Apricot Finance — Forward & Beyond!
What We’ve Done
Around this time one year ago, Apricot’s founders first met and bonded over the struggles each faced around managing risk exposure across their farming and borrowing portfolio positions. After exchanging ideas, they realized the incredible potential for a new age lending and borrowing platform in DeFi, enabling users to farm with greater capital efficiency, on a network already built to scale to millions of users.
Thus, Apricot Finance was born and the building began. Attraction to the project quickly grew as Apricot earned the First Place Prize for the East Asia Region of the Solana Season Hackathon. By mainnet launch, the total value locked (TVL) of the Apricot protocol had grown to several hundred million dollars.
The most noteworthy and unique feature of the platform, Apricot Assist, is now used by a majority of users who have opened a farming position, which means we’ve created a whole new product category for managing risk.
Our protocol raised $17M in public and venture funding to expand on its product offerings, allowing for the development of the most advanced user friendly lending and leverage farming platform in decentralized finance.
We’ve been heads down working to deliver just that, especially focusing on expanding our development team, as well as our marketing, and community management squad.
So enough about the past, it’s the future of Apricot we’re excited to share with you now!
Where We’re Going
Platform Features Coming in Q1 (Estimated)
🍑 In-App Swap
- To help users more easily manage their exposure to different assets, we will integrate with our DEX partners to make a swap feature available within the Apricot app. This will be integrated with X-Farm as well so that farmers can easily obtain a desired long or short exposure when they start farming.
🍑 Assist 2.0
- We’re improving our most popular feature, Apricot Assist, to give users a lot more flexibility in how Assist can be triggered and what actions Assist can perform once triggered. All of these will contribute to massively reducing the risk of liquidation and the impact of impermanent loss.
🍑 Transaction History & PnL Tracking
- Currently, it’s difficult for users to track and monitor which unique positions are impacting their PnL on the platform, particularly given the Apricot borrow platform is cross-margin. We’re mitigating this issue by adding to our interface transaction history and the reporting of isolated performance of each position opened, so that users can easily monitor and adjust their farming positions accordingly.
🍑 Increased Token Utility and Governance
- In a short time, Apricot will implement the requirement of holding APT to receive full benefits of Assist 2.0 without accruing any additional fees.
🍑 Additional Liquidity Venues Coming Imminently
We’re pleased to announce we’ve partnered with an industry leading market maker and APT will be imminently trading on centralized exchanges with strong global footprints, providing well enhanced liquidity to our native token.
Upcoming centralized exchange listing: Gate.io
- Trading will commence on Monday, 2022–01–10 14:00:00 UTC+8
🍑 Marketing, Communication, and Education
After the launch of mainnet, Apricot’s team continued to be product development focused and we understand we fell short in providing strong daily communication regarding team progress.
We’ve now expanded our development capacity, allowing us to turn the tide on community frustrations. We now have a dedicated brand marketer and have on-boarded dedicated community managers to provide customer support and field questions on Discord and Telegram — Which leads us to our next development, education!
Leveraged farming and decentralized farming are complicated concepts, we’re heads down on bolstering our supporting documents to educate users regarding the implications of popular farming strategies via detailed product walkthrough videos and articles, both of which are coming very soon.
🍑 Emission Architecture Refurbishment
Apricot will be adjusting the architecture to its token emissions, both staking and liquidity mining rewards, to improve the economics of APT and platform use. More details will be provided very soon.
Stay tuned as the team continues to develop Apricot as an industry leading DeFi platform, integrating with some of the best partners in the space.
Stay tuned with us 🍑
Telegram Announcement: https://t.me/apricotfinanceann