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Dapper Labs Unveils New Stablecoin Dubbed FUSD

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FUSD is the first fiat-backed stablecoin and ERC-20-like token on the Flow blockchain.

Dapper Labs Inc, the creator of the Flow blockchain, has announced a new stablecoin in its partnership with Prime Trust financial infrastructure provider. The stablecoin, named FUSD, will enable non-Dapper Labs companies building on the Flow blockchain to offer their users a non-volatile payment technique for digital collectibles.

FUSD functionality is similar to that of its brothers – Gemini’s GUSD and Circle’s USDC. It will, therefore, be a 1:1 stablecoin pegged to US dollars deposited at Prime Trust.

Dapper Labs CEO Roham Gharegozlou said FUSD is the first fiat-backed stablecoin and ERC-20-like token on the Flow blockchain. NBA Top Shot, the game company’s flagship product, has been using a USDC integration all through.

Gharegozlou also noted that FUSD will be powered by the Flow Client Library (FCL) which is a new tool forged for faster network development. “FCL unlocks the ability of anyone to make their ERC-20-style token on Flow,” he said, calling the tool the Flow equivalent of Web 3.

Dapper Labs and FUSD Stablecoin

The CryptoKitties game developer is making efforts towards the development of other stablecoins on the Flow blockchain, including the Flow-native ETH cryptocurrency. Stablecoins will allow users to pay for digital products in token form while developers collect that payment in their preferred token, in a single transaction. Dapper Labs also promises to simplify crypto payment in a Stripe-like manner.

Reportedly, most third-party app creators have been accepting payments in FLOW cryptocurrency. This is despite its unavailability in their countries’ crypto exchange platforms. At the time of writing, FLOW was trading at $12.42, down 1.7% in the last 24-hours.

Gharegozlou went on to explain that more tokens are crucial since non-custodial payment methods require that a token is available on the same blockchain as the payment. Moreover, the non-custodial system ensures that users’ assets remain under their control until the user trades them or uses them to make a payment. This aspect protects them from third-party risks and is, therefore, a critical part of the blockchain.

Even though a myriad of options exists on other blockchains, Dapper Labs aimed to provide the payment technique for current developers. More so, FUSD was made to facilitate the FLOW ecosystem rather than to become a competitor to USDC and USDT.

The company reports that payments can now be done through the Ramp app which is ready to provide fiat on-ramp. The service will be easily available to users in the US and Canada. Plans are also underway for MoonPay to join the bandwagon.

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Polywhale Finance founders accused of rug pull amid abrupt shut down

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Developers of Polywhale Finance, a leading yield farm on the Polygon network, have abandoned the project in what appears to be an elaborate exit scam worth over $1 million, cryptocurrency news outlet Crypto Briefing reported Monday. 

Polywhale Finance’s founders are being accused of pulling a “soft rug” exit scam by selling their tokens during the latest crypto market price collapse. In a Telegram group devoted to the project, Polywhale Finance cited poor tokenomics, a negative market outlook and competition as the biggest reasons for folding. However, community members have attributed the hasty exit to malicious intent.

For starters, the official Telegram group for Polywhale Finance has been shuttered permanently, with community members increasingly convinced that the project comprised fraud. Disgruntled community members have since started a new Telegram group called “Polywhale Rugged,” where the pinned message reads:

 ATTENTION: THE [TREASURY] WALLET HAS BEEN DRAINED ALMOST ENTIRELY INTO THE DEV WALLET AND then 1.04 MILLION REDEEMED FROM THERE.”

The Treasury wallet had 5 million tokens on June 9, according to a member by the name of “Exceptional.” Earlier in the day, a community member with the handle “SK” observed that the Treasury wallet had dwindled to just 1.6 million. He was subsequently banned from the chatroom and his post deleted. 

“As of 12am UTC that wallet now has ~$200,000 in it, with 1.4 million being transferred to the devs wallet at around 1655 UTC,” the message reads.

On its website, Polywhale Finance claims to have more than $3.6 billion in total value locked across its entire platform. The yield farm was launched in April 2021 by an anonymous group.

Related: Polygon committing $10M to reach 1M users using 0x API

Polygon has quickly emerged as one of the most popular DeFi protocols in all of crypto. As Cointelegraph reported, Polygon registered 75,000 new active users over a seven-day period during the height of the DeFi boom in May. The 1inch Network also expanded to Polygon last month in a move that boosted the aggregator’s liquidity sources. Meanwhile, Ren announced in May that it had launched a bridge to Polygon for seven leading cryptocurrencies, including Bitcoin (BTC) and Dogecoin (DOGE).

Polygon rebranded from Matic Network in February 2021 and was one of the fastest-growing projects during the bull market. Polygon’s token, which still trades under the symbol MATIC, is ranked 16th by market capitalization with a total network value of $7.6 billion.