Fantom Introduces Stablecoin USDB
Fantom Foundation (FantomFDN) – a blockchain platform for DeFi, cryptocurrency dApps, and enterprise applications – designed a stablecoin called USDB. The product’s landscape encompasses Bridge, Traditional Finance, Staking, xFHM, Mint USDB, and USDBank.
Details Around USDB
The team behind USDB surmised the highlights from its latest event on Twitter. One of the details includes the unification between the FHM Protocol and USDB stablecoin, now called Balance. It generates business revenue for both FHM and USDB, and the team announced that the minter is already live.
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Thread about: Our launch eventWondering what you missed out on during our event on the 25th?
Do not worry! Below we have summarized the highlights of what was announced. pic.twitter.com/PSxEGZ5ug4
— USDB (@USDB_) March 29, 2022
The feature is expected to receive support from numerous partnerships, while farming could become available through LiquidDriver. “Single Staking coming soon with solutions in place for impermanent loss and stable rewards,” the statement reads.
Additionally, the team introduced TradFi bonds with rewards ranging from 21% to 32.5%. At a future point, the entire community will be invited to participate in pools that will combine the collected funds of all users to maintain USDB’s peg.
Lending and borrowing are other features that the team will introduce in the upcoming months by integrating new services into its existing systems.
“There is a posted finder’s fee totaling 5% of any partnership worth $250,000 or more to be rewarded to any party who enables us to use our xFHM business liquidity solution,” the entity concluded.
FTM’s Recent Volatility
It is safe to say that Fantom’s native cryptocurrency (FTM) has gone through some significant turbulence over the past year. Twelve months ago, its USD value stood around $0.43, while as of now, it trades at $1.42. Still, its current price level is far from the all-time high of nearly $3.50 registered in January 2022.
At the beginning of March, Andre Cronje (best known for his work on Fantom and Yearn Finance) said he will no longer work in the cryptocurrency space. Anton Nell – Senior Solutions Architect at the Fantom Foundation – also announced such intentions.
Somewhat expectedly, Fantom’s price tumbled after the news. Nevertheless, the Fandom Foundation said the exit will not affect the project’s operations. Shortly after, Cronje confirmed his departure but claimed that Fantom was on the “right technology path:”
“Although I’ve made the decision to move away from crypto and DeFi, the Fantom team has been nothing but honorable throughout my engagement with them. I believe they are on the right technology path, and I have no doubts they will continue to succeed.”
