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Historical References

One way of analyzing the history of a cryptocurrency is to look at the price history and the key-factors which affected it. Fusion's history began with an ICO in Feb 2018. The Fusion ICO was different than other ICOs because it actually raised more money than it collected. There was a set goal to collect only 40 million USD and amounts collected than this were to be given back. Effectively around 70 million USD was collected, so ICO investors saw quite a big chunk of their investment returned to them in addition to their allocated FSN. The result of this was that many chose to reinvest their returned ETH into more FSN, resulting in an initial huge spike with ath around June 2018.

At the time it was believed that everything that Fusion aimed to do would be brought to reality quite fast in a campaign known as the Summer of Fusion, but very little was achieved around this time and disappointment along with the onslaught of the more general crypto bear market broke the price of FSN completely. 

For the next half a year or so the price continued to decline and hit a low around March 2019, but it's perhaps around here that Fusion truly began to become something real and tangible. In May 2019 the Fusion testnet was launched where the concept of time-locks began to be developed together with the community. This was very much true innovation.

Price began rising again and was nearing up to it's initial ICO price in the wake of Fusion mainnet launching at the end of June 2019. The mainnet truly made Fusion something real and there was high interest in running Fusion nodes and launching staking pools. At this point it was a Proof of Stake network highly dominated by its strong community, who'd been with the project all the way from the start. There was also a strong belief in the integrity of the Fusion foundation. While other projects continued to suffer the bear market FSN price steadily grew.

Next came an era of attempting to get exchanges to adopt Fusion's mainnet, an effort that proved more difficult than most had expected. Though some exchanges were quick to convert others were really slow. It was also around this time that Fusion was listed on Huobi in a controversial Huobi fasttrack promotion. The controversial part was that a great amount of FSN could be bought at half the price if you partook in the exchange listing voting (another controversial part was that the voting was meaningless as it was a vote between two projects, but regardless of the results both projects would get listed). Many were against the Huobi listing as a result. The result  was that FSN temporarily had much greater liquidity but quickly fell in price, even to a level below the fasttrack offer.

What came next was a deathblow that would have killed most crypto projects. On August 19 2019 the private keys to the Swap wallet which linked FSN on Fusion to the initial ERC20 supply were compromised. FSN was sold off both on exchanges who had mainnet FSN and ERC20 FSN listed at a fast pace, crashing the price as low as 4 cents. The Fusion Foundation acted quickly to remedy it, temporarily closing all exchanges and launching a vote of how to handle the case of unsold FSN. The result of the vote effectively locked out the unsold theif holdings from the supply of FSN, and a rather swift recovery in price was actually seen to around 40c when some exchanges reopened.

But what came after that was a long era of doubts. By the end of 2019 Fusion Foundation seemed to falling apart with very few of the initial team actually remaining and much of remaining funds belonging to Foundation were seen sold off. Further Fusion's most important exchange Huobi remained closed after the theft, doing odd internal pumps which effectively made the exchange worthless. So, once again the price of FSN declined in the real market (outside Huobi). All while this happened it actually seemed like technical progress was being made and Fusion's interoperability solution DCRM became ready for developer's to build with. There was a general lack of communication from the Fusion Foundation and formerly strong supporters turned to doubters.

Early 2020 saw a new change with the launch of WeDeFi, which was to be a project built on top of Fusion and the team consisted of many people who'd formerly been part of the Fusion Foundation. This might be called the start of the adoption era. The Fusion mainnet was considered nearly complete by Fusion founder DJ Qian and the new goal was to see the network used. WeDeFi launched an FSN interest account and a feature called SafeBet both of which were based on Fusion staking. WeDeFi was unpopular with existing pools based on Fusion since it directly competed with them and because it seemed like a wrong area to prioritize. The WeDeFi era saw a strong rise in price of FSN and the app was quickly developing and gaining traction, but also suffered a lot of unexpected technical errors. Ultimately the project was abandoned for reasons unknown. The rise in price is though likely primarily credited to Huobi finally opening in May 2020 bringing FSN price to be equalized in all markets.

While this happened the concept of another project was born: AnySwap. AnySwap was to be led by Fusion's lead developer Zhao Jun and it came with huge excitement as it'd be what finally brought Fusion's interoperability to life. AnySwap was launched in an IDO which would happen on the launch of AnySwap itself. This saw a lot of excitement. "Unfortunately" the price of ANY skyrocketed in the first seconds of use, leaving all the excited buyers without a chance to buy ANY at the price they had expected. Many had bought FSN just to be able to get some ANY, but frustrated over this sold it immediately again and left.

After WeDeFi ended its development DJ Qian decided to himself head up a new project called Chainge.Finance to replace it. After Fusion's brutal history old followers have had a hard time seeing this as something positive. But Chainge has undoubtedly so far launched a highly successful marketing campaign in anticipation of its launch. The goal of Chainge is to be a decentralized bank, built on top of Fusion that will free people from the chains of Financial institutions. How successful this will be in practice remains to be seen, but at least there are loads of people on the waiting list.

Recently Fusion entered a somewhat new era where negative price movement of the price of FSN once again changed. This began with a Fusion mentioned in a report by the European Central Bank and a tweet about AnySwap by Andre Cronje. And the Fusion community seems to be reforming in a new way.


EDIT: It's safe to say that Chainge Finance lived up to everything anyone could ever have hoped for. So many amazing things have come from Chainge, since this was written.


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