This month our team completed the deployment of the Fringe Staking Platform’s to Mainnet. The contracts are in their final form, fully audited, and ready to use.
Nonetheless, this accomplishment is only a technical release. The team is currently finalizing the economic side of setting up staking programs, after which the platform will be made available for users. A separate announcement will clarify the timelines for this.
As mentioned last month, staking programs are vital to setting sustainable adoption in motion and will reflect the imperatives of the platform to incentivize participation. Our most immediate goal is to incentivize borrowing; therefore, fTokens staking will likely be at the center of our upcoming staking programs.
Improved interest rate model
As announced last month, we’ve developed a new interest rate model that overcomes some shortcomings in the existing model borrowed from Compound. The improved model is now undergoing final testing before being deployed to Mainnet.
After the new model’s release, interest rates will adjust in function of a target utilization rate. This will increase the platform’s capital efficiency, leading to greater scalability.
Support for multiple lending assets and multiple chains
Support for additional lending assets is progressing well. When implemented, it will allow lenders to lend and borrow top-tier assets such stablecoins other than USDC and wETH. Supporting multiple lending assets represents a considerable workload, and we’re ensuring this is handled smoothly.
We must reiterate that DeFi’s core value proposition is decentralization and censorship resistance. It is paramount for Fringe to support various lending assets since it lessens our dependency on centralized assets such as USDC.
We’re presently testing multiple asset lending against different chains, and watching this substantial set of features materialize is thrilling. We hope to make further announcements on this and multi-chain support soon.
Collateral Asset Listings
The past month has seen four new collateral assets listed on our platform, now totaling 26 accepted tokens! This month’s integrations were:
As we have stated before, these efforts will not stop. As a part of our goal to build a more useful and unique platform for all DeFi users, we seek to service and support as many tokens as possible.
Other development and activities
We are in the final testing stages of the UI update that will resolve the lender APY disparity between the Markets and Lender pages. This fix will be ready shortly.
Testing for the USB platform continues, including incorporating most of the Primary Lending Platform’s new features.
In addition, we have made a continuous effort to refactor existing code while developing multi-asset lending capabilities. Perfectly safe and functional code may have potential for improvements that must be addressed sometime in the future — the so-called “technical debt.” Refactoring ensures we can deliver more effectively going forwards. This investment will greatly pay off for the project in the long run.
To end this section, in short, our development activities have kept us quite busy!
Ascendex rewards are over
The $FRIN rewards program on AscendEX was discontinued on October 17th.
We are currency working incessantly to release our native staking solution, and as a measure to achieve it in the best manner possible, we intend to limit the distribution of Treasury tokens until then.
LP tokens in lending
Decentralized exchanges and lending platforms are the two largest protocol categories in DeFi regarding TVL. This status posits the question of unexplored ways to maximize the value of their intersection.
Our new article “How LP tokens can be integrated into a lending system” explores this subject from Fringe’s point-of-view: what are the opportunities, available mechanisms, and unresolved questions involved in integrating LP tokens as lending collateral.
Read the article on our blog for our team’s take.
Upcoming community call
As it’s now customary, we’ll hold a community call on Fringe Finance’s Discord to discuss this update, answer questions, and have a good time.
We’ll see you on November 4th (or 3rd if you’re in the Americas!) at 00:00 UTC.
The Fringe team at DEVCON Bogota
Between October 10th and 15th, Carlos Cano and Alex Pasfield attended DEVCON in Bogotá, Colombia. They got to spread the word about Fringe amongst developers, researchers, designers, engineers, social economists and many other kinds of representatives from all spheres of the crypto world.
Certainly, many good talks were had and we will reap the results from their efforts in the months to come!
Explain Fringe to your Frens
We’re set on creating more materials and articles that explain our vision of DeFi for Everyone. This month, we created a beautiful infographic explaining Fringe’s mechanisms in a light yet a precise way for you to be able to showcase how secure and streamlined Fringe’s PLP is. Don’t hesitate to give it a read:
Also this month, we’ve released an explainer video on our YouTube channel that shows DeFi users how to borrow stablecoins using our decentralized platform.
Watch and share:
AMA with FMFW.io
On October 27th, the Fringe team was invited into FMFW’s Telegram, where they hosted a special Halloween AMA on Fringe.
We discussed various matters and answered some of the community’s most-asked questions, as well as giving away some $FRIN.
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.