FinNexus Monthly Progress Report (Dec 2020)
Operational Progress
- On December 1, FinNexus released an article titled“An Update of ‘A Comparison of Decentralized Options Platforms’”, featuring new information following the overview of our platform by CoinMonks. For more details:
https://twitter.com/fin_nexus/status/1333716972752822274
2. On December 3, FinNexus announced it is collaborating with partners at DfiMoney YFII in a multi-faceted long-term partnership that will expand the use of FNX across crypto strategies and vaults. For more details:
https://twitter.com/fin_nexus/status/1334170262795743232
3. On December 8, FinNexus announced that the WAN liquidity mining incentives for the FinNexus Protocol for Options (FPO) on Wanchain_org would cease at 2:00 pm (UTC). FNX incentives remain. For more details:
https://twitter.com/fin_nexus/status/1336256422296887303
4. On December 10, we launched the FinNexus Global Ambassadors Program. The initiative aims to get both people with and without a technical background together and formally recognize FinNexus fans who have stepped up and shown leadership within their own local communities. Ambassadors can meet core team members and get industry experience. For more details:
https://medium.com/finnexus/join-the-finnexus-global-ambassadors-program-e44aac236150
https://twitter.com/fin_nexus/status/1336776739339399169
5. On December 16, we published“Hedging Against Impermanent Loss: A Deep Dive With FinNexus Options” on CoinMarketCap. In the article, our resident financial analyst and co-founder Ryan Tian outlined his proposal for largely eliminating the risk of impermanent loss.
The latter is a serious yet common problem for liquidity providers in AMM pools. It materializes when the price of assets changes compared to when they were first deposited in the pool. For more details see:
6. On December 19, FinNexus released the full audit results from the security experts with PeckShield, reminding users that we see transparency and security as vital building blocks for any successful DeFi project. More details here:
https://twitter.com/fin_nexus/status/1339963642272313345
7. On December 21, our financial expert Ryan Tian took a deep dive into liquidity pools, looking at what makes them so revolutionary for Uniswap, for our own FPO, and for the DeFi industry at large in his second article on CoinMarketCap’s crypto education platform.
Lending pools are decentralized liquidity pools designed to boost the borrowing and lending market. Unlike the peer-to-peer lending model where borrowers obtain loans directly from the lenders, lending pools act as the counterparty directly and interest rates are automatically set by algorithms. Projects such as Compound and Aave are some of the best-known lending pools. For more details please see:
https://twitter.com/fin_nexus/status/1340956173600755713
8. On December 24, FinNexus scheduled a vote on a proposal to add a 5% transaction fee for options buying and exercising to be collected in a community-controlled pool. For more details:
https://twitter.com/fin_nexus/status/1342070951622537217
9. On December 25, we sent the last call for Wildnet bounty applications, which stopped being accepted the following day. For more details see:
https://twitter.com/fin_nexus/status/1342326867186102272
10. On December 26, FinNexus revealed that in just over 12 hours on Christmas 2020, it had managed to attract over $45k in TVL to its $SUSHI-incentivized $FNX / $ETH pair on SushiSwap. For more details check:
https://twitter.com/fin_nexus/status/1342696638347960330
11. On December 27, we launched a new blog on our website, to be updated with all the latest news about FinNexus: https://finnexus.io/blog.
For more details:
https://twitter.com/fin_nexus/status/1343578175251435522
Other News
Throughout December 2020, FinNexus was positively ranked by various third-party institutions, showing the company’s growing strength within the DeFi sector:
- On December 4, FinNexus was included on the cross-chain DeFi league table edited by Defi Llama, accurately showing FinNexus TVL on both Wanchain and Ethereum. Please see the details below:
https://twitter.com/fin_nexus/status/1334699485935636488
- According to EncryptClub, FinNexus is now the fourth-largest DeFi options platform by market cap. Please check the details below:
https://twitter.com/EncryptClub/status/1335851716164513792
- FinNexus ranked 6th among the top 15 coins listed by Galaxy Score, a proprietary score table that measures crypto assets using community metrics pulled in from across the web. More details here:
- On December 23, FinNexus was listed on DeFi Prime as “a decentralized options protocol with a multi-asset single-pool model where option buyers can set their own option terms”. For more details:
https://twitter.com/defiprime/status/1341428467364208640
- On December 27, the new ETH-FNX pair from Sushiswap’s Onsen Menu was listed on CoinGecko.
For more details:
https://twitter.com/fin_nexus/status/1343150699811536898
Technical Progress
- On December 3, FinNexus began allowing users to swap their WRC20 FNX on Wanswap for wanUSDT, wanEOS, wanBTC and wanETH. In addition, miners are welcome to deposit funds into the WAN/FNX pool and earn WASP, the protocol token for Wanchain’s own Uniswap fork.
For more details please check:
https://twitter.com/fin_nexus/status/1334361705808187395/photo/1
2. On December 29, FinNexus announced its product has been fully tested by our engineering team and the Protocol Option v2’s security audited by PeckShield.
For more details:
https://github.com/FinNexus/Pdfs/blob/master/PeckShield-Audit-FinnexusOptionsV1.0.pdf…
3. The FinNexus community governance forum and voting system are completed. FinNexus community users are welcome to publish proposals, participate in governance discussion and vote:
To publish proposals please see: https://forum.finnexus.io/
To publicize proposals and votes:
https://snapshot.page/#/finnexus
https://vote.wandevs.org/#/finnexus
4. The latest version of our mining contract has entered the testing stage.
5. DefiLlama protocol integration completed.
6. Zeriontech DEFi-SDK protocol integration completed.
7. FinNexus reaches an agreement to cooperate with Huobin’s public chain Heco.
About FinNexus
FinNexus is building a suite of open finance protocol clusters that will power hybrid marketplaces trading both decentralized and traditional financial products. The headline product to be released is a fully decentralized bitcoin (and other cryptocurrencies) options model that will live on both Wanchain and Ethereum.
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