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Ethereum Classic Jumps Into DeFi With Fantom Partnership, But Only as Collateral

Published 02/10/2020, 02:42 PM
Updated 02/10/2020, 04:22 PM
Ethereum Classic Jumps Into DeFi With Fantom Partnership, But Only as Collateral
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ETC Labs and Fantom Foundation are collaborating to bring decentralized finance (DeFi) to Fantom’s ecosystem, a Feb. 10 press release announced. Ethereum Classic (ETC) will serve as collateral for issuing a stablecoin similar to Maker’s DAI on the Fantom platform.

Fantom will be using the Xar Network, a DeFi framework specifically developed for the project. The framework uses some of Fantom’s Byzantine Fault Tolerant (BFT) consensus technologies, such as Lachesis and TxFlow, to offer a blockchain environment that supports advanced DeFi options. The system allows collateralized loans, synthetic assets, atomic swaps and is interoperable with external blockchains such as Ethereum and Binance Chain.

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