Fantom Blockchain Migrating to Version 2 fUSD Stablecoin
Blockchain-based Fantom is set to migrate from Version 1. Introducing Version 2 fUSD stablecoins is set to deliver improved predictability. Fantom developers explained that Version 2 delivers a budget-friendly system accommodating users, partners, and builders’ needs.
Migrating to Version 2
Explaining the migration, developers admitted that the process would prompt liquidations whenever fUSD debt matches or exceeds the FTM backing. Fantom developers indicated over the weekend that predictability would improve the partners’ and users’ experience. Nonetheless, the post was noncommittal on the timeline for the successful migration to Version 2.
Developers clarified that the updated version would accommodate the allocation of fees. In particular, Version 2 will enable stakeholders to utilize fUSD or FTM while allocating the fees. In addition, the weekend post portrayed the new version will accommodate cost prediction relative to the usage.
Improved Predictability and Expanding Users Base
The improved predictability will empower programmers to create additional institutional products targeting to expand the user base. The process is set to translate to a consistent system that programmers would utilize to plan and budget for grants.
The developers’ statement portrayed stablecoins as tokens with a fixed rate to a defined fiat currency. The post acknowledged that the most popular stablecoins remain pegged to the US dollar and backed by multiple tokens.
Accessing DeFi Applications
The post reveals that Fantom users can leverage their FTM holdings to mint fUSD and later access DeFi applications established upon the system. The expanded access will enable users to benefit from the decentralized finance services, including lending, trading, and borrowing.
Developers reassured Fantom devotion to helping the community migrate seamlessly. They confirmed that shifting to the new fUSD will involve liquidating all positions upon proof that fUSD debt matches or exceeds FTM reserves.
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