Stablecoin Losing Its Stability At $1 Releases Its Second Version: It Is On The Rise!

One of the popular ecosystems of the DeFi world, Phantom (FTM) altcoin founder Andre Cronje, who normally should have been fixed at $1 but lost this peg Phantom USD (FUSD) He talked about his stablecoin.

Phantom USD (fUSD) Stablecoin Price Surges After Phantom (FTM) Altcoin Founder’s Announcement

Cronje’s own cryptocurrency After the announcement on his blog, the price of FUSD, which was traded at $ 0.70, suddenly rose to $ 0.87. Currently, the price is around $0.76.

Here are Cronje’s statements about Phantom USD (FUSD):

“fUSD and economic abstraction go hand in hand, for Fantom we want to be able to offer a predictable and budget friendly system to founders, partners and users. This means being able to allocate fees in FTM or fUSD and predict future costs based on usage. This ensures consistency in planning and further unlocks additional enterprise products. As fUSD moves towards v2 and allows this as an on-chain fee system, we need to migrate from v1.”

fUSD v1 will apply liquidation. All positions where fUSD debt is equal to or greater than FTM or sFTM collateral will be liquidated.

In cases where the collateral is in sFTM, the stake will be removed immediately and all rewards will be claimed as well. If this is a validator, if the validator drops below the minimum stake, the validator will no longer be able to generate blocks or receive block rewards.

The fantom altcoin founder also said that they have created a swap tool to enable users to close their positions, and users who borrow heavily with fUSD collateral should convert their DAI tokens to fUSD.

*Not investment advice.

For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!


source site-4