First of all: thank you for being always sincere, you speak frankly, and we appreciate that.
My questions are very general because I am not a developer but only a user. I use Fantom because that is fast, decentralized and I don’t know…I like it !!
That being said, regarding the existing Layers 2 like Arbitrum, Polygon, how do you see the future of Fantom and what will make Fantom more competitive than the others?
Do you think in the future that all Blockchains will coexist with their pros and cons or one blockchain will take the lead and replace all the others?
More general, how do you see the blockchain world in ten or twenty years?
q1. Where liquidity is available on-chain, we will source on-chain, where it is not available on-chain we will use off-chain. As fiat does not exist on-chain, there will always be an off-chain component.
Spookyswap is not a foundation project, so we have no say in their branding or naming decisions, they are their own project.
Yes, Fantom has been trying to work with Tether, Circle, and Binance for native stable coins for years, but they generally believe Fantom is a scam and do not even bother talking to us.
L2’s are just L1’s with different branding, there is very little difference. So Fantom will compete with L2’s in the same way it competes with other L1’s, superior tech, superior throughput, lower latency, true finality, significant storage requirement reduction, lower hardware requirements, and overall better user experience.
I do believe in a hub and spoke model, but just as the internet is rooted in a few DNS servers, so too will the decentralized web be rooted in a few chains.
Hi Andre - been following Fantom closely since 2018 and it is great to see how the team has grown. On the thought-leadership and community outreach front, we have had Michael Chen, Simone Pomposi and most recently Juan. Each of whom were great in their own right.
Since Juan moved on, Fantom-led thought leadership (via e.g. developer interviews or fantom team members discussions) on ecosystem developments seems to have fallen flat. Anything in store for the future on this?
@andre hi i am trying to close down the FUSD loan but it says not enough fusd available when swapping against DAI like you advised on the fusdswap platform. Whats the issue here.
Hi Andre, hope all good. Could you elaborate as to why Binance, Tether, Circle, etc think Fantom is a scam? It seems to me Fantom is a reputable party, and curious to understand this better.
Also, in light of the recent multichain bridge hack, is the native stable coin work being expedited by any chance? With Geist closing we have seen a massive drop in TVL and a native stable coin would reduce dependency on these more vulnerable bridge partners.
Was said in frustration, just been hard to get other teams onboard.
Multichain was a big blow, we had a lot of assurances from the team around the server decentralization, access, and geolocation distribution. Don’t trust, verify (saying this to myself).
We are exploring all options at this point, working with relevant organizations to try and recover assets. Beyond that also looking into other backstops or helping recovery, even using foundation treasury. Until we have more data we just can’t give any hard confirmations. We won’t leave this as is though, we will do everything in our power to make everyone whole.
We are also continuing to engage with Circle, Tether, TrueUSD, Binance, etc for native issuance, and reviewing rollups for native bridge infrastructure. When we have more verifiable information we will propose an action plan.
As you can imagine, the foundation and all of our staff had exposure to these assets as well.
Thank you for your candid message, Andre! We acknowledge the prevailing fear and uncertainty in this situation, and perhaps rightfully so given the circumstances.
We comprehend that you are currently evaluating alternatives and require more time to ascertain the optimal course of action, however we would urge you to communicate more transparently on the other public channels, including twitter, medium, discord. This forum has a limited audience and few may be aware of its existence.
It would be beneficial to have some sort of roadmap, without ETAs or any such commitments. Just convey to them what you articulated here earlier, it would be reassuring to offer some solace in these challenging times.
We appreciate your efforts and remain supportive, those of us who are still building and kicking!
Can you give some more insight on the solutions Fantom Foundation is looking into in solving this depeg problem?
Many people in the Telegram have suggested that Fantom Foundation should use $10M from the treasury to buy back and hold multiUSDC on Fantom and push it to peg. Then use around $30M or less to back 1:1 the remaining circulating multiUSDC on Fantom (minus those in the Fantom Foundation wallet post buyback), with a new bridge contract that uses old multi assets.
The total cost would be less than $40M from the Treasury. Once Circle eventually reissues the USDC, Fantom Foundation would stand to gain a profit of $22M+, while in the meantime saving the pegs, ecosystem, dapps like Geist and MLP, and users. You would basically be transferring duration risk from the ecosystem to the Fantom Foundation and have an opportunity to make $22M+ when it’s all set and done.
What are your thoughts on this approach?
EDIT: The numbers I’m throwing around might be a bit different in practice, but the idea is roughly the same. Fantom Foundation would essentially walk away with a profit once it’s resolved. What is your opinion on the general approach?
Have you been looking into moving staking on the Fantom network into a solidly style model? Eg Utilizing F-nfts that mature and being able to lock/merge/split positions.
Seems like it would be a logic step forward when creating fusd 2.0 as gives lockers more options.