Fabric Announces Release of dApp on Devnet

The latest launch will be accompanied by a bug bounty incentive and a competition with several rewards.

Fabric Live on Devnet

Fabric have officially announced the release of their fSynth trading dApp on Devnet.

The announcement came via Fabric’s Medium page on December 29. Built on Solana, Fabric’s fSynth dApp will users the opportunity to trade synthetic assets including fURA (Uranium, fXAU (gold), fBTC (Bitcoin), fJPY (Japanese Yen). among a host of other fiat currencies, cryptocurrencies, commodities, indexes and inverse assets. 

Fabric underlines the fact its architecture offers “low fees, practically unlimited liquidity and unrivalled speed.”

Source

The synthetic assets on offer are collateralized by FABRIC tokens (FAB) which are locked into the FABRIC debt pool to offer users the chance to mint synthetic assets. The consequence is that users interact with the debt pool during trades and effectively act asa shared counterparty.

“To begin with, only fUSD and fURA will be available to mint. We plan to add additional synths in the coming weeks.” The team explained in the announcement.

Bug Bounty Incentive

To make sure that the dApp continues to work seamlessly the team have also announced an incentive program. They relentlessly encourage their community to interact with the dApp and locate any bugs or displeasing features evident. 

The incentive outlines the following rewards:

$50: Low-risk functional bugs or high quality suggestions to be implemented

$1000 Medium-risk bug discovery

$5000 High-risk bug discovery

While the gauge of risk will be at the discretion of the FABRIC team, users are welcome to make suggestions via a support ticketing system on the FABRIC Discord.

Source

Devnet Competition

The launch will come alongside a competition devised by the team to celebrate their latest innovation:

“We want you to take to Twitter and create a thread, infographic or video on why FAB is the best play on Solana right now! Don’t be afraid to get technical and make sure to tag us in the tweet! The team will pick the winners.”

1st place FAB PUNK + $100 USD + 2000 FAB 

2nd place 1000 FAB 

3rd place 500 FAB

What is Fabric?

Fabric is a protocol that offers tokenized synthetic assets for various asset classes like cryptocurrencies, fiat currencies, equities, commodities, amongst others, to the Solana ecosystem. All the assets on the platform are collateralized by its native token, FAB, which is locked in pools to guarantee that the Solana Program Library (SPL) synthetics are minted and distributed fairly.

Source: Solana News

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