- Fabric is a synthetic asset issuance protocol built on Solana
- The project has launched the Osmosis and APEX Osmosis staking pools which now have over $2 million in liquidity pools
- Fabric will be looking to add voting/DAO on its mainnet and launch the FAB PUNKS in Q4
- FAB has been one of the top-performing Solana projects in September, hitting an all-time high of $0.4242 on September 10
Fabric is a decentralized synthetic asset issuance protocol built on the Solana blockchain. The network provides tokenized synthetic assets which leverage an over-collateralized staking pool.
On the Fabric network, synthetic assets are collateralized by FABRIC tokens (FAB) which must be locked in the Fabric pool before synthetic assets can be issued. So, how has Fabric fared since its launch in May 2021?
Recent Developments
The Fabric network is experiencing one of the most significant events since its launch – the addition of staking to the network. After staking was integrated into the network, Osmosis and APEX Osmosis staking pools were deployed on the mainnet.
Fabric staking is now reportedly 5X faster than it was at its launch thanks to development optimizations. Users can now either stake their FAB-USDC or APEX-USDC in liquidity pools for 14.5% and 14.24% annual profits, respectively.
Currently, over $2 million has been locked in the Fabric liquidity pool. Tracking of the Fabric LP is made possible by a recent integration with DeFi Llama – a ranking and metrics aggregator for Decentralized Finance (DeFi) protocols.
To encourage community participation, Fabric, in conjunction with Compendium.Fi, launched an NFT airdrop on September 9. The winner will be airdropped the legendary Piggy NFT on September 18.
Future Events
The Fabric Foundation has teased some exciting events to happen on the network before the end of 2021. One of the most anticipated is the release of FAB PUNKS – Fabric’s answer to the growing NFT trend and the metaverse.
When FAB PUNKS is released, users will be able to access some unique avatars on the Fabric network and interact with digital assets and even corporeal objects with augmented reality.
Q4 will bring more interesting changes to the Fabric network. According to the Fabric development team’s roadmap, Fabric will be adding voting/DAO on its mainnet in Q4. This will change the governance model adopted by the project.
In addition, there is a planned release of a Fabric smart swap router – an aggregator with an intelligent order router breaking down large orders into multi-venue minimal slippage orders.
Price Updates
Fabric (FAB) started the month of September as one of the top performers in the Solana ecosystem. Gaining more than 450% in the first week, FAB hit an all-time high of $0.4242 on September 10.
The 30 days price chart of Fabric (FAB). Source: CoinMarketCap
After peaking at its ATH, FAB experienced a sharp correction that saw it decrease as low as $0.1722. Over the last 24 hours, Fabric has gained more than 19%. As a result, Fab now trades at $0.1774. Fabric has a market cap of $8.77 million, which makes it the #1039 largest crypto.
On The Flipside
- Despite offering some remarkable services, Fabric lies down the crypto pecking order in popularity and adoption
- In addition, Fabric (FAB) has experienced a significant correction just one week after topping $0.424
- FAB now trades at $0.1774, 58% down from it September 10, ATH
Community
As a young project in the crypto space, Fabric is only building its community. Members of the Fabric community identify themselves as FABulous people. The project has 19k followers on Twitter (NYSE:TWTR) and 2k on Discord.
Although Fabric doesn’t have the biggest community support, its members are ardent followers of the project. A Twitter user, @SecretSalsa_, wrote about Fabric,
$FAB new ATHDifficult to ignore this project:Dual yield LP being developedGorgeous Fabric Punk NFTsSynthetic trading dApp scheduled for 4qNew PartnershipsOnly 16M USD Market capBuilt on $SOL— Secret Salsa (@SecretSalsa_) September 9, 2021
A Twitter user, @KYNNIVIL, in sharing his thoughts on the Fabric project, wrote;
By FAR, top 3 bullish low cap solana alts. $1 soon enough!— KYNNIVIL.eth (@KYNNIVIL) September 10, 2021
Another Twitter user, @0xDEADBEEFx, shared his thoughts;
By FAR, top 3 bullish low cap solana alts. $1 soon enough!— KYNNIVIL.eth (@KYNNIVIL) September 10, 2021
However, there are members of the community who are impatient with the slow growth of the network. One such user, Selim Han, wrote on Twitter;
we need to new listing in exchange— Selim han (@selim_han12) September 16, 2021
Why You Should Care?
Although Fabric is a relatively new project that is yet to gain significant attention in the market, the project is moving in the right direction. With events lined for the rest of 2021, the next couple of months could potentially be critical in shaping the project’s future.
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