Ethereum Classic Labs Partners With Fantom Foundation to Bring ETC to DeFi


Ethereum Classic (ETC) wants to get in on the decentralized finance (DeFi) action.

On Monday, Ethereum Classic Labs announced that it has formed a collaboration with the nonprofit foundation behind Fantom (FTM), a Directed Acyclic Graph (DAG) based smart contract platform that aims to solve the scalability issues of distributed ledger technologies, to bring crypto-agnostic DeFi features to the Fantom ecosystem.

According to the announcement, Fantom will leverage the DeFi-oriented public blockchain that traverses Fantom and Cosmos (ATOM), Xar Network, to mimic Maker’s DeFi platform.

“We’re collaborating with ETC Labs to bring DeFi, including all aspects of our tech stack (e.g., stablecoins, lending, staking, asset issuance, collateralization, etc.) to the Xar ecosystem,” explained Fantom Foundation CMO Michael Chen.

Ethereum Classic’s biggest role within this new initiative looks to be adding support for ETC as collateral to mint a stablecoin on the Fantom platform, similar to DAI on Ethereum (ETH).

“ETC will operate as the collateral for customized CSCT issuance by corporations, central banks, and other financial institutions on Xar Network,” reads the announcement. “Issuing entities can maintain complete control over the underlying collateral (ETC), and even stake the corresponding CSCT to generate rewards in a stablecoin based on the fee pool from Xar Network.”

The collaboration appears to be part of Ethereum Classic Labs’ mission to promote the “ETC is hard money” narrative.

More: ETC Labs Announces Collaboration with Fantom & Xar Network
Similar: Loom Network (LOOM) Plans to Expand Beyond Gaming Into DeFi

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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