FinNexus
About FinNexus
FinNexus is a new open finance protocol being built on Wanchain. The protocol aims to bridge the divide between decentralized and traditional finance and to make as wide a range of financial products as accessible as possible to as large of an audience as possible. The project is the brainchild of Boris Yang, one of the core founders of Wanchain who is now independent of Wanchain, but still a strong collaborator with the organization. In the crypto economy there exist a number of different connectivity needs. The need for connectivity between assets and blockchains, between users and blockchains, and between different service providers and their users. Currently, these connections are Adhoc, unsystematic, and highly inconvenient. Instead, the connections should be unified, user-friendly, and generalizable. FinNexus is a general protocol aiming at providing those connections. Here ‘connection’ refers not only to technological connections, but also business connections. Therefore, FinNexus is not just a technological protocol, but also a business protocol. Moreover, FinNexus is not just one protocol, but in fact a collection of multiple protocols that together compose the FinNexus ecosystem. The three major connections that FinNexus provides are: 1. Connections between users and blockchains. 2. Connections between Assets and blockchains. 3. Connections among different data providers.
The goal of FinNexus is to aggregate a wide array of different services on one platform so that user requirements can be met in a unified and streamlined way, greatly simplifying and improving the user experience. To help readers better understand how FinNexus will aggregate services, the application that could use FinNexus ecosystem are: 1. Investment in POS pools through lending on cryptocurrencies. 2. Investment in Quantitative trading products through lending on cryptocurrencies. 3. Stable return assets. 4. Risk Hedging with options.
FinNexus Roadmap
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09.2018
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FinNexus officially starts, including pre-planning, core members of the FinNexus team, fund partner negotiation, etc.
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03.2019
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Start preparing the white paper and announcement plan
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06.2019
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Release the white paper, go live website, and officially start market declaration
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07-09.2019
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The first round of FNC issuance
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12.2019
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FinNexus (V 1.0) goes live. The first batch of assets go online.
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06.2020
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FinNexus (V 2.0) goes live. The second batch of assets go online.
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12.2020
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Complete the function layer and open parts of APIs to the public. The third batch of assets go online.
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06.2021
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Complete Phase 1. The function layer has rule container, more APIs to be open to the public. Initially become a global mainstream asset platform with a multi-partners and large-scale users.
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2022
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Standardize the rule container and the connection layer. P2P protocol network is initially formed. FinNexus transits from asset platform to asset channel.
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2024
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Complete Phase 2. A P2P open sharing protocol ecosystem is formed, and the effective community governance model is shaped.
FinNexus Team
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FinNexus Last News
FinNexus Reviews
FinNexus is not just one protocol, but in fact it is a collection of multiple protocols that together compose the FinNexus ecosystem. FinNexus v1.0 with the first batch of assets goes online in Q1 2020.
FinNexus partners currently include GENESIS Group, Consensus Labs, Hillstone, Bitrue, BKEX Capital and others.
The FinNexus project was initiated by two major founding investors, Wanchain and SuperAtom.
-Wanchain's technology will form the basis for the FinNexus platform, and the Wanchain team will provide comprehensive technical support for FinNexus.
-SuperAtom is a fintech company incubated by Cheetah Mobile. SuperAtom will play a key role in the FinNexus’s early stages by working together to tokenize the financial products which provide moderate and stable investment returns.
One of FinNexus’s goals is to provide the blockchain world with more assets with real value, this principle is reflected via their innovative token issuance model called: Initial Convertible Token Offering (ICTO).
-FinNexus will issue the FinNexus Token (FNX), which will be convertable to an asset backed token with the symbol UM1S. The holders of UM1S are eligible to benefit with an annualized rate of return at over 10% paid in USDT (the return of the token is backed by the UangMe consumer loan business in Indonesia, with the originator SuperAtom).
-FNX token will be the sole utility token in the FinNexus ecosystem. Any FNX tokens not converted to UM1S during the conversion period are no longer eiligible for conversion and will remain as FNX tokens permanently.
-FNX tokens which are converted to UM1S tokens will be reduced from the total supply of FNX tokens, reducing the maximum supply of tokens.
Moreover, 25% of FinNexus fees will be used for the buffer fund:
-The first role of the buffer fund is to stabilize FNX’s value (publicly buy back FNX once the fund team determines the price of FNX to have fallen lower than the market value or in the case that the fee scale falls).
-The buffer fund will be used to compensate users’ losses when an uncontrollable factor causes FinNexus users to lose their assets. The buffer fund will otherwise be invested in assets with stable return for value preservation and appreciation
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