FABRIC GOES LIVE ON DEVNET
We’re beyond excited to officially announce the release of the fSynth trading dApp on devnet. But before we go any further, thank you to the community for joining us on this FABulous journey.
What is the fSynth dApp?
Built on the ultra-fast Solana ecosystem, FABRIC’s fSynth dApp will allow users to trade a variety of synthetic assets including fURA (uranium), fXAU (gold), fBTC (Bitcoin), fJPY (Japanese Yen) and a number of other fiat currencies, cryptocurrencies, commodities, indexes and inverse assets. FABRIC’s architecture allows for low fees, practically unlimited liquidity and unrivalled speed.
All synthetic assets are collateralized by FABRIC tokens (FAB) which must be locked into the FABRIC debt pool to allow users to mint synthetic assets. As a result, users interact directly with the debt pool during trades and act as a shared counterparty.
To begin with, only fUSD and fURA will be available to mint. We plan to add additional synths in the coming weeks.
You can read more about the fSynth dApp here.
Devnet Bug Bounty
We’re pleased to announce our incentive program of the fSynth dApp. We encourage the FAB community to interact with the dApp to help us identify any bugs and push any UI, UX, & feature updates. Users that identify low-risk functional bugs or give high-quality suggestions that we implement will receive $50. Medium-risk bug discovery will result in a $1000 bounty and high-risk bug discovery will result in a $5000 bounty. Risk will be at the discretion of the FABRIC team.
Bug reporting and improvement suggestions must be made in the #create-support-ticket channel on the FABRIC Discord.
To celebrate the release of our fSynth dApp on devnet we also have a challenge for you!
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
The coming weeks
The next four to twelve weeks will see us reach a number of different checkpoints including:
- Mobile support for synthetics dApp
- Release the FABRIC Synthetics protocol SDK for interacting with the protocol
- Publish and verify IDLs with Anchor registry
- Launch additional synthetic assets to trade
- Launch support for additional collateral
- Share our contract and web dApp code with the public
- Complete an external security audit of fSynth dApp smart contracts
We look forward to all of the feedback and suggestions from our community on how we can make the fSynth dApp as user-friendly and powerful as possible. We are aiming to go live on Mainnet towards the end of Quarter 1 2022. 👋
For a full breakdown on how to use the dApp you can find our FABRIC docs here.
Join The FAB Family
We can’t wait for you to join the community and become a part of the FAB Family.