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