Key Points:
- Fantom intends to release version 2 of its fUSD stablecoin to give builders, partners, and consumers a more predictable and cost-effective solution.
- Tokens called stablecoins are backed by another token or a collection of other tokens and are fixed to fiat currencies like the U.S. dollar.
- Fantom has created a swap tool that enables users to convert the DAI stablecoin to fUSD and pay off their outstanding debt in order to assist users in closing out their positions.
According to a statement made over the weekend by developers, blockchain platform Fantom intends to release version 2 of its fUSD stablecoin to give builders, partners, and consumers a more predictable and cost-effective solution. They did not provide a release date.
According to the creators, the new version will enable the stakeholders to distribute fees in either fantom (FTM) or fUSD and to forecast future expenses based on usage. It will enable programmers to provide more institutional products for customers and offer a framework that is more standardized for grant planning and budgeting.
Tokens called stablecoins are backed by another token or a collection of other tokens and are fixed to fiat currencies like the U.S. dollar.
Users of Fantom can use decentralized finance (DeFi) applications created on the platform, such as those for lending, trading, and borrowing, and mint fUSD using their FTM. Any positions where the debt backed by the new fUSD is equal to or greater than the FTM will be liquidated after the switch to the new fUSD. When a trader lacks enough capital to maintain a leveraged deal open, liquidation occurs.
Fantom has created a swap tool that enables users to convert the DAI stablecoin to fUSD and pay off their outstanding debt in order to assist users in closing out their positions.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
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