Stake Steak: A Beefy Partnership To Help Restore The FUSD Peg
The X DAO stands out from other projects by being community ran instead of whale controlled like our competitors (Sushi/YFI/Spooky/etc.). So it was only natural to partner with a grassroots project like Stake Steak which was created to help restore the FUSD peg for the entire FTM Defi community. We already planned to integrate FUSD into our farms, but now can offer our users an iFUSD farm instead. This will allow them to earn interest on their FUSD deposit while also farming with it, doubling their capital efficiency. We are going to use this partnership to introduce other joint ways to restore the FUSD peg and fix community issues with Fantom Defi in the future so stay tuned.
Why is the FUSD peg important to us?
Stablecoins are the backbone of Defi on any chain, but Fantom’s native stablecoin FUSD has historically been extremely underutilized. Before Stake Steak launched it only had a value of $0.16, compare that to today when it is already up to $0.40 thanks to their efforts. We want to encourage the use of Fantom (even when we launch on other chains) since it’s low fees and more decentralized consensus make it optimal to onboard new users compared to competing cloud blockchains. Having a functioning stablecoin will help make Fantom a top blockchain network and allow new users to have a official store of value they can trust. This is especially pertinent in the future when USDT and stablecoins backed by USDT (such as DAI) could fail due to USDT’s opaque centralized nature.
You can learn about how Stake Steak and iFUSD work to restore the peg here: https://stakesteak.medium.com/introducing-stakesteak-d9e1fbdcfced
You can farm using iFUSD here: https://thexdao.com/#/farms
“the more crowded the marketplace, the busier your customers, the more you need the Purple Cow.” — Seth Godin, Purple Cow: Transform Your Business by Being Remarkable
We fully agree with this sentiment and are happy to support another grassroots project helping solidify the FTM ecosystem. In a market full of lazy clones, what’s done different will stand out. Whether that’s a purple cow, or a decentralized DAO!