentUpgradeableProxy 0x9fD0928A09E8661945767E75576C912023bA384D
- BLendingToken masterCopy 0x629473660404D0cD102fF79ccb8dbD9e8fEAC0F5
- bondtrollerAddress TransparentUpgradeableProxy 0x9a26929352095f6Cf7a941914669928eBBA8543D
- Bondtroller masterCopy 0xdC3193778E237d06E0f11087e7897711b4BB199D
- JumpRateModelV2 proxy address TransparentUpgradeableProxy 0x31210fB9b20335416455636A78B4d65CF94d028C
- JumpRateModelV2 masterCopy 0x94E1F13A1a5cD66cFc89DD3C99ceEe37D1Fd91F3
- PriceProviderAggregator proxy address TransparentUpgradeableProxy 0x6f1C5BDc02a3047cD6394787595a4eC1b3863540
- PriceProviderAggregator masterCopy 0x0c459FcB7BB3ee5EBf49C2B397625153986a28EF
- BackendPriceProvider proxy address TransparentUpgradeableProxy 0x22d55e49234D0310f48d3300e43Eeb3aC93C0811
- BackendPriceProvider masterCopy 0xE6a423C642c5B264a430a2238EEe4343BA462063
- chainlinkPriceProviderAddress TransparentUpgradeableProxy 0x963d80cA1a35F402bea95C3013e115C5c9a7BAe1
- ChainlinkPriceProvider masterCopy 0xd14b3952245B0C903BE7357C48A68c7059d22FF7
- primaryLendingPlatformProxyAdminAddress 0xfB872a364E63950f9847a39202Bb4d1C07534466
Configuration of collateral assets
In our previous delivery, we advanced the name of six collateral assets to go live along with the platform. However, we have managed to configure one additional asset: Origin’s $OGN.
The initial list of collateral assets to go live along with the Primary Lending Platform is:
Configuration of capital assets
As the Fringe community knows quite well, we’re going live with only one capital asset (i.e., borrowable stablecoin) to streamline the workflow of our Platform in its early days. This asset, USDC, is now configured as a lendable stablecoin on the Primary Lending Platform.
As a part of our deployment, CyberUnit also made a small change to the method transferAdminship() to enable its Admin to be changed to our Gnosis multisig safe. HashEx was requested to re-audit this change, generating a new audit report.
As the last step to finalize the auditing of the Primary Lending Platform and make their audit public, HashEx will review that the contracts on-chain are equal to those submitted for auditing. Expect a statement from them!
What is next for the Primary Lending Platform?
The following activities remain to finalize the deployment of the Primary Lending Platform:
- Repointing the backend and frontend code that utilizes the Mainnet contracts.
- Undertaking post-implementation validation tests to verify that the contracts deployed work the same way they did on Tesnet (a standard security measure).
- Including core UI functions for testing (e.g., deposit collateral, take loan, repay loan, withdraw collateral, deposit capital, withdraw capital).
- Validating the correct price feeds are in place (another standard security measure).
Development of the Staking and USB Platforms
As we progress with the development of the Primary Lending Platform, we have not slowed down on pushing the Staking and USB Platforms.
The Staking Platform is currently under testing. As a first development, we will deploy Staking only with Single-Asset rewards, which will be followed by Multi-Asset Rewards. Single-Asset rewards will feature:
- $FRIN staking will allow users to earn fees from the Platform and temporary yield farming opportunities, all paid in $FRIN.
- Liquidity Providing token staking will allow users to earn $FRIN.
- $fUSDC (fTokens received by lenders who deposit USDC to be lent out to borrowers) staking will yield users additional incentives on top of their interest-bearing fTokens to incentivize early lenders, lowering interest rates and attracting borrowers.
Through Multi-Asset rewards, the Fringe Finance Platform will allow partner projects to issue rewards to FRIN stakers.
Our Marketing team has been working intensely behind the scenes preparing for the launch of the Primary Lending Platform. Besides the usual participations by themselves and our CTO, Brian “Brain” Pasfield in written media and podcasts, we have engaged our partners behind the scenes and continue to streamline our launch and post-launch activities.
Marketing the Primary Lending Platform constitutes a marathon rather than a sprint race, and we’re confident in our abilities to attract borrowers and lenders alike, even in a depressed market.
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.