Just over two years ago, my journey in the realm of blockchain led me to the creation of a successful decentralized application (DApp) on the Harmony blockchain. Those were good times filled with work and living on the edge of innovation. Along this journey, a seemingly alluring investment opportunity crossed my path—Luna's stablecoin. I put our faith and our funds into the venture. Unfortunately, Luna's stablecoin collapsed, and with it went our investments. This shock served as a harsh but necessary reminder that the stability of a stablecoin was not always guaranteed.

Several months later, my path crossed with the emerging blockchain, TON. It was an encounter that would change my direction, steering me towards an opportunity to right the wrongs of the past. A vision was formed - to build a stablecoin that was truly stable and safe. My co-founder and I, veterans of our previous project, rallied and dove headfirst into the new ecosystem.

The Grind: building and believing

Our journey was not an easy one. We plunged into hackathons, networking tirelessly while attempting to establish trust with the TON Foundation's members. We understood the significant role of politics in creating a stablecoin. It was not only about money; we needed the Ton’s leaders’ backing and trust.

With the foundations laid, we embarked on the creation process. Our Minimum Viable Product (MVP) was showcased to the TON team, and I initially felt a strong sense of belief from them. But time has a way of unmasking reality. It became clear that trust wasn't as high as we'd believed. Our lack of experience in building stablecoins was a concern for them, and they preferred someone with a track record.

We tried for a grant, hoping to complete the stablecoin and demonstrate our abilities, but it didn't pan out. The TON team accelerator program seemed to be our next best bet. Regrettably, we were not accepted. I still remember that 6 a.m. call, a conversation I entered sleepily and evidently unconvincingly.

A New Chapter

In the face of these adversities, my co-founder found a new role. As much as it pained me to see our dream slipping away, I couldn't help but feel glad for him. In the meantime, I exhausted every possibility for funding. The sad truth, however, was becoming clearer—it was time to let go of Fortify.

Despite the painful goodbye, I remain grateful. My gratitude extends to Victor, Kirill, and other TON members who supported us throughout our journey. I firmly believe that our paths will cross again.

So, here's to new beginnings and more learning. Our journey with Fortify might have ended, but our story in the world of blockchain continues.

As we look back on the historic DeFi Summer 2020, it's impossible not to appreciate the entertainment and excitement that accompanied this groundbreaking period. So, let's take a trip down memory lane to rediscover the origins of DeFi Summer 2020 and its impact on the crypto ecosystem.

DeFi Summer 2020: The Numbers Game

DeFi Summer 2020 was a turning point for the crypto ecosystem, with DeFi projects experiencing exponential growth. During this period, the total value locked (TVL) in DeFi protocols surged from around $1 billion in June to over $9 billion by September (source). This explosive growth highlighted the potential of DeFi as a game-changer in the financial world.

The Degen Movement: High-Risk, High Reward, and a Dash of Humor

DeFi Summer 2020 also saw the rise of the "degen" movement (source), a term derived from the word "degenerate." This movement characterized traders and users who were willing to take on high-risk, high-reward investments in lesser-known DeFi projects. The degen movement was fueled by an insatiable appetite for astronomical gains, and it inspired some memorable memes, such as "Aping into DeFi" and "In DeFi, we trust", highlighting the fervor and the fun spirit of this high-stakes financial playground.

Compound, Aave, and Uniswap: The Flag Bearers

DeFi Summer 2020 gave birth to several innovative projects that significantly contributed to the growth and popularity of the decentralized finance ecosystem. Among these trailblazers, Compound, Aave, and Uniswap stood out as the flag bearers, capturing the imagination of the community and reshaping the landscape of DeFi.

1. Compound (source) - Compound's decentralized lending platform took the DeFi world by storm, offering users the ability to earn interest on their crypto holdings. The launch of its governance token, COMP, fueled the now-infamous "yield farming" meme (source), as users scrambled to maximize their returns.

2. Aave (source) - Aave popularized flash loans, enabling users to borrow funds without collateral as long as they were returned within the same transaction. This unique feature added a touch of humor to the DeFi landscape, as users cheekily referred to these loans as "hit-and-run" loans.

3. Uniswap (source) - Uniswap's automated market maker (AMM) model brought about the playful "Money Legos" meme, symbolizing the ease with which users could connect and build on various DeFi protocols.

The Crucial Role of Stablecoins

Stablecoins like Tether (USDT), USD Coin (USDC), and DAI played an essential role in DeFi Summer 2020, providing a stable medium of exchange amidst the volatile crypto market. They also inspired some light-hearted banter, as the DeFi community likened these stablecoins to the "boring but reliable" friends in a group, always there to keep things steady.

Fortify Stablecoin Protocol: The Future of DeFi

Drawing inspiration from the successes and challenges of DeFi Summer 2020, we at Fortify Stablecoin Protocol are building the next generation of DeFi designed to lay a strong foundation for network expansion. We aim to develop a more robust, scalable, and secure stablecoin infrastructure while keeping the fun and excitement of DeFi alive.

Ready to join us on this thrilling journey? Head over to our website (source) to learn more about how we're shaping the future of decentralized finance!