FluxBeam: Pioneering the Token Extensions Revolution on Solana
Introduction: In the ever-evolving landscape of decentralized finance (DeFi), innovation is not just a buzzword but a survival strategy. This story takes us on a journey with FluxBeam, the first decentralized exchange (DEX) on Solana to embrace and propel the Token Extensions protocol, formerly known as Token22.
From Metaverse to DeFi: The Genesis of FluxBeam
Early Days: The story of FluxBeam begins in August 2021, rooted in a bold venture into the Metaverse. The team embarked on creating a state-of-the-art Metaverse infrastructure platform. This platform wasn’t just another digital space; it allowed users to either import 3D objects for editing or craft entire virtual worlds using a proprietary in-house game editor.
Ahead of Its Time: This platform stood out in its early days, featuring full multiplayer capabilities with high user concurrency, this was a big accomplishment when most Metaverse’s were focused on creating visually appealing trailers (not actual gameplay) rather than building a robust infrastructure, after all that’s what got the big VC checks. Our solution was in a league of its own, far surpassing over 30 similar metaverse projects in actual capability and vision.
Addressing the Content Delivery Challenge: A significant challenge loomed though: the need for affordable and easy-to-use decentralized content delivery. Delivering massive 3D, open worlds online to numerous users simultaneously was prohibitively expensive. As the crypto winter set in, the team pivoted to BlokHost, a decentralized content delivery network (dCDN) powered by a p2p network, IPV6 and AnyCast — refined through an accelerator program with Outlier Ventures and backed by Filecoin.
The Pivot to FluxBeam: Despite a solid business model, a hurdle remained. The existing Solana SPL token protocol was insufficient for the needs of BlokHost’s token. The options were stark: move to another chain or innovate on Solana.
Embracing Token22: The team discovered Token22 (now called Token Extensions), which offered the required functionality for BlokHost’s token. Despite the bleak crypto market and lack of interest from major Solana DeFi players to help push this forward, the team persisted.
Launching FluxBeam: Undeterred, they rebuilt relevant parts of Solana DeFi to accommodate the new token standard and launched FluxBeam. This pioneering DEX supported both the original SPL and the new Token Extensions standards. Fluxbeam also provided a feature-rich suite of FREE tooling allowing anyone to launch a token.
Surprising the Market: FluxBeam’s launch was unconventional. There was no token offering, and all tools were free. The team focused on doing things right and withheld unaudited parts of the new protocol from release. Fluxbeam partnered with $BERN and together we launched the first Token22 listing on Solana. We then worked to encourage and assist multiple teams on their Token Extension adoption across Solana.
Rugcheck: Recognizing that users, especially newer ones were over-exposed to being rugged in Solana, the Fluxbeam team also built and launched Rugcheck. Rugcheck now plays a role in over 200,000 Solana users’ token-buying decisions.
Recognition and Growth: The Solana Foundation recognized these efforts with a grant in the fall of 2023, and FluxBeam presented Token22 at Solana Breakpoint 2023. Meanwhile, #Fluxbot, another new product, won the Grand Champion title for the Hyperdrive Hackathon.
Recent Developments: Post-Breakpoint, Fluxbot launched $FLUXB, the native token for #Fluxbot, rewarding eligible holders with a share of generated fees and token taxes twice daily. $FLUXB became the first Token Extension/Token22 listed on a centralized exchange (CEX). Moreover, the team has continually improved #Fluxbot based on user feedback.
Looking Ahead, FluxPad: The team recently announced FluxPad, the first Token Extensions launchpad, powered by $FLUXB. Details about this exciting new venture will be shared soon.
Conclusion: FluxBeam’s journey from a Metaverse platform to a trailblazer in Solana’s DeFi space illustrates the power of innovation and resilience. The story of FluxBeam is far from over, with each new development marking another chapter in this remarkable adventure only possible on Solana.
Stay Tuned: For more detailed insights into Rugcheck, FluxBeam, FluxBot, and FluxPad and our future roadmap.
