Hi everyone ! (& @zaccheah )
As far as I understood yesterday, we’re talking about creating our own proprietary FX stablecoin, based on a set of other coins.
Wouldn’t it be much easier and faster to work on a solution based on an existing project like DAI ?
I’m always kinda scared to see the team going on their own developments while there’s still so much to do on the FX and PUNDIX projects.
I think the BSC chain is currently paramount to fight indecent fees existing on the legacy basis of FX and PUNDIX ERC20-network. As well, the PUNDIXCHAIN is also paramount to expand the FX&PUNDIX ecosystem. We also need FxCore public validators and PundiXChain public validators running to show the project is really decentralized and live.
Then, liquidity pool and DEX will become our next worries to allow for interoperability of flows within our chains and between multiple chains.
So, why not build upon existing projects ? Is there a technical issue ?
Thanks in advance.
Will Function X and Pundix exist in bsc too. Or is the crosschain support only for PR token now?
All good bro they can Multi task, They are always building the team members up too, they probably nutted out FXUSD a long time ago it’s just possibly waiting for implementation
I say we do this in phases, we can begin to use usdc and Busd or other more reputable stablecoins. After we’ve built our brand to a point where we’re a trusted, recognized name, then we roll out FxUsd. I just think, being a new blockchain, using these more established stablecoins would give us more trust and credibility o new users because they know these stablecoins have a lot of liquidity and are trusted names amongst stablecoins.
I want FXUSD asap; I already have great purpose for it in delegations as it’s visible there this will allow me I hope to set aside my Taxes so those funds hold value and delegate them to continue earning until the time comes to use those funds, unless the other stable coins have the same utility I’m more interested in the FXUSD
We are simulating both possibility and have not decided on whether it will be 1) purely bridging existing stablecoins (DAI, etc) into FXCore and using them as ecosystem’s default stablecoin or 2) creating FXUSD which is pegged to stablecoins (DAI, etc) and assets (ETH, FX, PUNDIX etc) with a healthy CR-ratio (say, 5USD worth : 1 FXUSD).
They are both good in their own ways, the former is strait forward, with no worries on 1:1 peg and liquidity. The latter is good to be able to tap into using FX, PUNDIX and others tokens/assets to compound use case.
Alright. It makes a lot of sense then. Thanks @zaccheah !
Why not both? Existing stablecoins will bring in users who already have USDC/BUSD etc and they can just bridge to fxcore while people already in fxcore can start buying / trading fxUSD.
Yup, it has to be both, can’t go straight to FxUSD, we haven’t built up enough trust for people to be ok with just our own stablecoin.
USDT and USDC cross chain will also encourage their user base to adapt to FxCore since transaction costs are only a fraction of Ethereum.
I was looking at a write up on Binance’s BUSD; I think it would be a good matchup if there is a BSC BUSD20 version; just a thought if that was able to crosschain to be a FXUSD would that work for us Zac