FinNexus Monthly Progress Report (June 2020)
Operational Progress
- On June 1, FinNexus released an article that introduces FinNexus FNX conversion mechanism, providing daily updates on FNX circulating supply during the coversion period (90 days since May 36). Up to 80% of the 41,782,610 FNX are eligible to be converted into the UM1S stable asset. At present, more than a quarter of FNX has been destroyed and converted into UM1S. For more information, please see:
2. On June 4, FNX is listed by ICO_Analytic in the “top 20 most discussed new coins in twitter in May 2020"，it is a great honor that FinNexus weighed in with some much bigger projects like $HIVE $RSR $OGN $OXT $JST.
3. On June 20, FinNexus announced that $FNX is officially listed on CoinMarketCap, which can be check through:
coinmarketcap.com/currencies/finnexus
4. On June 25, FinNexus co-founder& Finance specialist Ryan Tian released research on a comparison of 8 Decentralized Options Platforms written by him and FinNexus Strategy Advisor Nicholas Krapels, including OPYN, Hegic, ACO, Primitive Finance, Optium, Pods Finance, Synthetix, and FinNexus. In the article, they mentioned that options protocols will be the next contenders for the genre of DeFi protocols. For more details, please read the article:
It is worth mentioning that @coinmonks featured this article on DeFi and Options in the latest edition of their stellar newsletter.
Technical Progress
1.FinNexus development team finished the structure of coding of the FinNexus Options Protocol and the same can be found on the FinNexus Github channel.
2. FinNexus team has begun the internal testing of the FinNexus Options Protocol V1.0. The release of the platform is expected in Jun 2020.
3. The FinNexus team has designed the structure of FinNexus Options Protocol V2.0, including a universal pooled FNX as the collateral pool.
4. On June 17, the new FinNexus DApp non-loss lottery ‘Jack’s Pot’ is available online and through the DApp store in the Wanchain Desktop Light Wallet. The DApp is a collaboration between the Wanchain and FinNexus dev teams and will be operated by FinNexus. Jack’s Pot allows DApp users a chance to win a lottery prize by staking WAN. The staked WAN is delegated to a Wanchain validator, generating rewards as a part of the consensus process. The rewards are then pooled together in a single pot and awarded to the lottery winners. To get started playing, users buy tickets with four-digit numbers of their choice, and all users who pick tickets with the correct four-digit number will win a part of the prize pot. At present, the cumulative prize has exceeded 1,000 WAN. For more guidance, please read:
Team Updates
On June 16, Financial Specialist Ryan Tian and Strategic Advisor, Professor K (Nicholas Krapels) joined WanTalk Episode 5 to discuss with Wanchain founder and CEO Jack Lu, Wanchain head of business development Lini, Wanchain community manager, ambassador, and RiveX advisor Liam van Zyl. This online meeting is hosted by Wanchain marketing manager Noah Maizels.
Community Update
- FinNexus held 4 Weekly Chats in the FinNexus official telegram community this month. During the Weekly Chat, the founding team conducted in-depth discussions with community members and answered their questions. This month’s Weekly chat mainly focused on exploring Defi’s derivatives and made interpretations and comparisons of the upcoming FinNexus Option products. It should be noted that the advantages of FinNexus products over other existing platforms are disclosed in the weekly chat:
June 2
June 8 & June 15
2. On June 8, FinNexus release the results of FNX airdrop. Congratulations to all the winners. Your prizes will be sent out by 31/06.
3. On June 8, FinNexus specialist Ryan Tian released the following articles that introduce introduce 7 basic concepts related to options for community as investing reference.
On June 11, FinNexus specialist Ryan Tian released a brief introduction to the basics of options and provide more details on how to build a decentralized option contract and highlights about what FinNexus will bring to the market.
These two articles are from the series about Crypto options investing. Here are the basics of buying & selling both puts & calls. More educational content related to the upcoming FNX decentralized options model is on its way!
4. On June 19, FinNexus team deposit 500 $WAN to expand the prize pool of ‘Jack’s Pot’ so that to give back to our community!
About FinNexus
FinNexus is building an open finance protocol to power hybrid marketplaces that trade both decentralized and traditional financial products. The FNX token will live on the Wanchain blockchain to take advantage of the most robust cross-chain capabilities currently available in the industry. The first products FinNexus will release are innovative tokenized assets with value based on real-world cash flows that live on Wanchain and XRP Ledger. The second product to be released is a fully decentralized bitcoin (and other cryptocurrencies) options model.
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