DAOs and DeFi 2.0 are seem to be kicking off to a good start this year in crypto, and one that seems to still be under the radar is Fantohm DAO. This project is the first rebase token to go cross chain, even before OHM itself. They have managed to create a way to use more assets than what is actually in their treasury without double-spending. Now to start off 2022, they have updated their website and included a roadmap for this year. So far, things are looking pretty fruitful for Fantohm and the topics why will be covered here.
While being a young project on the Fantom Network, the team made a bold and quick move to be the first rebase token to go crosschain. They chose Moonriver as their second network. Probably no one saw this coming. Moonriver is a young network on the Polkadot Network via Kusama. While it is young, it has lots of potential for growth. Think of Solana or Avalanche potential. This is the first step into getting wrapped staked tokens which FHM will be getting soon as per the roadmap as well as on other networks.
The second curve ball that this team made was the introduction of $FHUD. $FHUD is Fantohm's in-house stable coin. This coin, while currently not tradeable, has a unique function that no other rebase token has done before. It's purpose is to use the assets in the treasury that are sitting there and put them into work again without triggering the double-spend problem. This is done by taking out some $FHM and instantly burning it from the treasury. This burned $FHM then gets back by a receipt of $FHUD which is 1:1 USD value. So if 1 $FHM is worth $50 at the time of burn, 1 $FHM will turn into a receipt of 50 $FHUD. This receipt can then be sent back into the treasury where it can take the same amount of DAI out to re-invest into the project. This sort of innovation is what drives DeFi and we will be sure to see copy-cats of this mechanism everywhere. A simple diagram of how this works can be found on their updated website.
This project just came out at the end of October 2021 and has been able to achieve all this so far. They have two layers of multisigs for added protection; Fantom Safe and OpenZepplin Defender. Not only that, but they have a new multisig owners as well: Sleepy Neko who is a trusted mod of the famous Shiba Inu and super mod and multisignator of Diatom. This potentially opens the doors for the Fantohm team to talk with the Shiba Inu team in the future, who knows.
And for their roadmap of upcoming announcements there are some very exciting things listed. For example in January alone they are planning to release: an Analytics Dashboard, One Click Zap, $WSFHM (Wrapped Staked $FHM), more staking options and maybe even more that is unannounced! They have included more planned releases for both February and March as well which includes lending and borrowing and more cross-chain networks!
This may be a good time to get into this project since the team seems to be very professional and innovative. It's clear that they don't want to be seen as just another rebase token, but instead something more. It will be exciting to see how this project plays out in 2022 as it's certain that these guys have some cards up their sleeves that they still haven't shown anyone yet.
- Website: https://fantohm.com
- Reddit: https://reddit.com/r/fantohmdao
- Twitter: https://twitter.com/FantohmDAO
- Medium: https://medium.com/fantohm
- LinkTree: https://linktr.ee/fantohm
- Github: https://github.com/fantohm-dev
- Docs: https://fantohm.gitbook.io/documentation/
- Youtube: https://www.youtube.com/channel/UCa1eJEgcVnFhfLNdjw3yr4g
- Instagram: https://www.instagram.com/fantohmdao/
- TikTok: https://vm.tiktok.com/ZSe9dcvP9/