FinNexus Blog
FinNexus Blog
FinNexus Monthly Progress Report (January 2021)
Michele Penna — February 3rd 2021
Operational Progress
On January 1, a proposal [FIP #01] to add a 5% transaction fee to the FinNexus Protocol for Options was passed successfully and will be implemented soon. Please refer to the voting results:
https://snapshot.page/#/finnexus
On January 6, FinNexus published an article titled "Protecting and Appreciating Crypto Wealth With Options: A How-To Guide With FinNexus Options" on CoinMarketCap, detailing the difference between options and futures. The article, which covered the essentials of options, options based on crypto assets and some use-cases, received a warm welcome from readers. For more details:
On January 6, FinNexus released its 2020 annual review report, listing the main progress made in 2020. For more details:
https://finnexus.io/blog/2020-a-year-in-review-with-finnexus
On January 11, we published a post titled "Token Burn Alternative -- Community Controlled Fund". The piece made an argument on why it may be best not to implement a simple FNX token burn and proposed the creation of a community-controlled fund to deal with the large supply of FNX token not yet in circulation. For more details:
On January 18, The new product paper for the FinNexus Protocol for Options (FPO) v1.0 was published. For more information about the FPO, please refer to:
FinNexus was officially listed on MXC Exchang on January 19. For more information:
On January 21, FinNexus launched a cartoon named FNXBoys to explain the new version of the mining mechanism. The series of colorful illustrations will help users quickly and clearly learn the new version of our mining mechanism. Please see:
At 12:00 UTC on January 25, both the long-awaited new mining mechanism for the FinNexus options liquidity pool and a new UI/UX were officially launched. The new version of the mining mechanism constitutes a true leap forward both for users and for the FinNexus platform. For more details about the new mining mechanism, please refer to the article"Understanding the Basics of the New Mining Mechanism". Click here:
On January 25, FinNexus published: "New mining mechanism, improved UX/UI, & much more: FinNexus rocks in January!". The piece covered a series of new developments and anticipated our next plan. For more details:
https://mp.weixin.qq.com/s/c9auqkNrQFt9iHjRS_tc6w
As of January 26, the Total Value Locked (TVL) on our platform moved beyond the 2 million threshold. For real-time data, please click:
Due to the limited size of the cross-chain stablecoins, on January 27, FinNexus announced the total basic reward of FPO mining on Wanchain would be temporarily adjusted to 400 cFNX/day. The 320X multiplier will stay unchanged. For specific WAN mining guidance, please see:
On January 27, the platform's Total Value Locked (TVL) saw a new breakthrough and exceeded 3 million.
On January 29, FinNexus launched an airdrop to celebrate its new mining mechanism. The plan entailed having 1,000 locked FNX being airdropped to 500 addresses, for a grand total of 500,000 FNX being sent out.
Regrettably, the same day, FinNexus was forced to temporarily pause the airdrop due to high gas costs. The team quickly mobilized to find a solution and a larger airdrop was rescheduled for February 1.
Over the month of January, FinNexus was actively recognized by various third-party organizations, and its influence in the industry increased noticeably:
- FinNexus ranked fifth in the DAILY GAINERS LIST published by CryptoDiffer on January 25. (The ranking was based on price changes within 24 hours). Please see the figure below:
- On January 26, NEWSBTC published an article listing 11 DeFi projects rumored to be airdropping tokens. FinNexus was honored to be the first on the list with its upcoming operation (see above). For more information:
On January 27th, DeFi Info reported that over the previous 7 days, FinNexus had seen the fastest growth in DeFi Total Value Locked (TVL) among the surveyed projects, with a growth of 121%.
Last month, FinNexus was publicly recognized by Benzinga and YahooFinance as one of the "10 Under The Radar DeFi Projects With Massive Potential". The article convincingly claimed that "There is little doubt that FinNexus is one of the most promising projects around". For more details:
Technical progress
On January 18, FinNexus announced that it would launch a pool with algorithmic stable coins as collaterals in the FinNexus decentralized options agreement. A vote was initiated on our official website to choose one among $ESD, $AMPL, $FRAX, $DSD, and $BAC.
On January 27, FinNexus made public that SushiSwap FNX/ETH LP tokens had been added to the FNX Snapshot. This means that even when users are in the Sushi's AMM Liquidity Pool, they are able to vote on the FNX governance portal.
Getting in touch with the public
FinNexus hosts a weekly chat in its official Telegram group every Tuesday at 12:00 UT. This serves to keep our users informed about the latest developments and upgrades, as well as gathering the opinions of our community.
In January, our co-founder and CFO Ryan Tian hosted meetings on the 12th, 19th and 26th. Joined on occasions by fellow co-founder and CEO Boris Yang, they discussed the new mining mechanism, our brand-new UX/UI and various upgrades the team plans for the future.
Besides our usual chats, on January 19th, our co-founder Boris Yang was invited to participate in the AMA held in the DeFi 7 o'clock community, sharing with their audience how to build a new paradigm of decentralized derivatives and connect with decentralized financial tools.
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On January 28, FinNexus co-founder and CFO Ryan Tian participated in another online AMA with the Kriptobi TR community, one of the largest crypto communities in Turkey, sharing the latest information about FinNexus.
Finally, on January 28th, FinNexus held a live AMA with the Chainlink Chinese team on the Bilibili platform. The live interaction was nothing short of enthusiastic.
