Fantom Foundation submitted the MCD application previously ([FTM] - MCD Application by FANTOM - #5 by Andy_McCall), and here’s an updated application that complies with the MIP6 format.
MCD Application Form for FANTOM
- Who is the interested party for this collateral application?
Michael Kong, CIO at Fantom Operations Ltd
- Provide a brief high-level overview of the project, with a focus on the applying collateral token.
Fantom is a distributed ledger technology stack. At its foundation, it is a DAG-based distributed ledger incorporating new methods of scalability, combined with a high-performance virtual machine and safe, secure smart contract execution.
- Provide a brief history of the project.
Fantom did an ICO in 2018, and was one of the most popular ICOs in 2018, raising approximately USD$40million, mainly in Ether. Since then, Fantom has become a global company with team members located around the world in countries such as Australia, UK, USA, South Africa, Russia, Czech Republic, and others.
Fantom has built and launched a mainnet In December 2019 based on “Lachesis”, our DAG-based aBFT consensus engine, combined with the Ethereum Virtual Machine (EVM) for smart contract support. It is open source and permissionless, meaning anyone can join or leave the network at many time. Using Lachesis and Proof of Stake, Fantom is able to achieve higher transactions per second and lower confirmation times than other existing projects out there.
- Link the whitepaper, documentation portals, and source code for the system(s) that interact with the proposed collateral, and all relevant Ethereum addresses. If the system is complex, schematic(s) are especially appreciated.
Whitepaper: https://fantom.foundation/contents/data/2018files/10/wp_fantom_v1.6.pdf. Please not that the whitepaper has not been recently updated.
Organization: Fantom · GitHub
Live ERC-20 token contract source code: https://etherscan.io/address/0x4e15361fd6b4bb609fa63c81a2be19d873717870#code
- Link any available audits of the project. Both procedural and smart contract focused audits.
- Link to any active communities relating to your project.
Discord (Fantom has migrated from Telegram to discord)
- How is the applying collateral type currently used?
From the Binance research report:
1.For staking with a validator node: To secure the network in return for block and transaction rewards. Nodes will be ranked based on the speed at which they confirm transactions. Therefore, better performing nodes with better hardware will earn more rewards on average per FTM staked
2.To pay transaction fees: Users can pay transaction fees using FTM
3.To vote on on-chain governance proposals: Each token holder running a validator node, or who has delegated their FTM to a validator node, will be able to vote on proposals to change the structure of the mainnet, modify system parameters such as block rewards, and the election of moderators and the technical committee
Be used to provide liquidity for DeFi modules: Users will be able to collateralise their FTM and FTM rewards to generate stablecoins such as fUSD, which can be used across DeFi modules on the mainnet to lend and borrow, as well as generate Synthetic assets.
Does one organization bear legal responsibility for the collateral? What jurisdiction does that organization reside in?
The token was issued in the Bahamas under Fantom Bahamas Ltd.
- Where does exchange for the asset occur?
FTM is listed on many exchanges including Binance, OKEx, and Coinone. Full list can be found here: https://coinmarketcap.com/currencies/fantom/markets/reported/
- (Optional) Has your project obtained any legal opinions or memoranda regarding the regulatory standing of the token or an explanation of the same from the perspective of any jurisdiction? If so, those materials should be provided for community review.
It was reviewed by a number of law firms including King and Wood Mallesons, Aird Berlis, Tomashevskaya & Partners, Osborne Clarke, Anderson Mori & Tomotsune, and P&A Law Offices. Fantom’s General Counsel is Fred Pucci, a securities lawyer.
- (Optional) Describe whether there are any regulatory registrations for the token and provide related documentation (including an explanation of any past or existing interactions with any regulatory authorities, regardless of jurisdiction), if applicable.
- (Optional) List any possible oracle data sources for the proposed Collateral type.
https://coinmarketcap.com/, Band Protocol, Chainlink
- (Optional) List any parties interested in taking part in liquidations for the proposed Collateral type.
Open to include others as well, such as from the Fantom community, and others.