(Weblog publish mirrored after press package)
February 10th, 2020 — Ethereum Basic Labs(ETClabs) has introduced a collaboration with The Fantom Basis, the non-profit behind Fantom, the open-source, modular platform for DLT merchandise, to carry crypto-agnostic DeFi options to the Fantom ecosystem.
Particularly, Fantom will use Xar Community, a DeFi-oriented public blockchain constructed utilizing Fantom’s Lachesis and TxFlow consensus, as a extra extensible analog to the favored Ethereum lending platform MakerDAO.
“We’re collaborating with the ETClabs to carry DeFi, together with all features of our tech stack (e.g., stablecoins, lending, staking, asset issuance, collateralization, and so forth.) to the Xar ecosystem,” detailed Michael Chen, CMO of The Fantom Basis.
As a part of the collaboration, customers can leverage the Ethereum Basic token (ETC) as collateral to mint a stablecoin on the Fantom platform akin to MakerDAO’s Dai on Ethereum. Nonetheless, Xar Community’s particular design allows agnostic issuance of collateralized stablecoins outdoors of ETC, together with any supported Collateralized Steady Forex Tokens (CSCTs) on the community.
ETC will function because the collateral for custom-made CSCT issuance by companies, central banks, and different monetary establishments on Xar Community. Issuing entities can keep full management over the underlying collateral (ETC), and even stake the corresponding CSCT to generate rewards in a stablecoin primarily based on the price pool from Xar Community.
Xar Community is a blossoming framework for DeFi on Fantom and Cosmos, which is quickly constructing out some intriguing DeFi instruments. A few of its open-source modules embrace collateralized loans, collateralized index tokens, liquidity swimming pools, artificial swaps, and protocol-level atomic swaps. Xar is even appropriate with Ethereum’s ERC-20 token customary and Binance Chain’s rising BEP-2 mannequin.
Xar’s capabilities for DeFi are inextricably linked to Fantom’s open-source consensus modules — Lachesis and TxFlow. Fantom’s focus is to encourage the launch of DLT-related merchandise utilizing its high-performance and safe consensus mechanism, which Xar deploys for the decentralized validation of transactions that competes with centralized legacy counterparts in finance.
Shifting ahead, the collaboration between Fantom and the ETClabs will increase the options and makes use of for the ETC token throughout the Xar and broader Fantom ecosystem. Fantom’s toolkit empowers builders to deploy and tailor blockchain networks with interoperability amongst one another and networks like Cosmos. For ETC, such collaboration will help enhance the token’s liquidity and use in DeFi merchandise throughout a spectrum of networks.
Fantom is a full, open-source expertise stack for deploying and customizing blockchain networks inside its performant consensus modules. The platform is overseen by The Fantom Basis, which has launched the Opera Mainnet and performs an integral position within the improvement of the Xar Community. Fantom’s imaginative and prescient is to assemble the optimum consensus framework and instruments for builders to construct interoperable DeFi merchandise.
About Ethereum Basic Labs
Ethereum Basic Labs is devoted to accelerating the event of Ethereum Basic and supporting blockchain startups. Collectively ETC Core, and the ETC Cooperative they’ve diligently preserved and augmented the unique Ethereum Basic community over time — together with a neighborhood of supporters.
Try the Ethereum Basic Labs web site right here.