Hi @andre, I’m curious about the Fantom Foundation’s interest and motivation in ensuring the success of the chain and continuous development. Considering it doesn’t seem like the foundation earns anything from the Dapps team or users, and with validators meant to be distributed, I’m also interested in understanding the foundation’s sources of revenue and how it plans to break even with the annual operating costs. Thank you.
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Is there any target timeline for this native stablecoin exploration or just a general goal?
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A few months back a Fantom Foundation wallet was hacked and the hacker could have minted FTM on the Ethereum network. Wouldn’t it be better to get rid of FTM on Ethereum network?
Hi Andre, first time here, signed up just to ask if there’s any updates on what, if anything, the foundation is currently doing about the MC USDC issue?
As I understand the funds were frozen as opposed to it being a hack, so i assume either you’re negotiating with Chinese authorities, considering partial reimbursement from treasury, or nothing.
Would be great to get an update. Thanks.
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Yes. And we have been focusing on this for quite some time already, the problem is the ERC20 token is integrated in a lot of places so switching over has been challenging. We have been working with exchanges integrated Fantom native, we are probably about half way with this process. But you are correct, that is our goal. Just for clarification, it was not a foundation wallet, it was a private wallet that had the private key leaked, but point remains the same.
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We are approaching it from a few angles, but first, its important to understand what happened;
Local police in China, as part of a large scam investigation, tracked stolen funds to Multichain. Not in a way that Multichain was involved, but that the stolen funds were bridged via Multichain. This nuance is the core of the issue. As the stolen funds were “held” by Multichain, the majority of node operators were arrested and forced to hand over their access & keys. Using this access the police then seized the assets and are currently holding it as part of the ongoing investigation.
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We are working with other impacted chains via a law firm in China to coordinate with the local police. This however has a problem, because other than our own funds impacted, we do not have locus standi to act on behalf of all impacted users, as such, we have asked impacted users to defer their claim to us, so we have the required standing. This has not been particularly successful. This is an ongoing process.
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We are working with law firms in Singapore (where Multichain is incorporated) to attempt to gain access to the assets. We have had 2 preliminary court appearances, there is a third soon.
Reimbursement from treasury is still considered, but this can only be given to people who defer their claim to us, if we reimburse anyone who has not deferred, when these assets are eventually released they could double dip and claim again and the foundation would then have a pure loss.
Sadly, with anything regulatory, legal, or based around a criminal investigation, these things often take years to resolve.
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Thanks Andre. How do I go about deferring the investigation to Fantom Foundation?
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Hi Andre, can I already get a card for Fantom’s crypto friendly bank?
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Andre, what do you think of the brand new ERC404 token standard?
It is mixed ERC20 / ERC721 implementation with native liquidity and fractionalization. allows for more liquidity to nfts since people can trade tokens on uniswap that are tied to the nft.
Hi Andre,
May I please ask your thoughts on the Bridged USDC standard that Circle released late 2023?
It seems like a good solution to restore trust in some form of stable, with a path towards native stable and more known/trusted than 3rd party Axelar and Layerzero versions of usdc.
Thank you!
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Bridged USDC still needs to be deployed by a bridge, aka Axelar, LayerZero, Wormhole, etc. So same net result.
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I’m victim of the deppeged USDC_multi, I still hold in my wallet. What do i do ? These usdc bag was my precautionary savings, I literally lost my mind at the same time as the depeg.
I need to send my personnal data, identity, to fantom foundation ?
Thanks for your response
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https://twitter.com/jayendra_jog/status/1759976021145653549?s=19
please discuss about this in Twitter
Hi Andre
Im pretty incompetent with crypto so was hoping you could shed some light on this,will multiUSDC ever return to $1?
The following is a statement from a company that alot of people invested with…
"Many members confuse the Fantom Token value as the basis to determine the fCBI value. This is incorrect. The hack that took place in June 2023 that affected the fCBI Token value was done on the Fantom Cross Chain. In order to see the value of the cross chain go here.
Make sure you choose:
multiUSDC on the 1st dropdown list, and
axlUSDC on the 2nd dropdown list
The value of the of the Cross chain is then indicated, which in thi scase = 0.125465
PLEASE TAKE NOTE: THe value has increased with 18.66% over the last month.
We are setting funds aside to boost this to be back ASAP and the genneral feeling was that we allow members to withdraw from their fCBI when this figure is 0.5000 and above, stilll with the penalty which will demininsh as the figure grows.
We will be [ublishing the savings figures here over the weekend.
Hi Andre. How can I defer the claim to you?
Thank you very much.
Hi Andre,
Any updates on the FUSD side of things?
If fantom has a banking license, couldn’t the foundation just buy the Bitcoin ETF, wrapped up in all the regulatory approvals that are needed to ensure 100% safety, and then issue a etfBTC token on fantom representing that Bitcoin.
This way you could buy Bitcoin on fantom, without worrying about bridge hacks because the Bitcoin would exist within tradfi regulatory frameworks, which are not going to be exploited
And then the same for ETH etf
I guess this is sort of like a bridge but not really.
Hello,
I have to repay my sFTM debt before I can unstake my FTM balance.
Is this still possible en how do I repay the sFTM?
I don’t have any sFTM at the moment.
KR,
Menno
the best place to ask that is in the fantom group on telegram or discord.
Hi andre, you know there is a big difference between the Sonic token and erc20 FTM right because erc20 FTM doesn’t function as the native token on Ethereum, and doesn’t have it’s own tokenomics.
Idk why you blocked me for saying this on twitter though, I always thought of you as someone who practices truth finding.
Also why not swap the entire network and keep the exact same tokenomics and just make it official that we are changing network for performance enhancing reasons and fase out Opera immediately. That would make everything clear to everyone.