Fuji’s Year in Review
Fuji’s Year in Review
This past year has been quite a wild ride and we appreciate all the builders in the industry continuing to push the ecosystem forward, even through the toughest of times. We are deep in a bear market, and have seen multiple protocol exploits, as well companies becoming insolvent due to mismanagement or even fraud. That being said, this hasn’t slowed down the entire ecosystem to push forward- whether that’s Ethereum going live with the Merge, L2s beginning to accelerate, consensus improvements, and even cross-chain communication 👀. Thankfully, Fuji has been unaffected by any exploits or contagion, and is continuing to build through the bear market. We have continued to push DeFi forward, so let’s take a look at what we’ve done over the course of 2022 👇.
Q1:
After launching our v1 borrowing aggregator on Ethereum in early 2021, the project has evolved quite a lot throughout 2022. In the latter part of 2021, and early 2022, we began to move into the multi-chain world, with a deployment on Fantom. When we deployed on Fantom, this introduced new opportunities for us to take advantage of because there were multiple money markets for our team to build on and integrate with! This led to integrations with teams like Hundred Finance, Geist, as well as Iron Bank.
We loved the reaction we got from the community with our deployment on Fantom, due to its low fees and high throughput, and this led to one of our first community campaigns, called “Fuji Climb, Fantom Expedition”.
In order for the team to continue to prioritize security for the protocol, we completed multiple audits since the project’s inception from companies like Trail of Bits, Consensus Audits, as well as Securing. More importantly, we began to work with Hats Finance, which introduced a public bug bounty program. This meant if anyone found a bug in the protocol, Hats Finance could help incentivize hackers to turn from black hat hackers, into white hat hackers, enabling Fuji to scale in a secure manner.
Q2:
This was probably one of the busiest times of the year for the Fuji Finance team, participating in hackathons, shipping code, and growing the community. Starting with the latter, we loved the reaction we got from the community with our deployment on Fantom. This led to one of our first community campaigns, called “Fuji Climb, Fantom Expedition”.
Fuji’s Fantom Expedition was a game that users were able to play by interacting with the Fuji application to transform them into pre-token bonds, ultimately receiving exposure to $FUJI, our future utility token. You would start by depositing collateral, and borrowing DAI or USDC to generate points. As a part of this journey, you were able to receive Climbing Gear NFTs, which would act as boosters to help you reach the “peak”. The pre-token bonds that the Climbers would receive “Financial NFTs” after reaching the peak were developed by Solv Protocol, which would allow the holders to claim the tokens at a specific point in the future.
If you had attended the ETH Global event in Amsterdam last April, there is a high chance you would have seen the Fuji Finance team presenting! The Fuji team was one of the finalists at ETH Amsterdam, winning the “Best xApp” prize from Connext, and “Best Use”, from Aave Grants DAO. We built a solution called “FLoan”, which would be the Alpha for what will eventually become Fuji’s v2, known as Himalaya. FLoan was a cross-chain debt teleporter, which allows you to take debt on Chain A with Protocol X, to Chain B with Protocol Y. This was a solution powered by Connext.
Q3:
In September of this year, we announced our plans for our v2, and what this technology would enable. The concept for the v2 originated during the hackathon back in April at ETH Amsterdam, and evolved into what would become the first Cross-Chain Money Market Aggregator. This leverages Connext in the background using xCall, and the ERC-4626 standard, which unlocks composability for money markets on various networks.
We also began deploying Fuji’s v1 to new networks, like Arbitrum and Polygon, which led to new integrations with other money markets, like dForce on Arbitrum. This also kickstarted our focus on educating others as a part of our our journey with building Fuji. We joined the Polygon community for an AMA, and were invited to their podcast later on as well! In coordination with that effort, our team started “Fuji Educates”, where we have hosted 4 different teams in our Discord to learn more about what they are building, including Goldfinch, Connext, Euler, and AlloyX. We’re grateful to have had at least 300 participants join each episode!
Q4:
For anyone who has ever built around the Ethereum ecosystem, they have probably heard of Devcon. It is widely known as the biggest gathering of Ethereum developers around the world, hosted by the Ethereum Foundation every year. This year, Devcon was held in beautiful Bogota, Colombia.
It was absolutely incredible to see all of the amazing growth in the industry considering some of the difficulties that we have faced throughout the year. One thing is certain, nothing is going to stop these builders from creating the future of finance!
To help reward our community for their engagement, we have worked with both Layer3, as well as Crew3. We have multiple active tasks available on Crew3, so get yourself set up and start to engage yourself with the community!
Something that has been a factor impacting the growth of crypto recently has been around the limitations from some of the app stores that people interact with- specifically the Apple store, and Google Play store. There have been significant limitations to crypto applications, and we are happy to help support Magic Square who is building one of the first Web3 native app stores. We recently submitted Fuji’s v1 to Magic Square’s store! You can easily connect a wallet, add Fuji to your “Space”, and begin to use it there. Once our v2 is live, we’ll get it submitted so you can use it there as well!
We are grateful for the people we have been able to meet over the last year, and are incredibly excited for what we will be able to accomplish in 2023. Stay tuned for the release of Fuji’s v2 in early of this coming year! We hope you join us on this journey, and become a fellow climber!
Keep climbing!
About Fuji Finance:
Fuji Finance built the first borrowing aggregator on Ethereum, and is building the first crosschain money market aggregator. Use Fuji Finance to make borrowing and lending in DeFi, simple. Save time & money when taking out DeFi loans.
