Fantom, the development team advised by Andre Cronje building a full-featured decentralized finance platform, has launched liquid staking and synthetic assets in partnership with Band Protocol.
Leveraging Band Protocol, staked assets can become liquid on a layer-1 protocol to be used borrowing, lending, or for price exposure for up to 176 synthetic assets secured by scalable, real-time, and truly decentralized oracle technology without reliance on a centralized procedures or single points of failure.
‘’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.”
Michael Kong, CEO of Fantom
Band Protocol established a long-term partnership with Fantom in March 2020, since then both teams have worked closely to launch and secure the Mainnet launch of fMint, a decentralized stablecoin protocol, with accurate and reliable oracles from the BandChain decentralized oracle network.
Securing Fantom Finance With Band Protocol
Leveraging a fast, scalable and secure layer-1 platform built on an aBFT consensus protocol, Fantom Finance combined with the matched scalability and security from Band Protocol creates a decentralized trading experience unlike any other. Trades are confirmed in a few seconds and fees are very low ($0.000001).
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.
“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.”
Soravis Srinawakoon, CEO & Co-Founder
Fantom will continue to work closely with Band Protocol as they expand their offering to 176 unique synthetic assets while onboarding additional enterprise-grade data providers to maximize the degree of security and redundancy for end-users.
Congratulations to our partners at Fantom on achieving this key milestone!
Users can access Liquid Staking and Fantom Finance using the Fantom wallet at: https://pwawallet.fantom.network/.
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.