Fantom, a quick, scalable, and safe layer-1 platform constructed on an aBFT consensus protocol. at the moment introduced it has launched Liquid Staking, a defi protocol with decentralized worth oracles offered by Band Protocol. For the primary time on a layer-1 protocol, staked belongings can turn into liquid, enabling them for use for an array of decentralized finance purposes.
Customers of Fantom can now mint sFTM, an artificial asset, in a 1:1 ratio to their delegated FTM, earlier than deploying sFTM throughout the Fantom Finance ecosystem. Liquid Staking allows customers to commerce artificial belongings utilizing the fMint stablecoin protocol that’s collateralized by FTM tokens.
Band Protocol’s scalable oracle expertise is used to derive correct and real-time data for all belongings synthesized on Liquid Staking. This ensures system integrity with out reliance on any single factors of failure or central authority to offer exterior market data.
Michael Kong, Fantom CEO mentioned: ‘’The launch of Liquid Staking marks an enormous step ahead for Fantom’s group. We consider it should play a vital function in illustrating the velocity of our community, and drive utilization of fUSD. Nonetheless, with such an essential utility, we all know that malicious actors will probably be attempting to assault and break issues. That’s why we’ve opted for BandChain oracles to be sure that Liquid Staking is provided with prime quality pricing knowledge.”
Supported belongings at launch embrace FTM, fUSD, fGBP, fCNY, fEUR, fKRW, fJPY, fCHF, fBTC, fETH, fLINK, fBAND, fBNB, fGold, fSilver and fWTI, with as much as 176 belongings to finally be added.
Band Protocol CEO and Co-Founder Soravis Srinawakoon added: “Band Protocol is thrilled to work with Fantom to offer crucial oracle infrastructure to safe an ecosystem of decentralized finance merchandise beginning with fMint and Liquid Staking that are reside on Mainnet, within the manufacturing atmosphere. Leveraging the scalability of Band Protocol, we stay up for persevering with our deep collaboration with Fantom to safe many extra purposes and merchandise to return.”
On Fantom Finance trades are confirmed in a number of seconds and costs are very low ($0.000001). Customers can entry Liquid Staking and Fantom Finance utilizing the Fantom pockets.
The pockets helps each mnemonic/personal key and MetaMask. Within the coming months, Ledger {hardware} pockets assist is predicted to be added.
