FibSwap Monthly Update August 2021
FibSwap aims to be a true multi-chain DEX that will enable users to swap tokens from one chain, to tokens on another chain with the click of a button.
This is a lot more difficult than it sounds and our devs have been working hard in the background for months to make this work
We aim to launch our DEX on the 20th August 2021 with a test going out to our FibSwap community a few days before. The test will help us stress test the system.
We wanted to give you an update on everything that’s happened since our launch.
Launch Of $FIBO Token
FibSwap launched its token on PancakeSwap on the 23rd July 2021 at a price of $0.00012.
Within 3 days we watched the price of the token jump by 1500% before settling down at around $0.0012 (a 1000% increase from day one).
Once the marketing team did their magic the price of FibSwap jumped another 1000% to $0.012, with a peak of $0.014 and again it has settled down to around the $0.01 level.
Security Audit
Our commitment to maintaining a secure, safe and reliable platform form part of the core values of FibSwap. To ensure this, we have commissioned several Audits from various companies to continually review our process to protect our users and our platform from external exploits and vulnerabilities
We were delighted to announce that the first audit of the FibSwap contract was completed by TechRate and passed with flying colours.
Marketing
The marketing team were brought in to meet several Key Performance Indicators (KPIs) from both a quantitative and qualitative approach. Some of the initial KPIs are:
Increase number of FibSwap Holders
Increase the price of FibSwap
Increase the number of Telegram users
Increase the Twitter following
Engage and Increase Youtube Videos talking about FibSwap
Coordinate multiple shilling campaigns
At the beginning of any type of business startup the initial KPIs are very much focused on the quantitative, however FibSwap have managed to come straight out of the gate by focusing on quantity and quality.
The initial marketing approach was to let everyone know about FibSwap far and wide on social media and a huge media campaign was set up using Reddit, Twitter, Telegram, Youtube and other social media outlets.
A massive coordinated shilling campaign was used in conjunction with regular AMAs, competitions, power hours, giveaways and content marketing on Youtube, Medium and twitter.
All of the marketing efforts have not only seen the price of FibSwap increase 100x but seen the community and other KPIs increase dramatically too — and it’s only just getting started.
KPIs after 18 days
Increase of FibSwap holders from 653 Holders on the 24th july to 6,535 today 11th August (1000% increase)
Price of Fibswap from $0.00012 on the 23rd July to $0.009 on the 11th August (7,400% increase)
Number of Telegram users from 2,000 on the 23rd July to 7,490 on the 11th August (270% increase)
Number of Twitter followers from 2,000 on the 23rd July to 3,330 on the 11th August (66% increase)
Current Financials
Current price: $0.0090
Current MC: $33 Million
Fully Diluted MC: $86 Million
Liquidity: $2.5 Million
Average 7 day trading volume per day: $1.01 Million
Number of holders: 6,530
It’s All About The Community
One of the most important aspects of the FibSwap rise is the community.
Growing and nurturing the community is paramount to FibSwaps success.
Although a startup like FibSwap is highly technical, the community is purely people-centric. This means communities are not driven by algorithms, coding, or price movements. Hence, understanding what connects people to the owner of the project is critical.
The passion, enthusiasm and determination of the owner, Fibonacci, is clear for all to see and hear.
They have achieved this by being very community focused and involving the community in everything they do. This has resulted in The owner ‘Fibonacci’ and the marketing team doing almost daily AMA’s via voice Chat in their Telegram group. This has been a key feature in the marketing teams approach to staying customer centric.
It has worked well with a Telegram community who support each other and have the knowledge they need, due to the AMAs, to share with other potential investors and traders.
This is why we now have loyal followers and holders of the FibSwap token, who not only have a voice in the project but help to market the project. The FibSwap Army is growing fast.
Increase of Liquidity
One of the main KPIs for owner of FibSwap, Fibonacci, is the liquidity of the FibSwap token $FIBO
$FIBO is a utility token and is required for everyone who transacts on the exchange which will be released on the 20th August.
For investors and traders Fibonacci has been focused on increasing the liquidity of the token for a number of reasons.
High liquidity indicates a vibrant and stable market where participants can trade quickly, easily and at fair prices. High liquidity brings the following benefits to the cryptocurrency market:
- Fairer pricing without too much impact
- Market stability
- Quick transaction time
- More accuracy for technical analysis
- Psychologically more appealing to investors
With this KPI the owner with the help of a marketing drive for larger investors who will hold the token for longer, the owner has managed to increase liquidity by around 500% to $2.5 Million which is 10% of the current market capitalisation.
This metric should go up in the near future with an investor adding $1.1 Million to the liquidity pool which will be added over time, due to LP impact prices.
Launch of FibSwap
The launch of FibSwap is getting closer and lead developer Clive has been busy in the background along with 5 other developers.
A sneak peak was given as to how the mobile version of the DEX would work.
The focus just now is developing the web application with the testing coming to the community around the 18th August. This will help to stress test the DEX and will help to iron out any final issues that it may have.
It’s all about the community
Achievements to date
FibSwap is only 19 days old but has already achieved many of the targets the team set for the end of quarter 3. The last on the list for quarter 3 is to launch the DEX, which will be coming out on the 20th August.
Initialisation of FIBO contract — This was completed in July 2021
Create BEP20 FIBO token — This was completed in July 2021
FibSwap Initial DEx Offering — The IDO was completed on July 22nd with a private sale and raised around 620 BNB
PancakeSwap Listing — FibSwap listed the token $FIBO on the 23rd July 2021 with a price of $0.00012
CoinGecko Listing — CoinGecko listed FibSwap on the 26th July 2021 (Click Here for listing)
CoinMarketCap Listing — CoinMarketCap listed FibSwap on the 28th July (Click Here for Listing)
Security Audit — This was achieved in on August 2nd 2021 when Techrate announced that FibSwap had passed the audit.
Launch of FibSwap V1.0 — Coming on the 20th August with testing on or around the 18th August
What’s next for FibSwap?
The FibSwap is now completely focused on the launch of the Multi-chain DEX. However they have a lot planned after the launch and will be adding new project tokens every day and adding more chains in the future with the initial chains being the Ethereum and Binance Smart Chains.
With plans for staking and farming coming up in quarter 4 it’s going to be another busy and hectic quarter, but for now let’s celebrate what the FibSwap team have done so far.
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About FibSwap
FibSwap is an Interoperable Multi-chain Bridging System where users can swap tokens from one chain, to tokens on another chain. This is done with the click of a button and will greatly enhance the DeFi space by allowing multiple chains to cross swap their tokens.
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