Dear Fusible Community,
While we ushered into this year with the rampant DeFi momentum, the Q1 of 2020 was a strategic time stretch to lay a solid foundation for Fusible. After months of relentless hard work on ideation and brainstorming on Fusible, the first quarter focused on driving the pre-planned actions by commencing our token generation event followed by the staking and yield farming programs for platform users. We also anticipated for the testnet launch of the Fusible platform.
To design a seamless token generation event, we united forces with leading on-chain liquidity provider DODOEX to launch our Initial DEX offering. Fusible pledged to raise $100K tokens worth $72k from the public distribution sale. Whereas another $100k was employed by liquidity providers instantly towards the end of the sale. It designed a seamless whitelisting process to allow maximum participation from the community during its crucial phase. Therefore the DODOEX resulted in DODO liquidity with 100k BUSD and 100k FUSI.
What exactly happened with DODOEX?
While we were all stimulated with our successful token launch, the DODOEX team disclosed to us about a smart contract on their platform exploit resulting in draining liquidity from various projects, including $FUSI. The hacker drained an aggregate of $150k BUSD and $50K circulating supply. The $FUSI token was trading at $2.9.
After intricately investigating the matter, the DODO team informed that the hacker had employed a flash loan contract bug to swap the real tokens with the fake ones. While the internal team at DODO constantly assured us about the successful fund recovery, we realized that the funds were beyond the purview of reach after a while. The DODO team reinforced the same. Therefore, we at Fusible strategically decided the next course of action.
Delving into the hack’s consequences, the Fusible team realized that the hacked tokens constituted 12% of the $FUSI supply, which could result in a massive dump on the market affecting the sentiments of the community. The hacker employed the same strategy for another victim project creating a massive dump resulting in a price cascade from $9 to $2. To reinforce the community’s confidence and faith in Fusible, the team made a swift decision to counterattack the hacker’s move and safeguard the community’s interest. After analyzing the situation and consulting professional experts, the Fusible team decided to migrate the old $FUSI token to the new $FUSII token at a 1:1 ratio to alleviate the damage caused to the platform and its stakeholders.
We are glad to share that our successful transition from $FUSI to $FUSII has resulted in upholding the community sentiments. We have listed $FUSII on Pancake Swap at an average price of $2.3 to maintain the momentum, resulting in further growth.
The Prospective Roadmap to Fusible’s growth
Challenges are something that makes the journey fruitful. In dire circumstances, an effective damage control mechanism is quite important for a project’s success. We are proud to share that we efficiently managed to implement a swift decision that resulted in steady recovery.
As we dive into the next phases of developments at Fusible, our roadmap is filled with enthusiastic product and community updates. In the Q2 of 2021, Fusible will be majorly focusing on deploying on the Binance Smart Chain and the mainnet launch. We will also be gearing up the ETH_BSC NFT bridge. Our future milestones for the Q3 and Q4 also include integrating with NFT Marketplaces and exploring the Fusible platform’s governance dynamics. Subsequently, we will be considering EVM-based blockchain integrations to drive utility and mainstream adoption.
While the roadmap sounds as exciting as it is, the community plays an important role in driving our success quo. We are grateful for your support throughout this journey as we experience highs and lows.The unwavering support of the community has been a driving force to push our boundaries beyond measures.
Team Fusible.
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- Mail us at connect@fusible.io
