Joint work will be focused on developing a broader DeFi ecosystem using the Gravity cross-chain communication protocol.
We are excited to announce a collaboration between Waves and Fantom. Waves and Fantom are committed to building an open ecosystem between different chains, based on the Gravity protocol, which is essential to the DeFi industry’s wider success.
Under the collaboration deal, WAVES, the native utility token of the Waves ecosystem, will join Fantom’s DeFi ecosystem as collateral for minting synthetic assets, including fUSD, Fantom’s stablecoin pegged to the US dollar.
WAVES holders will be able to use fMint to access fUSD and other synthetic assets, which can be used with other Fantom DeFi products. Specifically, fLend allows users to lend and borrow assets, while fTrade allows users to trade them.
For instance, If you want to go long BTC (without losing exposure to your WAVES collateral), mint fUSD against your WAVES in fMint and use the fUSD to buy fBTC (synthetic BTC) in fTrade. Sell the fBTC for fUSD later to repay the minted debt. Once you’ve repaid any outstanding minted debt, you can unlock your collateral to withdraw.
Gravity is a decentralized cross-chain and oracle network based on a truly blockchain-agnostic protocol for communication between blockchains and with the outside world, working with the native token economies.
Gravity provides multi-purpose cross-chain interaction without introducing a native token. The true blockchain agnostic no-token approach creates a more inclusive, open ecosystem, while addressing future scaling/stability issues.
The Fantom Foundation is committed to building technology that is open-source, decentralized, DAG-based distributed ledgers with aBFT consensus. Fantom aims to create fast, secure and scalable technologies across various industries, allowing organizations, businesses, and individuals to develop decentralized and secure applications, solving real-world problems.