Latest! Fantom Introduces USDB Stablecoin

Fantom introduces a new stablecoin called USDB. (Fantom Foundation)

JAKARTA – Fantom Foundation (FantomFDN) introduced their new stablecoin named USDB. The product descriptions include Bridge, Traditional Finance, Staking, xFHM, Mint USDB, and USDBank.

The team behind USDB announced its latest event on Twitter. One of the details of the product includes the unification of the FHM protocol and the USDB stablecoin, currently named Balance. This generates business revenue for FHM and USDB. The team itself announced that the miners had started to become active.

The Balance feature is expected to receive support from various partnerships. Meanwhile, farming can be made available via LiquidDriver. Quoted from Fantom's official blog, LiquidDriver is the first dApp on Fantom to offer on-demand liquidity as a service.

The team also introduced TradFi bonds with prizes ranging from 21 percent to 32.2 percent. The entire community will be invited to participate in a pool that will pool the funds raised from all users to maintain USDB in the future.

Another feature that will be introduced by the team is lending and borrowing. The feature itself will be introduced in the coming months by linking the new service into the existing system.

“There is a posted search fee of 5 percent of any partnership valued at IDR3.58 billion or more to be awarded to any party that enables us to use our xFHM business liquidity solutions,” concluded the USDB Twitter account.

Latest FTM Volatility Rate

Fantom's native currency (FTM) has experienced significant volatility in the last year. Twelve months ago, the exchange rate was IDR 6,172, while now FTM is trading at IDR 20,500. however, the current price level is far from its highest price, which was almost IDR 50,200 recorded in January.

Andre Conje, who is best known for his work at Fantom and Yearn Finance, said that he would no longer be working in the crypto world in early March. Fantom Senior Solutions Architect Anton Nell also announced the same intention.

Some suspect the price of Fantom will fall after the news broke. However, the Fantom Foundation said that Conje's exit had no effect on project operations. Shortly after, Cronje confirmed his departure, but stated that Fantom was already on the "technological right track".

“Although I have made the decision to stay away from crypto and DeFi, the Fantom team has been nothing short of honor during my engagement with them. I'm sure they're on the right technological path, and I'm sure they'll continue to succeed,” said Cronje.