With the recent upgrade to the SFC, the backbone of the Opera network has finally been established for us to launch two new important features. Today, we're launching liquid staking. For the first time on a layer-1 blockchain, users' staked funds aren't prohibited from being used in DeFi applications.
On Fantom, users can now mint sFTM, a synthetic asset, in a 1:1 ratio to their delegated FTM. Then they can use sFTM within the Fantom Finance ecosystem, the DeFi suite built on Fantom. Their staked FTM becomes, in fact, liquid.
Users can use sFTM as collateral to mint synths, and in the near future trade it for other synths. Additionally, with the upcoming cross-chain bridges to Ethereum, users can stake their FTM on Fantom, guaranteeing the security of the network and earning rewards for it, and at the same time use those funds on Ethereum DeFi dApps and future dApps built on Fantom.
Network security is unaffected, as the users have to fully repay their sFTM debt to be able to undelegate and access their FTM.
At the same time, Fantom is expanding its synths offering, adding many new assets to the fMint module.
Among the supported assets are: FTM, fUSD, fGBP, fCNY, fEUR, fKRW, fJPY, fCHF, fBTC, fETH, fLINK, fBAND, fBNB, fGold, fSilver and fWTI.
We've rolled out all of the contracts associated with this functionality, and will update our community when the user experience and wallet integrations for these functions are live.
‘’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
Why 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.
Band Protocol scalable oracle technology is used to derive accurate and real-time information for all the assets synthesized on fMint. This ensures system integrity without reliance on any single points of failure or central authority to provide external market information and is integral in permitting synthetic assets to be exchanged with one another.
“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
To learn more about Band Protocol, check the links down below.