Fabric intends to launch its dApp on devnet later in Q4 2021 along with a rarity tool for NFTs, FAB Staking, and SPL synthetic swaps.
Unlocking Synthetic Assets Potential on Solana
Fabric is growing quickly in Q4 and is gaining a lot of traction due to its triple yields offered on its FAB-USDC pools.
DataBitz, the Community Lead of Fabric, joined Greg, Goon Trades, of DeFi Direct, for a nearly an hour-long Livestream on Nov. 11 to discuss the current stage at which Fabri is currently at and their roadmap for the near future. The duo discussed topics that include how they got involved in the cryptocurrency world and decentralized finance (DeFi) through crypto Twitter, the project’s roadmap, funding, and the response by the community to FAB Punk NFTs.
“We aim to open the doors to trading commodities, popular crypto-assets (not on Solana), Stocks, and exotic assets such as inverse indexes to everyone, with a much smaller entry barrier. Many people don’t have exposure to synthetics because of high gas fees on other blockchains. This prohibits users from trading synthetics regularly, adding liquidity to an AMM pool, or harvesting rewards so Fabric’s goals are to make this more efficient by building on Solana,” elaborated DataBitz when asked about the need for decentralized derivatives and where Fabric stands at the moment.
With over a month and a half left in Q4, Fabric has completed 5 out of 9 of its planned objectives and seems on its way to achieving the others as well.
“Our current stance is that innovative tech requires innovative legislation. It also highlights why protocols can’t really rely on centralized offerings when it comes to matters of crypto DeFi or blockchain. We’re not planning on getting rid of our royalty rewards and additionally, we’ll be ensuring that our reward distribution mechanism is built in a trustless and decentralized way that won’t rely on any input from any individual. This way rewards will be distributed in perpetuity and we will only discontinue the rewards if the fab DAO deems it appropriate,” DataBitz said.
Fabric has been highly transparent in how it has spent funds raised from the sale of the FAB PUNK NFTs. The protocol raised 13,000 SOL tokens, nearly $7 million, from the sale of these NFTs, which were sent straight to the Fabric Treasury. Out of which, 3,000 SOL was allocated and liquidated to pay for a security audit, development overheads, hosting, hiring new hires, paying legal counsel to the NFT artist, and additional overheads.
“I’ll be honest in the beginning, there wasn’t really much positive feedback from the older community members. They thought that we were pretty much focusing more on NFTs rather than the road map and it’s understandable because at the moment we were focused on the launch of the fab punks. I guess they did feel like we weren’t focusing on the dApp as much which it’s completely understandable but we pretty much cleared that up that pretty much for the moment we were focused on the fab punks because obviously, we don’t want people to feel like it was a cash grab,“ explained DataBitz about the community response to the NFT sale.
With the launch of the dApp on the devnet within Q4, the community is looking forward to how the protocol will grow and scale once deployed on the mainnet.
To catch the Full Livestream recording, check the DeFi Direct Youtube channel.
Fabric is a protocol that brings token synthetic assets like cryptocurrencies, fiat currencies, stocks, commodities, and other financial assets to the Solana blockchain. All the synthetic assets on the protocol are collateralized by the Fabric (FAB) token that is locked into pools to ensure that the Solana Program Library (SPL) synthetics are minted and distributed. These synthetics can then be traded on the Serum DEX after being stamped.
Find more about Fabric here:
Source : solana.news