Unbound launches on Fantom Testnet — Alpha version
Unbound Finance, a liquidity-backed lending protocol that is building an aggregator layer over the existing AMMs, announces the beginning of partnership cooperation with Fantom, a highly scalable blockchain platform for DeFi, crypto dApps, and enterprise applications.
The integration comes with the release of Unbound’s alpha testnet on the Fantom chain. Through this launch, Unbound is taking a step ahead to increase the liquidity on Fantom-based DEXs, making them more capital efficient.
Liquidity Providers on various AMMs across the Fantom chain can now collateralize their Liquidity Pool tokens at Unbound and in return mint the protocol’s first flagship product $UND at interest-free rates. The minted stablecoin UND can be further used for trading on DEXs or to provide liquidity to the UND pools. Thus network participants on Fantom will essentially be able to earn over and above their existing DeFi earnings without losing out on their passive returns from liquidity provisioning.
Further, UND being a decentralized, cross-chain stablecoin, can be bridged using native bridges to bring the liquidity of various AMMs on other blockchains onto the DEXs on the Fantom chain. The cross-chain transfer of UND will increase the overall liquidity on Fantom promoting inter-blockchain operability and profitability between Fantom and other DeFi DEXs.
The announcement further states that Unbound Finance’s governance token $UNB will also be tradeable on the Fantom network, conferring the token holders with voting rights in the protocol’s policies and decisions.
Currently, the Total Value Locked (TVL) on popular Fantom-based DEXs adds up to $2.02b with $769.21m on SpookySwap, $496.69m on Curve, $271.05m on Beethoven X, $184.89m on SpiritSwap, $134.58m on SushiSwap, $90.44m on Synapse, $74.22m on Saddle Finance, and $3m on SoulSwap, at the time of writing. Unbound intends to unlock this liquidity by enabling liquidity providers on AMMs across the Fantom chain to utilize their Liquidity Pool tokens to mint UND stablecoin and uETH.
Unbound’s testnet on Fantom can be reached from here. The alpha version of the testnet will currently enable users to test the protocol’s Minting and Unlocking features. In the days to come, the team will work to implement additional features such as Farm, allowing the users to stake their collateralized LP tokens back in the yield farming pools on supported DEXs and the Earn feature that will enable users to add liquidity to the UND pools.
Fantom is a high-performance, scalable, and secure smart-contract platform. It is designed to overcome the limitations of previous-generation blockchain platforms. Fantom is permissionless, decentralized, and open-source. Lachesis, its revolutionary aBFT consensus mechanism, allows Fantom to be much faster and cheaper than older technologies, yet extremely secure. The blockchain is also listed on several of the biggest cryptocurrency exchanges, including Gemini, FTX, Binance etc.
About Unbound Finance
Unbound Finance is an Ethereum based lending protocol that uses the liquidity of Automated Market Makers as collateral. Users are bound by highly secured, perpetual smart contracts and are free from the risk of their collateral being liquidated. Currently Unbound supports AMMs across various multi-chain platforms like Uniswap, Curve.fi, Bancor, Mooniswap etc.
Key features highlighting Unbound’s foundation include:
Liquidation-free liquidity provision system
Creating a no debt position when assets are minted
Factory Smart Contracts
Decentralized, cross-chain stablecoin UND
Minting synthetic assets like uETH
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