#PostLaunchAMA: Answers to your questions about Fringe Finance’s future and present
What points would the team like to highlight about the Staking Platform?
Check out this video.
In arms as a measurement tool, how far away are the Staking Platform and USB Stablecoin?
An arm’s length away, so to speak.
The Staking Platform is about to enter its smart contract audit. Auditors are ready to come into action once the final codebase is ready. We’ve just released a video that presents the Staking Platform and the staking regimes it supports. You can check it out here.
The USB platform is currently undergoing testing.
Some famous DeFi projects with the bear market are facing many difficulties, leading investors to worry more about security and decentralization than share gains. The Bug Bounty program can take this project to a new level. What are the team’s expectations with the Bug Bounty program?
A perfect outcome would be for the bug bounty program to uncover 0 bugs. However, realistically, even if bugs are uncovered, this does not represent a failure. Ultimately, the success or failure of our security measures is to be reflected by the platform’s performance over a long period of time. Everything else is speculation.
How much is in the treasury? Not the exact amount, but for how many months/years is it enough to cover the project’s expenses with the current team and roadmap?
This has been answered before. To answer this, one has to speculate on market conditions, especially for our token.
Because our Treasury is all FRIN tokens, we can’t say how long it will last. In a very conservative scenario, it looks like it might be 24 moths. But if things look positive (and, with the platform accruing TVL, we can afford to see the glass half full) it might last until we realize our dream and everything is rolled out. We haven’t touched the Treasury and don’t plan to in the near future because the cap has been so low. Our CEO and primary financier is indeed looking to acquire more tokens so that the project is financially healthy and self-sufficient.
Note that Fringe does not have a typical investor/Treasury relationship. So far, expenses have come out of our financiers’ pockets to achieve a vision, which is expected to continue in the foreseeable future.
Our transition to a decentralized autonomous organization will happen as soon as we are comfortable with the quality of the products that will ultimately be handed to the DAO. Therefore, this timeline is full of dependencies.
Are you thinking of implementing an escrow system for FRINGE?
No. Escrow does not play onto trustless, non-custodial systems. Unless we misunderstand the context in which you’re asking this question. If you have a specific context, please provide more details.
What’s your plan to attract more USDC liquidity to the platform?
As you have seen, as the platform accrues capital on the borrowing side, yields tend to increase for lending. Having high APYs compared to our competitors is a strong incentive for users to deposit stablecoins and one we trust will continue to attract users.
On the marketing side, we can just say that we have a strategy in place.
In the past, there was a 3-month event with our partner Glitch. They provided their tokens as a reward for liquidity providing. Is there a similar event planned with another partner? Not only for $FRIN/ETH liquidity providing but USDC as well.
There is currently no such program arranged, although this might change in the future.
Are there some plans for the future on how to attract liquidity providers to Uniswap, or perhaps listing at some bigger exchange? Because right now, one wallet with a few millions undid any price rise.
Previously, we have had a liquidity provisioning program, which was successful in bootstrapping liquidity pools and making the token more accessible. This is certainly something we’d like to revisit in the near future.
Regarding the one wallet you mention, price manipulators are proven right or wrong by the markets. In the medium term, these kinds of actors become irrelevant.
Do you think the launch itself attracted less attention toward the platform than predicted?
A launch is the starting line, not the finishing line. Our goal was to launch, have a good time with the party, and begin driving attention towards the platform. As our project was relatively obscure and our platform had less than $20k in TVL at the moment, it was never within our expectations that it would immediately draw millions in assets. We are very happy with the PLP’s reception and how it’s grown organically thus far.
Borrowing and lending is a common model for crypto projects. Who do you see as your primary competitors, and how do you differentiate yourself from them? For example, what do you think of Euler finance which recently saw a large round of investment from large players in the crypto industry?
Euler, in particular, aims to list as many assets as possible. As such, it could be considered a competitor. However, it does not incorporate the same economic model as Fringe, and, as such, it’s distant enough for us to be considered first movers within our corner of the space. As DeFi takes over TradFi, we will continue to see lending and borrowing solutions coming and going. Competition is both healthy and thrilling for us.
