3/28/2023, 10:39:38 PM

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Fabric price is unchanged in the past week.


What IsFabric (FAB)?

Fabric (FAB) is a decentralized synthetic assets issuance protocol built on the Solana blockchain. The platform aims to offer swift architecture, low-fee trading, frictionless and accessible experience for every user, and unlimited liquidity. The platform offers tokenized synthetic assets that leverage an intelligent Oracle architecture, the central order book of Serum DEX, and an over-collateralized staking pool. Oracle is a bridge between the real world and the blockchain. Similarly, Serum is an order-book-based, high-speed, non-custodial DEX developed on Solana. The Fabric platforms aim to provide users with innovative ideas like supporting major wrapped tokens. Wrapped tokens are pegged to a specific cryptocurrency but work on another blockchain network. Further, the platform offers high transactions per second at low costs and expansion to other commodities, index, forex, and inverse synthetics.

The platform allows users to interact with the Fabric pool directly. It operates without any requirements of counterparties and avoids common issues on liquidity exchanges like liquidity and slippage. The platform has identified gaps like no equivalent tokenized synthetic assets within the Solana network that can tackle the issues of making decentralized trading of synthetic assets difficult for users. The platform has recognized issues like high transaction fees on other blockchains that restrict users from trading synthetic assets and a lack of Solana-based Oracles.

The Fabric ecosystem utilizes the SPL (Solana Program Library) Synthetics, which is the core pillar of the platform. Here the users can stake FAB, the official token of the platform, as collateral through Fabric dApp and interact with the Fabric contract. The Fabric dApp aims to offer a web GUI (graphical user interface) to interact with the Fabric protocol. Users can stake FAB, burn or mint SPL synthetics, view staking rewards, and vote on Fabric protocol improvement proposals. Cryptocurrency burning is when a fraction of tokens are sent to a wallet with no private key. It means the tokens are lost forever. Tokens are usually burnt to reduce availability and increase market value. Oracle assigns exchange rates through price feeds to SPL synthetic assets and converts using the Fabric dApp. Now, the platform creates infinite liquidity per the total amount of collateral in the network, with zero slippage and permissionless on-chain trading.

FAB is the official cryptocurrency that aims to provide utility and governance in the ecosystem. The token holders can vote for new Oracle feeds, SPL synthetics, and the proposals in the Fabric ecosystem through Fabric dApp. The FAB token holders are incentivized for staking the tokens and then minting SPL synthetics through Serum DEX rewards, mint/burn rewards, and FAB staking rewards.

History of Fabric (FAB)

The official whitepaper of Fabric was launched on May 20, 2021. As the roadmap suggests, in the second quarter of 2021, the platform implemented the Fabric token on the Solana network, started developing Fabric dApp UI, and developed fabric yield farming pools. 

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