fantom-launches-new-staking-protocol-with-band-protocol-oracles

Fantom launches new staking protocol with Band Protocol oracles

Fantom, a snappy, scalable, and stable layer-1 platform constructed on an aBFT consensus protocol. this day equipped it has launched Liquid Staking, a defi protocol with decentralized ticket oracles equipped by Band Protocol. For the first time on a layer-1 protocol, staked assets can become liquid, enabling them to be extinct for an array of decentralized finance capabilities.

Users of Fantom can now mint sFTM, an artificial asset, in a 1:1 ratio to their delegated FTM, sooner than deploying sFTM at some stage in the Fantom Finance ecosystem. Liquid Staking permits customers to replace synthetic assets the expend of the fMint stablecoin protocol that is collateralized by FTM tokens.

Band Protocol’s scalable oracle expertise is extinct to obtain accurate and right-time files for all assets synthesized on Liquid Staking. This ensures procedure integrity without reliance on any single aspects of failure or central authority to present external market files.

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Michael Kong, Fantom CEO mentioned: ‘’The delivery of Liquid Staking marks a astronomical step forward for Fantom’s neighborhood. We imagine this may well play a crucial feature in illustrating the slither of our network, and force utilization of fUSD. Alternatively, with such a crucial utility, we know that malicious actors shall be attempting to assault and ruin things. That’s why we’ve opted for BandChain oracles to make certain that Liquid Staking is equipped with excessive effective pricing files.”

Supported assets at delivery embody FTM, fUSD, fGBP, fCNY, fEUR, fKRW, fJPY, fCHF, fBTC, fETH, fLINK, fBAND, fBNB, fGold, fSilver and fWTI, with as a lot as 176 assets to in a roundabout device be added.

Band Protocol CEO and Co-Founder Soravis Srinawakoon added: “Band Protocol is thrilled to work with Fantom to present serious oracle infrastructure to stable an ecosystem of decentralized finance products beginning with fMint and Liquid Staking which are are dwelling on Mainnet, in the production atmosphere. Leveraging the scalability of Band Protocol, we stay up for persevering with our deep collaboration with Fantom to stable many extra capabilities and products to come.”

On Fantom Finance trades are confirmed in just a few seconds and charges are very low ($0.000001). Users can rep entry to Liquid Staking and Fantom Finance the expend of the Fantom pockets.

The pockets helps both mnemonic/private key and MetaMask. Within the approaching months, Ledger hardware pockets increase is anticipated to be added.

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