FinNexus Blog

FinNexus Blog

New mining mechanism, improved UX/UI, & much more: FinNexus rocks in January!

Ryan TianJanuary 25th 2021

The FinNexus team is proud to announce a series of exciting new developments on Jan. 25, 2021:

  • A revamped UX/UI will change the way users interact with our website. Check it out here.
  • A new mining mechanism will go live on both Ethereum and Wanchain.
  • USDT has been added as collateral in the liquidity pool on Ethereum.
  • A new wanUSDT pool has been created on Wanchain.
  • Plus, we are including snippets of four additional upgrades we expect to launch soon

1. New UX/UI

While relying on a theme similar to the current FinNexus website, the new UX/UI greatly simplifies options trading & liquidity pool operations. It also integrates the new mining mechanism on both Ethereum and Wanchain.

You can enjoy the brand-new experience right here.

2. New Mining Mechanism

Two proposals - [FIP #03] and [FIP #04], respectively - have successfully passed the scrutiny of our community. This has paved the way for the launch of our new mining mechanism, which will be online at 12:00 UTC+0 Jan. 25, 2021, both on Ethereum and Wanchain.

The new mining mechanism will boost users’ returns, deepen the platform’s liquidity, and propel our project to its next stage of development.

At the heart of the system is the possibility of combining FNX and USDC/USDT, allowing users to reap larger rewards once tokens are locked.

The FinNexus team believes the new system will deliver significant results not just to individual users, but also to our overall ecosystem. On the one hand, it will boost liquidity, a serious issue in decentralized finance and beyond. On the other, by encouraging users to hold both FNX and USDC/USDT, we aim to strengthen our token and prevent a farm-and-dump scenario.

Please be aware that the old FPO mining mechanism will be terminated today. Users may still claim the old mining FNX rewards for a month, which is strongly encouraged.

For an in-depth reading on how to maximize mining rewards, please read the FNXboys Episode One here and here.

3. Adding USDT as collateral in the USDC/USDT Pool on Ethereum

USDT is a stable coin widely used in the cryptocurrency industry. By adding USDT as a collateral asset in the original USDC pool, the FinNexus team is turning the latter into a hybrid stable-coin pool that will accept both USDC and USDT as collaterals to write and settle options.

The benefits of this operation include:

  • Attracting more liquidity from USDT holders. Users will have more choices when it comes to providing liquidity to our protocol and earning yields from options premiums and mining.
  • Stable coins are not volatile assets and will not bring additional multi-coin risks as explained here.
  • USDTs are widely accepted among DeFi users and have more total volume than USDCs.

Here is a graphic representation of the new liquidity pool mechanism:

4. A new stable coin pool on FPO Wanchain

Following a vote on proposal [FIP #04], a new pool with stablecoins - including wanUSDT, wanUSDC, and others - as collaterals has been created. The first tokens to be added will be wanUSDT.

Why creating a new pool on Wanchain:

  • Boosting the Total Value Locked (TVL) in the FinNexus Protocol for Options (FPO).
  • Generating transaction fees for trading options.
  • Facilitating the trading of options in stablecoins, something that professional traders will no doubt find suitable to their needs, given their stability.
  • Interacting with other platforms on Wanchain - like Wanswap, Wanlend, etc. - which support transactions and borrowing using stablecoins.

Coming up next:

  1. An airdrop campaign
  2. FNX/ETH liquidity mining on Sushiswap
  3. An experimental pool with algorithmic stablecoins
  4. A proposal for FNX token redistribution/burn

Stay tuned for more good news from FinNexus!