ChargeDeFi launches on Fantom
The success of Charge DeFi ultimately depends on our use cases reaching as many individuals as possible. Crypto has a wide variety of networks and chains, and each has its own distinct user base. To limit ourselves to a single chain would be to limit our success, something no company would consider. Expanding our reach to other networks allows us to reach new investors, who may never find us on BSC alone, and allow them to incorporate Charge DeFi into their investment strategies. As new investors gain trust in our ecosystem they may begin to utilize our platform on other chains when opportunities exist.
As to why Fantom Opera in particular more than any other chain, Fantom has separated itself from the pack with the knowledge of DeFi demonstrated by the investors in general and in elastic supply tokens in particular. Investors on Fantom know how those systems work and are more likely to avoid the behaviors seen on other, more cut-throat, chains. Fantom chain investors have shown more of a propensity to understand that by working together they can accomplish more than by focusing only on themselves. These characteristics make Fantom an ideal chain for Charge DeFi.
Why Peg to USDC?
While other similar protocols have chosen to peg to other assets such as $BTC, $ETH, or $FTM, we have seen volatility increase when pegging one volatile asset to another. We feel that pegging to a more predictable asset will provide us with the best stability. While $FTM has been more stable than some of the other assets, recent events have demonstrated it is still more volatile than a stable coin. For Fantom we will be using $USDC.
What Will Charge Look Like on FTM?
Charge DeFi on Fantom has a similar setup to BSC. We will start out with vaults in the farms and will enable the boardroom later as was done on BSC. On Fantom the starting price for Static will be 10 $USDC and Charge 625 $USDC. These prices will be established prior to investors receiving their tokens via airdrop. There will be 40,000 Charge farmable on the Fantom chain which has been reallocated from the BSC Charge allocation. The total Charge across BSC and FTM will therefore be 200,000.
While Static will start at 10 $USDC it will trend lower as investors come to the project and begin creating their liquidity pool tokens and farming rewards. The peg for Static will be 1 $USDC so a drop is not only expected, it is healthy for the protocol.
How Can Investors Prepare?
Currently, investors on BSC can stake xStatic to earn rewards, which ultimately result in an airdrop of Fantom chain tokens. Investors should plan on having USDC to pair with their rewards because these will be the only tokens available when we launch on Fantom. Previously investors were able to farm $fStatic tokens for the launch at present, 21 March 2022, they are able to farm $fCharge.
What Comes Next?
We are submitting our Money Legos to Peckshield before the end of March. After a successful audit they will initially be available to investors on BSC with the intention of expanding them to Fantom soon after. The projected launch for Money Legos on BSC is April. Our P2P wallet will follow as soon as possible. These use cases along with Charge DeFi on multiple chains should begin to help investors see the vision of the road ahead.
We will never stop building.