Fantom General Update | February 22 2021
Your overview of the last two weeks!
DeFi on Fantom has been developing rapidly, faster than we can write summaries š„
DeFi products on Fantom
A timeline of the recent developments.
New assets coming to Fantom
New ERC-20 token contracts are being added to Fantom. You can bring your assets from Ethereum to Fantom for lending and borrowing, trading and minting synthetic assets.
fUSD on Ethereum
Fantom assets will also be coming to Ethereum and will be added to other DeFi protocols there. Such as fUSD.
Bridging Fantom and Ethereum
A multichain bridge allows anyone to transfer assets from one chain to another in a decentralized fashion.
Cross-chain bridge between Ethereum and Fantom (and other chains) launching soon.
Finally Ethereum users will be able to enjoy fast and cheap transactions.
On Fantom transactions:
– are confirmed in 1-2 seconds
– cost a fraction of a centA whole new UX for DeFi is coming. https://t.co/lmihE5rJHd
— Fantom Foundation (@FantomFDN) February 21, 2021
Users can then make use of their assets in Fantom’s DeFi products. Fantom can even power ERC-20 swaps on Ethereum in the background.
– Cross-chain transfer DAI (Ethereum) to DAI (Fantom)
– Swap DAI to USDC on Fantom
– Cross-chain transfer USDC (Fantom) to DAI (Ethereum)
Fast, easy, inexpensive. https://t.co/5icr5Ts7QL
— Fantom Foundation (@FantomFDN) February 20, 2021
Multichain is live on multichain.xyz
No option to transfer FTM yet, we are restricting usage to exiting FTM users for now
Buy & mint cover
Trade USDC, DAI, & fUSD
Mint & trade synthshttps://t.co/7UPFv4W7cySupport for BSC, Heco, xDAI, Polygon, FSN, and Avax will follow pic.twitter.com/AdgpCouF0P
— Andre Cronje (@AndreCronjeTech) February 21, 2021
Cover Protocol on Fantom
One of the most essential DeFi building blocks in insurance. Therefore we are happy to welcome Cover Protocol on Fantom!
As @crypto_pumpkin alluded to below, we were spotted on Fantom. Yes, Cover Protocol contracts were deployed on @FantomFDNās network. We will keep everyone posted! https://t.co/R7ZuXy8JRU
— Cover Protocol (@CoverProtocol) February 17, 2021
How does it keep you safe?
- Insured cross chain deposits
- Insured protocol risk
- Insured platform risk
The first block is insurance;
– Insured cross chain deposits
– Insured protocol risk
– Insured platform riskMore to come pic.twitter.com/bJyXQ1yBFf
— Andre Cronje (@AndreCronjeTech) February 20, 2021
Anyswap cover added to Cover Protocol. You can now insure your bridge deposits in https://t.co/yjQbS3KXG0
We will also be taking out cover to cover the first $10MM deposited pic.twitter.com/fMcq08BtWI
— Andre Cronje (@AndreCronjeTech) February 22, 2021
The Graph on Fantom
All developers can now use The Graph on Fantom to build their own subgraphs. It makes it possible to query data that is difficult to query directly. Check the documentation to deploy your own subgraph.
You don't always have to announce partnerships. Sometimes you can just do the work. pic.twitter.com/99jCU7RgaS
— Andre Cronje (@AndreCronjeTech) February 19, 2021
It's been a pleasure. Thank you @graphprotocol https://t.co/XSPnBPw4Bc
— Fantom Foundation (@FantomFDN) February 20, 2021
yVaults on Fantom
With wFTM yVaults, users will be able to earn yield conveniently on their wFTM across all the new yield farming opportunities on Fantom.
wFTM yVault (yvWFTM)https://t.co/S4N4aNQnkj
h/t @poolpitako pic.twitter.com/Da4RMVdqAt
— Andre Cronje (@AndreCronjeTech) February 22, 2021
And more …
We have also spotted Keep3rV1 on Fantom and a flashloan wrapper š
Keep3rV1 launched on Fantom āļø https://t.co/WT8c5a77l3
— Fantom Foundation (@FantomFDN) February 17, 2021
Flashloan Wrapper deployed on @FantomFDN.
Flash away mis amigos.https://t.co/KejgvJ2Vpz
Thanks @acuestacanada pic.twitter.com/u5eoGxB272
— crypto_pumpkin (@crypto_pumpkin) February 18, 2021
Ukraine government ministry securing intellectual property on Fantom
The Ministry of Digital Transformation of Ukraine has signed a memorandum with Intelmax to create a platform for the exchange of intellectual property based on the Fantom blockchain. Fantom was chosen as the go-to platform as it increases security and transparency while being scalable and cost-efficient. It is also planned to introduce blockchain technologies in state processes and public services.
š Read the government announcement
Afghanistan government pilot memorandum signed
The Afghanistan National Standard Authority (ANSA) and Fantom have signed a Memorandum of Understanding (MoU) for a technological plan that takes advantage of Fantom blockchain tools. Fantom will perform a technology overhaul for ANSA. This will include database migration, anti-corruption transparency tools, and an advanced system for the issuance of specific national certifications.
On-chain governance voted YES on refunding slashed validators
FTM stakers decided to give the funds back to validators 18 and 25. The nodes and their delegators got slashed 100% of their FTM after not conforming with the consensus rules. As it turned out afterwards, it wasnāt a malicious act but rather a technical issue. We are happy to see the Fantom community support fellow members. Welcome back, validators 18 and 25.
Governance is cool, pt 2!
The last two governance proposals passed and Validators 18 and 25, and their delegators, will get back their $FTM.
The vote shows the importance of on chain governance on a decentralized network, as well as committed token holders. pic.twitter.com/wgkAvw8RCg
— Fantom Foundation (@FantomFDN) February 16, 2021
AMA with UniLend
Michael Chen and Simone Pomposi joined the UniLend Telegram to introduce Fantom to the UniLend community and talk about the partnership. UniLend will allow trading, lending, and borrowing of Fantom native assets on Ethereum, expanding Fantom DeFi presence on the platform.
Fantom network stats
You can now easily keep track of DeFi TVL on Fantom with DeFiLlama. With $200,000,000, Fantom is currently ranked #34.
The top 3 assets are
š„ sFTM – $168,000,000
š„wFTM – $25,000,000
š„fUSD – $21,000,000
- Bitwise Asset Management launched a DeFi index fund, allowing accredited investors to gain exposure to DeFi assets. The fund holds 10 Ethereum-based protocols.
- Speaking about funds, the Coinmetrics team put out a beautiful analysis on how trusts effectively remove free float supply from the market.
- The Coinbase stock is trading at an implied valuation of $100 billion based on private market data. Investors seem hungry for Coinbase long-awaited direct listing.
Congratulations to block42 on the grant to natively integrate Chainlink on Fantom. The block42 team are long-time supporters of Fantom and have been running a validator node since day 1.
Congratulations to @block42_company for this grant!
Having @chainlink natively integrated on Fantom is extremely important for DeFi, decentralization, and builders. https://t.co/EQf07ng1L1
— Fantom Foundation (@FantomFDN) February 19, 2021
Community member @pixel_praxis is selling awesome Fantom NFTs on OpenSea and will be giving 30% of the proceeds to a charity funding PCās for Afghan students. The NFT collectionās topic is Fantomās pharmaceutical tracking in Afghanistan.
Gotta love Fantom's community! š
Check out these outstanding NFTs.
And 30% of the proceeds of the sales will go to an Afghan charity project https://t.co/Hd7dXe88q5
— Fantom Foundation (@FantomFDN) February 17, 2021
Onwards and upwards šŖ
