Ontology joins Fantom DeFi: ONT collateral integration
ONT, Ontology’s native utility token, will join Fantom’s DeFi ecosystem as collateral for minting synthetics, including fUSD.
ONT holders will be able to use fMint to access fUSD and other synthetics, which can be used with other Fantom DeFi products.
Specifically, fLend allows you to lend & borrow assets, while fTrade lets you trade them.
If you want to go long BTC (without losing exposure to your ONT collateral), mint fUSD against your ONT in fMint, and use the fUSD to buy fBTC (synthetic BTC) in fTrade. Sell the fBTC for fUSD later to repay the minted debt.
If you want to go short BTC (without losing exposure to your ONT collateral), mint fBTC against your ONT in fMint, sell the fBTC in fTrade. Rebuy fBTC later to repay the minted debt.
Once you’ve repaid any outstanding minted debt, you can unlock your collateral to withdraw.
Ontology is a high performance, open source blockchain specializing in digital identity and data. Ontology’s unique infrastructure supports robust cross-chain collaboration and Layer 2 scalability, offering businesses the flexibility to design a blockchain that suits their needs. With a suite of decentralized identity and data sharing protocols to enhance speed, security, and trust, Ontology’s features include ONT ID, a mobile digital ID application and DID used throughout the ecosystem, and DDXF, a decentralized data exchange, and collaboration framework.
The Fantom Foundation is committed to building technology that is open-source, decentralized, DAG-based distributed ledgers with aBFT consensus. We aim to create fast, secure, and scalable technologies across a wide range of industries, allowing organizations, businesses, and individuals to develop decentralized and secure applications, solving real-world problems.