In light of the Fantom issues tied to the Multichain wrapped tokens, I feel that could be a great opportunity to deploy our stable coin on the Fantom chain. However, that remains my feeling, and I am not an expert to assess the risks and profits .
If this discussion is in favor of a deployment on Fantom chain, a proposal could be submitted for a vote.
My question are the following ones :
What does the Angle holders think about this idea ?
What does the Angle team think about this idea, and why it has not been deployed earlier?
How to provide enough liquidity so that to move toward a mass adoption on Fantom ?
Thanks for putting this proposal!
I do think that agEUR on every chain is a good idea as it increases the distribution channels for the stablecoins. There are also not a lot of risk of making agEUR available on a new chain.
That being said, every new chain deployment comes with the tradeoff of the development time to get agEUR on this chain. So while this is doable, the reason for not doing this would be the engineering time it’d take to make this possible, time which could be spent on further Transmuter efforts for instance.
When you mentionned the engineering time for deploying agEur. Are you speaking about a full deployment, I mean stable coin + dApp or just the stable coin.
Regarding what happened on Fantom, I recall that most assets ( top 100 by Market Cap) were bridged by Multichain, stable coins included. Since they lost their peg due Multichain debacle, people are now aware that the stable coins like USDC, USDT and DAI on Fantom are more exposed at risks. Even if two new actors came in the business, Axelar and LayerZero, two solid projects; people are still begging for a native stable coin. I see here an opportunity… not you?
PS : I am a novice in the crypto world, I am still learning
Yes engineering time is for the deployment of the stablecoin on the protocol side, and then on our side try to make bridging available on the UI.
But in all cases, I think having agEUR native to Fantom is another question (rather than it being a bridged asset). I do agree with you on the opportunity though.
I am sorry, I used the term canonic rather than native by mistake. Should I change the title of this thread?
Or should I create another topic?