Fantom (FTM) Price Increases As Major Update to FUSD

Key Points:

• Andre Cronje, a co-founder of Fantom and a blockchain architect, announced significant updates to the ecosystem’s native overcollateralized stablecoin fUSD.
• The update from Cronje was greeted by FTM, Fantom’s key token, with an increase of 7%. In just the last week, the token’s price rose 26.1% to reach $0.48, the highest since May 2022.

Andre Cronje, a co-founder of Fantom and a blockchain architect, announced significant updates to the ecosystem’s native overcollateralized stablecoin fUSD.

The developer’s post claims that these changes are required to make the systems more dependable and cost-effective for partners, users, and builders. Planning with consistency broadens the ecosystem’s window of opportunity and is crucial for the transition to fUSD v2, according to Cronje.

The update from Cronje was greeted by FTM, Fantom’s key token, with an increase of 7%. In just the last week, the token’s price rose 26.1% to reach $0.48, the highest since May 2022.

Fantom USD (fUSD) liquidation

There will be a liquidation mechanism added in fUSD v1 for any position where the debt in stablecoin is equal to or more than the collateral in FTM. The deposit will be unlocked and all benefits will be taken if the collateral is in sFTM, a derivative of staked FTM. A Fantom network validator will be disqualified from production if this happens and the amount of coins it is staking falls below the threshold.

A platform for exchanging the decentralized stablecoin DAI for fUSD was another invention. Users can now close the leftover debt after making a swap in order to exit positions.

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