Thread by @_unified_theory

Why fUSD Matters. Part 1. 🧵

1/12

There's a vote being held right now to decide whether @DeusDao and @eulogyDAO should be given access to the contracts that will allow them to release a working version of fUSD.
In this thread, I'll try to explain the importance of this initiative.

https://twitter.com/FantomFDN/status/1520112637257957376?s=20&t=sIFH0OZo4E-KX7Yw-GsJxA

2/12

I believe that a working, pegged fUSD is the key to pulling Fantom out of the tailspin it's been in for the past several months, and that repairing it will propel the entire ecosystem to new heights.

3/12

It is not "just another stablecoin". It's a core component of Fantom's architecture - as important as $FTM itself - and without it, Fantom will never reach its full potential.

4/12

Most of us think of Fantom as a "faster, cheaper version of Ethereum" - this false equivalence is at the heart our problem - $ETH is money. $FTM isn't.

We're doing things all wrong.

5/12

To save time, I'm not going to type out the full explanation of what makes $FTM and $ETH different, but I've attached part of a Discord essay that lays out the core concepts.

6/12

To put it simply, $FTM is designed to be staked in the nodes - not for lending, not for buying NFTs, and not for creating LPs - it's something the network needs in order to function.

7/12

The @FantomFDN has known this for a long time - or at least they used to. Here's an article from 2019 from Connor Hughes - Fantom's head of marketing at the time - making the case for rewarding stakers using a stablecoin.

link.medium.com/bcpamZTaFpb

8/12

At the time fUSD was released there wasn't anything to do with it except dump it. The #buildonfantom initiative that helped attract many of the amazing teams that are here today hadn't been launched yet. The peg broke before the ecosystem was built.

9/12

Fantom's growth since then has been incredible.

The amount of users, on-chain activity, and TVL have all been climbing steadily for months...

10/12

...and the whole time - from the very beginning - Fantom's been handicapped; it's been missing a critical piece of its core infrastructure.

What's going to happen once it's firing on all cylinders?

11/12

I'll talk about it tomorrow in Part 2.

Please help spread the word by retweeting the first post in this thread.

https://twitter.com/_unified_theory/status/1520599337146871809?s=20&t=8Kpz7g3X4TR0NtdQGvXCKQ

Thanks for reading.

Part 2 is now available:

https://twitter.com/_unified_theory/status/1520900299841744896?s=20&t=Y5ecZ_3TkqYwURuf7A9GTQ