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 mate, I was wondering if you can elaborate on Binance, Coinbase ETC thinking Fantom is a scam, how did this come about?
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?
Juan hasn’t left. Nothing has changed in that department.
care to share Fantom bank stable coin ? how is it work ?
@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.
Thanks for the quick response and that is assuring to hear. Hang in there and hopefully the team can keep their chin-up, Fantom will get through this.
i have WETH on Fantom , what will happen to WETH ? how can bridge it ?
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!
hi andre
We have full confidence in the team and the Hope project that these problems will be solved
God bless you and the team
Hey Andre,
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?
Serus Andre, do you plan on using Everest (ID) somehow for fantom? Thanks.
Hi Andre.
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.
Would there be any drawbacks for utilizing this?
Hi Andre
Curious to get your thoughts about stablecoin fragmentation and the future of stablecoins on Fantom.
The Multichain issue has brought in new bridges and new stablecoin liquidity via axlUSDC and lzUSDC. Whilst this is great to fill a void left behind by Multichain, I can’t help but feel this isn’t a great user experience compared to native stablecoin naming conventions, USDC, UDST etc. Plus bridge reliance allows for history to repeat itself. Overall, good short term solution for the network but not an ideal end state.
I know you’ve already expressed getting native stablecoins issued on the network has been a source of frustration. Are there any short/mid/long term initiatives in the works to address this?
Also curious if the banking project you’ve been involved in could bring stablecoin issuance in-house?
Is there a decentralized bridge for FTM from Fantom to Ethereum? How do we transfer native FTM?
Thoughts on possible part of the proposal?
If Multichain situation doesn’t get resolved. I understand 50-60m is hard to cut from the treasury but what if we did the following and only used 50% of this and made people “half” instead of “Whole” for time being after MC situation has come to an end.
I know its not that easy and hard to please everyone but this way everyone can be pleased to a certain degree.
Proposal:
This applies to anyone who held Multichain assets before this fiasco, will be eligible (not new holders, their bet is multichain reviving)
Ex. If someone sold at 60 cents (40% loss) → We compensate 50% of what they lost, which is 20% of their overall investment → Now this individual is at 20% loss instead of 40%.
Ex. If someone is still holding, they can be compensated 50% straight. Since we can assume they are at a 100% loss and funds still stuck
I know its not concrete but something to think about. It shouldn’t affect the runway too much, keep the treasury solid & strong but also get long term developers and investors back on their feet.
I only propose this because Michael said using treasury to make people whole and giving away ~60m to the cause isn’t plausible, realistic or best use of the money.
We can figure out other ways to make up the other 50% but the initial 50% loss can be made up using treasury and the rest can be done something else over time.
i’ve been looking for hte wallet address that shows this warchest. the 100M for stablecoins and 450m of FTM, but can’t find this. Did Andre or anyone in team share this address earlier. Be comforting to verify that these funds are intact and not impacted by MC issue. By this I mean, were any of the 100M stablecoins staked using MC, and therefor lost. and has Fantom sold of any of hte 450m FTM f
Could the Multichain hack have happened if Fantom were a layer-2?