FinNexus Monthly Progress Report (August 2020)
We had an incredibly busy month in August. Check out all the progress that we have made as we await the MASP options model going live on Ethereum mainnet soon!
Operational Progress
On August 4, FinNexus announced an important first step in the broader FNX multi-chain vision. With the assistance of the great exchange partners at Bitrue, the free flow of FNX digital assets between Wanchain and Ethereum is now possible. FNX WRC20 tokens can be deposited onto Bitrue while be withdrawn as FNX ERC20 tokens.
On August 5, a DeFi exploit happened in the morning. FNX team shared an analysis of the reason behind this exploit. Hope it can help communities to avoid this unexpected accident in the future. Get a closer look at the analysis:
On August 6, FNX was listed on Hoo for the third time. 8500 FNX were given away as prizes on the day. Hoo is fast becoming THE place for DeFi gems. We’re proud to now be part of that tradition.
On August 7, FNX started trading on Hoo.com at 17:00 UTC+8. Hoo.com is one of the fastest-growing exchange platforms in Asia. Founded in 2017, Hoo exchange enjoys a highly engaged user base of around 940,000 people and daily trading volumes that have recently exceeded $620 million per day, according to CoinMarketCap. Having a solid reputation as a quality wallet services provider, Hoo is expected to bring good trading experience for FNX users.
During the month, a series of infographics were published to explicitly illustrate the transaction model of FinNexus protocol for option v1.0. The detailed analysis can also be found in the following must-read article:
https://medium.com/finnexus/introducing-fpo-v1-0-the-universal-options-protocol-23e08d4add37
On August 12, a guide on how to use the FinNexus Protocol for Options V0.1 on Wanchain was posted, by which, you can know how to trade step by step. It can’t be more practical and useful! Check it out:
https://www.youtube.com/watch?v=Lo9KNp-EdKE
The unique MASP system — Multi-Asset Single-Pool — is a revolutionary concept for FNX token holders to gain exposure to a variety of bespoke cash-settled options positions on a variety of assets, initially BTC and ETH. On August 12, an analysis by our CFO Ryan Tian discussed about the uniqueness of our FPO v1.0 Multi-Asset Single-Pool (MASP) options model and how it compares to our existing model. With an increase significance to FinNexus vision, MASpP or FPOv1.0 should be known more by you:
On August 13, FinNexus CFO Ryan Tian participated in a discussion with the topic of “Powerful DeFi: DeFi Defines Futural Financial Situation and Order” with QuarkChain CEO Zhou Qi, Mantra DAO Co-founder John Patrick Mullin, and Suterusu CTO Huang Lin.
On August 14, FinNexus listed on one of the OG crypto exchanges Jubi, opening for FNX/USDT pair and supporting ERC20 FNX.
FinNexus announced the first Yield Farming Initiative on August 14, thanks to which, FNX/ETH pair on Uniswap has increased 51% since the announcement.
On August 19, FinNexus outlined its ambitious multi-asset single-pool (MASP) DeFi options model, an industry first. The MASP Liquidity Pool in the FPO is much different than liquidity pool concepts found on other DeFi platforms like Uniswap or Balancer. These two, in particular, behave as automated market makers for cryptocurrency swaps. MASP Liquidity powered by the FNX token is the liquidity solution for both the creation and settlement of options contracts, as well as the transaction between those options.
https://medium.com/finnexus/fpo-v1-0-the-universal-options-protocol-is-a-game-changer-fc11f30c4bb4
On August 40, we are happy that FinNexus was ranked top 40 on Uniswap.
On August 25, a new distribution plan of FNX token was announced. More than 70% of the existing token supply will be allocated in the protocol. To see the difference of the updated plan, read the following explanation:
On August 26, FinNexus announced the conclusion of UM1S conversion. Combined with the initial burn of 2,543,490.4338 FNX unsold tokens, the supply was reduced from 500,000,000 FNX tokens by 30,580,313.6538 FNX to 469,419,686.3462 FNX.
On August 27, it is a great honor that FinNexus received $1M strategic investment from Jubi Labs. Jubi Labs is an innovative laboratory belongs to Jubi Group, focusing on innovative sectors such as DeFi, Layers2, DAO, NFT, and IPFS, as well as the ecological development of public chains such as ETH2.0, Polkadot, and Near.
Technical Progress
On August 8, a new series of BTC options were issued:
BTC, put, Aug 14, 2020, $11500
BTC, call, Aug 14, 2020, $11500
On August 18, a new series of BTC Options online:
BTC, put, Sep 25, 2020, $12000
BTC, call, Sep 25, 2020, $12000
All with FNX and WAN pairs.
On August 28, a new series of BTC Options online on http://options.finnexus.io
BTC, put, Sep 11, 2020, $11500
BTC, call, Sep 11, 2020, $11500
Team Updates
In this month, six AMAs were hosted:
- On August 6, an AMA was held in Crypto Calibur.
- On August 11, Nicholas Kropels, the strategic adviser of FinNexus, answered questions in a live AMA with Hoo. Meanwhile, he talked about his own origin story, DeFi’s beginnings, the state of DeFi today, and what the new FNX pooled options model will look like. Click the link to see the AMA recording:
- On August 16, FinNexus hosted AMA with Decentralized Club. The AMA explained yield farming with FNX on Uniswap Protocol, which can be seen in the following article:
- On August 22, Nicholas Kropels answered questions to D’va community. See the recording below:
- On August 24, Boris Yang, Ryan Tian, and Nicholas Kropels answered questions to the community of Theblockcircle.
- On August 25, Boris Yang, Ryan Tian, and Nicholas Kropels hosted an AMA with Bigcoin Vietnam.
- On August 26, Boris Yang answered questions to the Korean community of ICO Pantera.
Community Updates
Indonesia: 3619
Denmark: 2210
Vietnam: 1297
Russia: 1073
Hungary: 750
French: 596
Thailand: 543
Romania: 410
Spain: 487
Norway: 407
Poland: 351
Serbia: 304
Portugal: 303
Hebrew: 284
Italy: 268
