Cronos Ecosystem Spotlight: Fulcrom Finance
Read on to find out about Fulcrom Finance, their latest updates on Cronos, and why they have chosen Cronos as their home chain to build on
In Q2 2022, we kicked off the Cronos Ecosystem Spotlight Series — a series of interview articles covering projects that are building on the Cronos Chain.
Today, we are excited to feature Fulcrom Finance, a decentralized perpetual exchange on Cronos that allows users to trade leveraged positions with low fees and zero price impact.
Let’s dive right in!
What is Fulcrom Finance and can you share more about the team behind the project?
Fulcrom is a decentralized perpetual exchange that allows users to trade leveraged positions with low fees and zero price impact, whilst having the peace of mind that all trades and collateral are stored transparently on-chain.
Fulcrom is led by a team of experienced professionals who are passionate about transparency and decentralization. Our team has a strong background in finance, computer science, blockchain technology, and experience in the crypto industry and we are committed to building a platform that meets the needs of all traders
What are the key features of Fulcrom that sets it apart from other DEXs on the chain?
The main key features that set us apart are:
Trade up to 50x leveraged positions with low fees and zero price impact, whilst having the peace of mind that all trades and collateral are stored transparently on-chain
Personalized dashboard which shows users consolidated Profit/Loss from all the trades performed
High-quality liquidity tokens managed and maintained in our FLP pool
Good security governance. Smart contract audits are a crucial part of the security governance of a DEX platform. Fulcrom Finance will be conducting a yearly security audit with third-party security firms to ensure that there are no vulnerabilities that could be exploited by hackers.
User-Friendly Interface: Fulcrom Finance has a user-friendly interface that makes it easy for users to access margin trading, lending, and borrowing features. The platform is designed to be accessible to both novice and experienced traders
You had a very successful launch in Q1 this year, can you share some key user metrics ever since Fulcrom went live?
Within the span of 2 months, Fulcrom Finance TVL(Total value locked) increased 80x times to 4.24 million as of 29 Apr 2023. The incremental trading volume also increased around 100x times from 1.6M on the first day of launch to 1.88M to date.
Given the high confidence level and trust in Fulcrom Finance platform, the new user base grew from 700 to around 5.3K users within 2 months, and our main utility token (FUL) price remains stable at around $0.032 ~ 0.033. Less than an 8% decrease in fluctuation from IDO to date.
What were the key reasons that you decided to choose Cronos as a chain to launch on?
Scalability: The Cronos network is designed to provide high scalability and throughput, which can help to alleviate the congestion and high gas fees that are common on the Ethereum network. This can lead to a better user experience and lower costs for users.
Interoperability: As a layer 2 solution built on the EVM, Cronos is fully interoperable with the Ethereum network. This means that applications and smart contracts built on Cronos can interact seamlessly with those on Ethereum, which can help to expand the reach and network effects of Fulcrom Finance
Security: Cronos is built using the Cosmos SDK, which is a highly secure and battle-tested framework for building blockchain applications. Additionally, Cronos utilizes the Tendermint consensus mechanism, which is known for its speed and security.
Developer-Friendly: The Cronos network is designed to be developer-friendly, with a focus on providing a simple and intuitive development experience. This can help to lower the barrier to entry for new DeFi projects and attract a wider range of developers.
Community Support: The Cronos network is supported by a strong and growing community of developers and enthusiasts. This can provide valuable resources and support for a new DeFi project launching on the network.
Overall, the decision to launch on the Cronos network may have been driven by a combination of these factors, as well as other considerations such as the team's technical expertise and strategic goals.
What are the upcoming features that the #CROFam can look forward to on Fulcrom?
New token listing
Additional security governance features
New trading features
For a user new to Fulcrom Finance, where can they learn more about your project and get started?
If you are new to Fulcrom Finance and interested in learning more about the project and how to get started, here are some resources you can explore:
Fulcrom Finance Website: The official Fulcrom Finance website (https://fulcrom.finance/) provides an overview of the project and its features, as well as links to resources and tutorials.
Documentation: The Fulcrom Finance documentation provides detailed technical information about the platform, including how to use the platform, integrate it with other tools, and access the API.
Social Media: Fulcrom Finance maintains an active presence on social media platforms such as Twitter and Telegram, where you can stay up-to-date on the latest news and announcements, as well as interact with the team and community.