We transitioned to using $USDC first instead of launching with $USB, yet the website’s splash page still shows these inaccuracies. Who manages this & why weren’t these aspects updated upon the PLP’s launch?
The website also reflects upcoming products, so the USB and Staking Platforms are in place. Pretty much every crypto project showcases a future-oriented version of what they do.
Who is on the Fringe team? We should be able to see who everyone is, their role, their experience in this space, and avenues of contact in case people have direct questions for them.
We’ll soon be undergoing our transition towards a DAO, where a Team page can hardly reflect the level of involvement of different participants. At the same time, no one from the team is hiding. You know, have seen, and interacted with community-facing team members almost daily. There are also others that choose to preserve their privacy, and they should be allowed to do so.
How do Fringe’s partnerships work? Are they TRUE partners that plan to offer contributions (and vice versa), or are we just listing their token contracts on the PLP and saying they’re partners? If it’s the latter, why aren’t we vetting at LEAST 5 projects per month?
We’ve gone through communication and agreements with most of the assets listed on the platform. Our mutual announcements reflected this. Different partnerships suggest different types of contributions. As you can see on our Twitter, all the announced asset integrations were supported by their respective projects.
However, we’re not limiting ourselves and reserve the right to integrate any kind of assets with or without an official partnership. After all, DeFi is permissionless, and our primary interest is the well-being of our platform and the broader ecosystem.
We learned last night that wstETH was also supposed to be listed, but the contract was too “iffy” — what does that mean exactly, and why wasn’t this information disseminated ASAP to the community?
We communicated that there was an issue with the oracle feed for wstETH, not for its contract. The issue pertains to how there is no Chainlink price feed in place for wstETH but only for stETH. Although Lido’s design is for both tokens to retain the same price, they could technically differ, something that could open the door for the platform to be attacked. As such, we decided not to list wstETH.
What are the plans for our partners to utilize the PLP and/or staking mechanism? Have deals really been made to offer multi-token distro when it launches? Specifics or timelines aren’t even necessary here in order to uphold potential NDAs, etc., but we should be able to know any & all applicable details possible.
There are no such arrangements in place that we can inform you of.
To Konstantin Shirokov: What efforts have you put forth recently that you’re able to share with us?
We’re currently focusing our main efforts on integrating collateral assets.
This implies communication with new and potential partners and education of their communities about lending opportunities. As examples, you can glance at the partnership with Lido Finance, the Sushi DAO proposal, and our recent Reddit campaigns.
Among other ongoing activities, there are:
- Listing Fringe on dApp and DeFi trackers
- PR activities
- Content (we’re preparing quite a number of different textual and visual materials)
- Podcast participation
- UI improvement
- New promotional pages on the website
Why doesn’t the team host OPEN team meetings for the community to attend, listen to, or maybe even contribute to? We could record them for people to go back and listen to as well. I definitely understand that there are aspects that retail investors simply cannot or should not know ahead of time, but there is PLENTY that we can and SHOULD know. We should all be afforded the opportunity to engage with the top brass of Fringe when you’re together at one venue/meeting.
We definitely want to start hosting more Spaces for the community to interact with the team. Expect this soon.
Why did the AMA on launch day only last about 20–30 minutes?
It was in the middle of the party, and we felt like making it longer would make it unnecessarily long amidst a celebration.
What plans are in place to increase usage of the PLP now that it has launched?
We want to continue building a partner network that can support and bring their communities towards us. This goes hand in hand with promoting the platform as a whole and strategically bringing people in. The good news? As time passes (i.e., the platform proves its security) and TVL accrues, it gets progressively easier to drive attention.
Will there be a “compound” function on the Staking Platform where we can (re)stake our rewards?
There are no definitions about this yet.
Will $FRIN stakers need to lock their tokens to stake?
Yes. $FRIN staking will involve users locking their tokens into a smart contract.
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.