Ethereum Classic Labs has announced today a new collaboration with the Fantom Foundation, the non-profit organization behind Fantom, the open-source and modular platform for DLT products, to bring crypto-agnostic DeFi features to the Fantom ecosystem in the crypto sphere. In short, Fantom will use Xar Network, a DeFi-oriented public blockchain built using Fantom’s Lachesis and TxFlow consensus, as a more extensible analog to the popular Ethereum lending platform MakerDAO. The vision behind this new collaboration has been shared by Michael Chen, CMO of The Fantom Foundation:
“We’re collaborating with the ETClabs to bring DeFi, including all aspects of our tech stack (e.g., stablecoins, lending, staking, asset issuance, collateralization, etc.) to the Xar ecosystem”
As a full part of the collaboration, investors can leverage the Ethereum Classic token as collateral to mint a stablecoin on the Fantom platform to MakerDAO’s Dai on Ethereum. However, Xar Network’s specific design enables agnostic issuance of collateralized stablecoins outside of ETC, including any supported collateralized stable currency tokens on the network.
The features brought with this partnership
ETC will operate as the collateral for customized CSCT issuance by corporations, central banks, and other financial institutions on Xar Network. Issuing entities can maintain complete control over the underlying collateral and even stake the corresponding CSCT to generate rewards in a stablecoin based on the fee pool from Xar Network. 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 products using its high-performance and secure consensus mechanism, which Xar deploys for the decentralized validation of transactions that competes with centralized legacy counterparts in finance.
More information regarding this new collaboration for Defi features can be found at https://fantom.foundation/