Fuse Network recently gave an update on the latest developments on their platform.
The update includes the massive milestone by Fuse Network as $FUSD reaches up to 1000 token holders on Ethereum. Other updates include new releases, integrations, and interviews.
It's Friday 😀
Time to provide an update on the latest developments in the @Fuse_network ecosystem 🌏
👇 A thread pic.twitter.com/WtNaCmOljj
— Fuse (@Fuse_network) February 19, 2021
Fuse Releases Kyber Network Token (KNC) Liquidity Rewards Program
Fuse Network also has launched its liquidity mining program for the Kyber Network Token (KNC). The mining program will last for one month and was launched on Saturday, February 13th at 3 pm. Through the Fuse Network, the program will offer support for the KNC/USDC liquidity pool.
This mining program was launched on FuseSwap, the non-custodial digital asset exchange for the Fuse platform. In this mining program, liquidity providers (LPs) on the KNC/USDC pair will be rewarded “with 50,000 FUSE tokens over a 1-month period.”
The Fuse update notes, “By incentivizing Kyber Network LPs with rewards, we aim to increase KNC/USDC liquidity on FuseSwap allowing community members to gain exposure to the top 100 coin. Increased liquidity also allows FuseSwap users to enter and exit larger positions in KNC without significant price movement or slippage.”
For users to participate in the KNC Liquidity Rewards Program on FuseSwap, they will have to transfer their USDC and KNC tokens from Ethereum (ETH) to the Fuse Network. This can be done through the bridge on FuseSwap.
Kolektivo Labs Utilizes Fuse Blockchain for Its Sustainable Development Project in Curaçao.
To promote sustainability in Curaçao, Kolektivo Labs has leveraged on Fuse Network for its blockchain-based project. Over the past few years, social impact leaders have come together to form an innovative hub known as Kolektivo Labs. Besides, the goal of this team is to provide sustainability for the people of Curaçao through blockchain-based projects.
In 2019, Kolektivo Labs created a decentralized autonomous organization (DAO) known as CuraDAO. The aim of creating CuraDAO was to help people to collaborate in a non-hierarchical and decentralized manner. As part of their program, the CuraDAO members decided to start teaching people about cryptocurrency and enlightening them on its importance.
To promote crypto education, CuraDAO moved to create CuraDAI as a community currency. CuraDAI is 1:1 backed by the local Antillean Guilder and was only available on Ethereum. Due to the high transaction costs and delays associated with Ethereum, there was a need to find another means.
With the coming Kolektivo app that will be built on Fuse, users will be able to quickly transact with CuraDAI for under $0.01 no matter the amount of the transaction. The goal of this development is to enable community members to access coordination, finance, and governance in a single solution.
Putting all these functionalities in mind, work will soon commence for the Kolektivo decentralized application (dApp) on the Fuse Network. The dApp will also be made available for Android and iOS users once it is launched in order to enable widespread adoption.
Gain Associates Hosts Fuse Business Development Director in Interview
On the 13th of February, Gain Associates hosted Business Development Director Isaac Rodgin in an interview. In the interview, Isaac Rodgin discussed how Fuse Network is unleashing blockchain payments in the real world. In the discussion, Rodgin gave examples of real-world payment communities that have been built on the platform and revamped on Fuse Studio.
Additionally, Rodgin explained that Fuse is a plug-and-play infrastructure for people who want to build microeconomies. Through its platform, people who have a product that requires mobile payments and do not have the resources to do so will now actually stand a chance. Fuse network has recorded partners from many different countries, languages, business use-cases, etc.
Last November, Fuse Network helped to organize a music festival in Thailand.
The organizers of the three-day Mystic Valley Festival were looking for a crypto solution to is previous physical token payments at the music fest. The organizers turned to Fuse Network, who brought in crypto exchange platform Bitazza. Together, they created a mobile payment solution in just under three weeks.
During the 72-hour festival, they had 33 million Thai Bhat, which is equivalent to 1.1 million dollars, transacted on their network. There were around 15,000 transactions at 0.70$ each. It’s not expected to stay that cheap forever but that’s reportedly the kind of scale and infrastructure that Fuse can give to products who normally would have to pay tens, hundreds, or thousands of dollars to build that in-house.
Therefore, Fuse Network is looking forward to explore its ecosystem and also get new partners in 2021 that will be able to take advantage of the easy-to-use platform in order to accomplish their businesses goals.
When asked about the Fuse Platform, Rodgin mentioned that the original infrastructure allows you to mint assets on Ethereum and then move them to Fuse in order to get access to its amazing features. The only disadvantage is to get people to use and understand this platform and are able to interact with these things even without having technical know-how, he explained.
Currently, Fuse Network is doing some revamp of the Fuse Studio which allows you basically to mint assets on the Fuse chain and have access to other functionalities. You can access the full video here.
Fuse Network Introduces FuseDollar
On the 19th of February, Fuse Network introduced an asset-backed stablecoin known as the FuseDollar. This stablecoin will be specially developed for first-time users. As a 1:1 USDC-backed stablecoin, FuseDollar (fUSD) is set to provide a medium of exchange that will be easy to use and highly-requested.
This stablecoin will boost the Fuse ecosystem and will be exchanged as a medium of payment for communities that have been built on the Fuse Network. There is also an ongoing plan to release a direct fiat to FuseDollar on-ramp. This will foster liquidity and improve the flow of transactions on FuseSwap and other DeFi protocols that will emerge in the future.
FuseDollar is reportedly being created to be a digital asset for the common man. That is why the product team at Fuse is working tirelessly to improve usability and work towards mainstream adoption of the Fuse Network. The plan is to make FuseDollar a currency that will be widely used as a medium of exchange anywhere in the world. Entrepreneurs and key players building on FuseSwap have always requested an asset that is swift, easy, and could be pegged as a major currency. With FuseDollar, the Fuse network is working to bring their requests to reality.
Currently, FuseDollar is being production tested in the core mobile app that is available on iOS and Android. By early March, the Fuse team plans on sending an official announcement concerning the launch of FuseDollar.
As time progresses, Fuse Network also plan to announce a new on-ramp partnership. This partnership will be geared at purchasing Fuse tokens and FuseDollar with the use of the Fuse mobile app. Such purchases can also take place through debit cards, Apple Pay, bank deposits, or credit cards.
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