Fantom Decentralized Reserve Currency - $USDB is now ready

[Jayce_Nguyen]

Greeting everyone!

It’s a pleasure bringing good news to the community: USDB stablecoin is ready! Starting today, USDB ($USDB) is ready in the Incognito Android and iOS apps. Both communities can now privately send, receive, or store pUSDB (the private version of USDB).

We are over-excited to form the partnership between FantOHM and Incognito in bringing privacy back to Crypto Asset. In this case, turning $USDB into $pUSDB is the stepping stone for the collaboration. Besides, the USDB/ PRV pool will be soon available thanks to the on-time support from FantOHM’s coreteam to bootstrap it.

• USDB is the number-one stable coin pool on Beethoven-X, a decentralized investment platform on Fantom Network with compounded yields as high as over 50% APR. Now, investors can truly benefit from higher-yield decentralized finance opportunities for passive income.

• The yields of the liquidity pool (LP) of “USDB / Any Crypto Asset” are among the most attractive in the Incognito Reward Ecosystem recently, which is suitable for passive income seekers. Additionally, on Reaper Farm and Beluga, investors can earn yields on top of yields, exponentially increasing the rewards to achieve financial freedom sooner.

• When USDB rises above $1 in value, a bond is offered to purchase USDB with DAI at a $1 per USDB valuation instantly. DAI is then deposited to FHM’s treasury and investors get USDB that can then be swapped for other stables or assets in a DEX. You can read more about the balancing mechanism

For investors who do not yet own USDB stable coin, just simply swap a token of choice on Incognito or any exchange support USDB. Then, visit the the liquidity pool section on Incognito App to provide liquidity & earn reward.

It’s time we downloaded the Incognito wallet, then start shielding $USDB to buy, sell, send, receive, store or swap your favorite Crypto Asset.

[The_Doc]

Fantastic!

[abduraman]

Is it stable? Are we sure? Nothing is stable in crypto these days

[SPAddict25]

[The_Doc]

hello mate! yes USDB is a stablecoin and yes there is clearly concern amongst crypto investors about the stability and viability of algorithmic stables. there are a number of differences between UST/LUNA and USDB/FHM, chiefly among those is the fact that we are a very small market cap. the low circulating supply is fully backed 1:1 with stable assets in our treasury and we closely monitor all minted USDB in circulation. we do not print USDB out of thin air which is both irresponsible and reckless for the safety of the peg.
peg is maintained in two ways, via bonding and via intervention from us. we own 75% of the liquidity on beethoven x pool for eg and the USDB/PRV pool will be carefully monitored for activity and modified if need be.
we had the benefit of watching the collapse of LUNA/UST and it was both highly distressing and a valuable lesson. rest assured we monitor every single stable asset out there very closely and we learn from others every day.

[Freyr]

Please clarify, if I understand that correctly, USDB is indirectly backed by DAI, which is a decentralized stable coin back by “hard cough FIAT” Dollars on Etherium. So why not use DAI straight away? And then again there are high yields, where does this money come from?? or is that again temporary, to bring in capital?
I don’t want to hate, but people were burnt just now. It is a great thing, that incognito pushes forward the integration of more projects, as far as I remember Terra/Luna once was on the agenda too, is that still in the pipeline? Maybe why not, those pennies are still being traded on the CEXes.

Peace y’all.

edit: typos

[Jared]

These are all greats questions to ask USDB on their Twitter, Discord, or Reddit.

I want to also highlight their Introductory Paper and Audits.

Side note, I am not endorsing or encouraging anyone to use, invest, buy, etc. Just providing resources as we have simply partnered with them.

Incognito is on a mission to bring PRIVACY to ALL cryptocurrencies and projects.

[The_Doc]

We, and therefore you, are unable to utilise the full power of a stable such as DAI without novel tokens such as USDB. Having our own token allows us to innovate in ways that are simply not doable with just straight up DAI or USDC or USDT. We do not only back with DAI but with all the treasury assets, we have USDC also and aim to diversify enough to allow for a certain level of safety without diverting too far from the defi narrative. DAI is ±250% over collateralized and USDC is regulated, they are both rather safe assets comparatively.

We believe that privacy is a truly important part of defi and crypto in general, and i respect and admire what Incognito team have built up over the last couple of years. We have some products coming up that will show people the power of USDB and how we can use it alongside many other stable assets that exist. More on that soon.