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Layer 1 blockchain platform Fantom plans to migrate from fUSD version 1 to fUSD version.
The Phantom Foundation says: blog announcement Stablecoin migration is a key goal, Jan. 29, as the developer team seeks to make scalable next-generation blockchains more predictable and cost-effective for builders, partners, and users.
With fUSD V2, we see Fantom users assigning fees in native FTM or fUSD. This makes it easier to predict future costs based on network usage.
According to Andre Cronje of the Fantom Foundation, moving to V2 and enabling an on-chain pricing system will not only bring consistency when it comes to planning, but also help unlock more institutional products. increase.
Fantom supports the use of FTM and fUSD in decentralized finance (DeFi), allowing users to access services such as lending and borrowing. This is why the Fantom Foundation emphasized the possibility of liquidation once the transition from fUSD v1 began.
fUSD migration and liquidation https://t.co/vj4UAagaoX
Andre Cronje (@AndreCronjeTech) January 29, 2023
Krongje noted that liquidation would occur in scenarios where the fUSD liability is above the FTM or the staking FTM (sFTM) that backs it. For sFTM, Fantom says stakes will be released immediately with all rewards claimed.
The same action will be taken against validators below the minimum stake, and this group will no longer be able to produce blocks or claim block rewards.
No timeline has been provided for v2 to go live, but Fantom will help users close positions before launch. This includes the ability to swap DAI to Fantom stablecoins using our newly created swap tool.
Users can get enough time to sort themselves out and benefit from advance notice before liquidation.
