- Fringe Finance hosted a party in the metaverse to celebrate the launch of its Primary Lending Platform.
- More than 100 whitelisted guests took a helicopter to a yacht anchored in Decentraland’s Meta-sea to attend the platform’s launch.
- Lenders can now make deposits of USDC to the PLP to receive interest on their deposits
Fringe Finance, an all-new and inclusive DeFi lending platform, hosted a party in the metaverse on the 24th of June to celebrate the launch of its Primary Lending Platform (PLP).
More than 100 whitelisted guests, including journalists from crypto-media outlets, took a helicopter to a yacht anchored in Decentraland’s Meta-sea to attend the platform’s launch.
The event lasted two hours and took place on 16 plots in the surrounding area. During that time, guests could relax on the deck, talk to other people at the bar, soak their avatars in a jacuzzi, and, as well, go on a treasure hunt. Regarding the latter’s prize, the first lucky winner got 12 logos that stood for 12 seed phrases in less than five minutes.
Beginning on the 24th of June, lenders can make deposits of USDC to the Primary Lending Platform (PLP) to receive interest on their deposits, while borrowers will be able to borrow USDC against their altcoin holdings.
The following cryptocurrencies are currently supported by the platform: MATIC, LINK, TOMOE (ERC-20 TOMO), REN, IOTX, BNT, and OGN. Notably, the first release is only the start of a long process in which the Primary Lending Platform (PLP) will gradually add support for a long list of tokens as collateral.
Fringe Finance and Its Layout
Statistics show that there is more than $50 billion worth of lower-ranked cryptocurrencies whose owners can’t use advanced DeFi services like lending, borrowing, and staking. Hence, the Fringe Finance platform is a big breakthrough for this limitation.
Interestingly, the first step in a roadmap that will provide significant features for the DeFi community and holders of $FRIN tokens was the launch of the initial prototype of the Primary Lending platform.
The participation of crypto-assets with a lower market capitalization in the DeFi economy will usher in a new era of innovation for Web3 lending and borrowing through the Fringe Finance platform.
Brian Pasfield, the CTO of Fringe Finance, said:
“We are already well advanced in developing our Staking & Yield Farming Platform. Upon release, lenders will have access to many staking opportunities, including staking their interest-bearing tokens from the Primary Lending Platform to temporarily receive extra yield farming rewards. At the same time, our USB Stablecoin Platform, also on the way to being delivered, will let crypto holders deposit almost any altcoin and mint $USB: our native stablecoin pegged against the US dollar (USD).”
Fringe Finance’s vision includes cross-chain collateralization, fixed-interest loans, a truly decentralized user interface, and built-in DeFi insurance, which will give the growing crypto economy a platform with many features.
Additionally, the Platform also provides a model of immediate and persistent economic incentives for all parties to build and promote its vision. These financial incentives are in the form of reciprocal economic benefits.
When taken as a whole, the team presents a one-of-a-kind opportunity for holders of low-liquidity coins and for all other players who engage with the platform.