coinedition.com
The highly scalable blockchain platform Fantom shared its decision to introduce its stablecoin fUSD’s version 2, while version 1 migrates to version 2. The new version is launched with the intention to bring forward a more agreeable and economical network.
Notably, the previous week, the co-founder of the company, Andre Cronje shared a post announcing the upgrade of the fUSD stablecoin, stating that the stablecoin would migrate from v1 to v2.
Cronje assured that the new version would permit the “stakeholders to allocate fees in either FTM or fUSD”, enabling a system to predict future costs based on the usage.
The coder added the implementation of liquidations, stating:
Any positions where fUSD debt is equal or greater than the FTM or sFTM backing will become liquidated. Where the backing is in sFTM, the stake will immediately be unstacked and all rewards claimed as well.
Further, it was added that in the case of a validator that “falls below the minimum stake,” the validator would be denied from producing blocks or receiving block rewards.
Interestingly, upon the upgrade, the community would be allowed to use their FTM utility token to mint fUSD. In addition, the new version facilitates them with access to the decentralized finance (DeFi) applications intended for lending, trading, and borrowing.
It is noteworthy that one of the key functions of the new version is to allow the programmers to unlock new institutional products along with providing a favorable structure for planning and budgeting. Additionally, Cronje described the role of the swap tool that would allow the users to “swap” the Ethereum stablecoin DAI to fUSD and thereby settle their outstanding debts.