Monthly Update: November 2022
Another month has gone by, and it’s almost 2023. Time flies in DeFi!
As we prepare for December, as every month, here’s our monthly report.
Last month, we announced the completion of the mainnet deployment of the Fringe Staking platform. What’s next is to activate the staking programs that bootstrap platform adoption.
Fringe is taking stock of the current adverse market conditions before activating our staking programs to ensure capital that is allocated to them is applied effectively and not wasted. Our view is that the current conditions represent a challenging time to launch adoption programs. Thus, we are closely monitoring the market.
In addition, during this lull in the market, we’re channeling our funding to deliver a range of roadmap items to offer additional functionalities (as described below) to ensure the Fringe platform offers maximum utility for users as the market improves.
Improved interest rate model
We published an article in November that described in detail our new interest rate model. An outcome of our testing during November led us to apply refinements to some aspects of the code and we are rerunning testing. We hope to release this to mainnet soon.
Multiple lending assets
We’re progressing well with our development of multi lending asset support. This will allow lenders to deposit top-tier assets and will include other stablecoins and assets such as wETH. Borrowers will then be able to take out loans of these other top-tier lending assets. Currently, borrowers can borrow the single lending asset $USDC on the PLP, so this will represent new opportunities for borrowers and lenders alike. Once testing of this new feature is complete, we will be entering smart contract audits. Stay tuned as we continue to provide updates on progress.
The technology team is continuing with the development of other key roadmap items mentioned in previous updates, including the USB platform, multi-chain support, and decentralized backend. We have taken the opportunity to prioritize support for multi lending assets mentioned above given the increased censorship of the DeFi landscape over the past months. This approach to prioritize multi lending assets is designed to best place Fringe Finance as a strong contender in the DeFi landscape by better assuring our censorship resistance given the continued (predictable) dramatic failures of CeFi lately.
Collateral Asset Listings
In November, three new assets joined the roster of accepted collateral assets on our platform, now totaling 29! This month’s integrations were:
As we have repeatedly emphasized, these efforts will continue. We want to serve and support as many tokens as we can in order to create a platform that is both useful and unique for all DeFi users.
Due to the events surrounding FTX’s collapse earlier this month, we de-listed $FTT, FTX’s token, from the Primary Lending Platform.
On November 21st, we made available a dedicated community feedback form. Through this form, you can share your thoughts on Fringe’s products, make suggestions, request features, report bugs, and share any kind of feedback with the Fringe team. We would love to hear from you!
Fringe Discord Community Call #3
Our third Discord Community Call was held on November 4th with the presence of team members Carlos Cano (Content Lead), Brian Pasfield (CTO), Alex Pasfield, and Eric W. (Community Manager).
In this community call, subjects such as $USB development, the lack of true decentralization in the stablecoin space, multi-chain support, and many others were explored. You can watch the full recording on Fringe’s YouTube channel:
Featured on DeFiLlama’s $USDC yields page
Fringe is now featured on DeFiLlama’s $USDC yields page. This is a valuable source of exposure that helps yield-seekers decide when and where to move their capital, attenuating interest rate variations.
Check out our yield chart page!
Partner Spaces & Calls
We have also held the first Decentralize It!, a DeFi expert talk show hosted by Fringe. The first edition centered around the current and future outcomes of the market crisis on DeFi.
Our CTO, Brian Pasfield, was featured in a handful of news pieces this month.
CoinTelegraph wrote an article discussing bug bounties, in which they consulted experts in the field on their effectiveness and whether there is a better way. As Brian noted, bug bounties are “a better alternative than resorting to law enforcement’s approach to nab the perpetrators and recover the funds, which takes a very long time, if successful at all.”
CoinCodex conducted an exclusive interview with Brian on November 1st, touching on topics related to Ethereum’s future after its successful Proof of Stake merge. The interview is filled with alpha and a clear view of medium- and long-term tendencies Ethereum and its DeFi ecosystem face. Worth a read!
On a different note, Brian wrote an opinion piece as a guest post for Forkast News. The article, published on November 8th, exposes how DeFi has a long way ahead before it reaches mass adoption. Give it a read for an overview of DeFi’s greatest challenges and how they might be overcome.
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.