Key takeaways:
- USD Balance (USDB) algorithmic stablecoin launched on Fantom last week
- USDB will provide a boost to Fantom’s DeFi ecosystem and introduce income-generating opportunities for users
- The Fantom Foundation launched a new 335 FTM Incentive Program to accelerate the development of decentralized applications, NFTs, and other Web3 components
Fantom’s DeFi ecosystem expands with USDB
A cryptocurrency startup has launched USD Balance (USDB), an algorithmic stablecoin designed to act as a bridge between traditional and decentralized finance (DeFi).
The company took to Twitter to outline UDBS’s use cases. The company also unveiled that both the FHM Protocol and USDB have been united under the Balance umbrella, which initially consisted of Fantohm DAO, a decentralized autonomous organization based on the Fantom (FTM) token.
According to the Twitter thread, users are able to use newly launched TradFi bonds to earn 21% to 32.5% APR. In addition, the company said that lending and borrowing features are in the pipeline and will integrate with “existing systems” once live. The company also touched on the prospects of new farming options:
“Expect news of partnerships, like farming available through Liquid Driver or Pool Incentives with Beethoven x. FHM and USDB are set to form a feedback loop in DeFi rewards.”
335M FTM Incentive Program set to accelerate Web3 development
A week after the USDB launch event, the Fantom Foundation announced a new 335 FTM (approx. $490M at current market rates) Incentive Program on Friday. The Fantom team partnered with Gitcoin Grants, a company with an outstanding record of funding Web3 projects, to disburse crypto incentives among eligible Fantom developers.
According to the company’s blog post, the new program was launched with the aim of supporting DeFi protocols, GameFi projects, NFT platforms, and building critical blockchain infrastructure.
The FTM token rallied on the news of ecosystem expansion and the new Incentive Program. At press time, FTM was changing hands at $1.52, up more than 8% in the last 24 hours and over 15% in the last seven days.
