Thread by @0xOtw

🔑 points from this 1hr+ AMA @michaelfkong said:

1. FTM is a General Smart Contract Platform, not limited to DeFi, NFT, GameFi, Metaverse, etc.

2. fUSDv1 is the biggest failure in @FantomFDN (FF) history.

(1/x)

https://twitter.com/FantomFDN/status/1529133222466146311

3. Revamp into fUSDv2 its an unfinished job for FF.

4. It adds more utility to sFTM & can be used to engage DeFi activity on-chain while staking $FTM.

5. reiterate fUSD is not algorithmic stable such as UST, it will not have #DeadSpiral.

Summary:

https://twitter.com/0xOtw/status/1527207207846432768?s=20&t=r7bB7E4884nbM7KPw6oseg

(2/x)

6. There is liquidation cascade risk, mitigation is to limit 10million fUSD for now, & grow over time when FTM price becomes more stable.

Why FTM?
7. Because it never goes down, Reliable. Cheaper & faster than other chains in the same traffic.

(3/x)

8. EVM compatible, devs from #ETH can port over FTM seamlessly. No need to relearn new code.

9. 8~16GB RAM & super energy efficient. Can host nodes even at home.

(4/x)

10. FTM community is very organic. FF never pays anyone to build protocols. All are organic frow from the community.

11. 90% slowness of SmartContract comes from EVM.

12. FVM is going to replace EVM, which aims to infinite scale without slowing down the speeds.

(5/x)

13. Prof. Bernard Scholz (Forefather of Virtual Machine) working full time with Fantom now to build FVM.

14. FVM adds 'indexing the data', which can access the information in blockchain regardless of its size with constant time.

15. FVM fixed security issues in EVM.

(6/x)

16. BSC had almost similar tech, but it's synchronized & slow.

17. With FVM in 1 to 3 years, FTM will be the best in class.

(7/x)

Weakness:
18. FTM is prone to 33% nodes attack, due to the consensus algorithm, instead of 51% nodes attack compared to ETH. But the benefits are far more worth it.

19. He believes if FTM continues to grow, 200~300 nodes is his ultimate goal to mitigate the attack.

(8/x)

#andrecronje
20. Andre contributed to core development & coding before 2019.

21. Since 2019, he start to switch roles to advise & consult the team in treasury, and technology.

22. Recently he decided to help with fUSD auction liquidation code.

(9/x)

23. #andrecronje genuinely believes in FTM and he is still heavily involved as he used to stay.

@gitcoin/300m Grants
24. The previous criteria (based on TVL) let the dev game the rules by providing insane APR to attract TVL.

25. That makes the ecosystem unstable.

(10/x)

26. FTM already has big existing projects.

27. New projects cannot compete with the TVL and stop innovation.

28. Some projects do not have TVL such as NFT.

29. Gitcoin is based on proposals & daily progress reports.

(11/x)

@tombfinance
30. He doesn't believe $TOMB will work with the current model after greatly depeg.

31. There is not enough incentive for TBOND to burn TOMB.

32. He believes the team will revamp the current model to make it successful.

(12/x)

Why Fantom need fUSD, why not USDC, USDT?
33. They are centralized.

34. Fantom has no control over their tech.

35. Overwhelm effort to work with their team.

36. Need a big treasury to get started. Where is the initiated USDT and USDC come from?

37. Add utility on sFTM

(13/x)

Finally,
38. FVM tech will roll out in stages. Don't have to wait a total of 1~3 years.

39. You will notice the chain becomes faster and cheaper over time.

40. CEO NFA: Just ride through the bear market, the bull market cycle will come again.

🔁RT first post & Thank me later.