Fantom Launches Liquid Staking and Synthetic Assets in Partnership With Band Protocol
SYDNEY, AUSTRALIA / ACCESSWIRE / December 10, 2020 / Fantom has launched Liquid Staking, a defi protocol with decentralized price oracles provided by Band Protocol. For the first time on a layer-1 protocol, staked assets can become liquid, enabling them to be used for an array of decentralized finance applications.
Fantom users can now mint sFTM, a synthetic asset, in a 1:1 ratio to their delegated FTM, before deploying sFTM within the Fantom Finance ecosystem. Liquid Staking enables users to trade synthetic assets using the fMint stablecoin protocol that is collateralized by FTM tokens.
Band Protocol's scalable oracle technology is used to derive accurate and real-time information for all assets synthesized on Liquid Staking. This ensures system integrity without reliance on any single points of failure or central authority to provide external market information. Supported assets at launch include FTM, fUSD, fGBP, fCNY, fEUR, fKRW, fJPY, fCHF, fBTC, fETH, fLINK, fBAND, fBNB, fGold, fSilver and fWTI, with up to 176 assets to ultimately be added.
Fantom CEO Michael Kong said: ‘'The launch of Liquid Staking marks a big step forward for Fantom's community. We believe it will play a crucial role in illustrating the speed of our network, and drive usage of fUSD. However, with such an important application, we know that malicious actors will be trying to attack and break things. That's why we've opted for BandChain oracles to make sure that Liquid Staking is supplied with high quality pricing data."
Band Protocol CEO and Co-Founder Soravis Srinawakoon added: "Band Protocol is thrilled to work with Fantom to provide critical oracle infrastructure to secure an ecosystem of decentralized finance products starting with fMint and Liquid Staking which are live on Mainnet, in the production environment. Leveraging the scalability of Band Protocol, we look forward to continuing our deep collaboration with Fantom to secure many more applications and products to come."
Fantom Finance is unlike any other decentralized trading experience. Trades are confirmed in a few seconds and fees are very low ($0.000001). Users can access Liquid Staking and Fantom Finance using the Fantom wallet at:https://pwawallet.fantom.network/.
The wallet supports both mnemonic/private key and MetaMask. In the coming months, Ledger hardware wallet support is expected to be added.
About Fantom
Fantom is a fast, scalable, and secure layer-1 platform built on an aBFT consensus protocol. The speed and low transaction costs make Fantom ideal for real world uses, such as payments, supply chain, and defi applications. Its technology is used in a pilot program in Afghanistan to help solve drug counterfeiting and is the first of many government initiatives the Fantom Foundation is pursuing. Fantom recently released Fantom Finance, an all-in-one defi suite for trading, lending, and borrowing directly from the Fantom Wallet. Users can supply the native cryptocurrency to mint fUSD, a US dollar pegged stablecoin.
For more information, please visit:https://fantom.foundation/
About Band Protocol
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Band Protocol enables smart contract applications such as defi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.
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SOURCE: Fantom
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