Fantom Assets

Risk Analysis per Asset

Last update: 25/03/2022

Stablecoins

USDC

USDC is primarily promoted by Coinbase and supported by the CENTRE consortium. Together with DAI, it has been the most used stablecoin in the DeFi ecosystem following a strong push from Coinbase who provides liquidity to projects.

USDC Smart contract Risk: B+

USDC is the native currency of Ethereum blockchain. USDC on Polygon is the bridged version of USDC on Ethereum. The bridge used is the Multichain bridge. USDC has generated more than 23.3M transactions.

USDC Counterparty Risk: A

The process to bridge USDC uses the Multichain bridge which is controlled by a threshold distributed signature algorithm based on secure multi-party computation (SMPC). This algorithm enables the generation of a set of private keys on independently run nodes and then a corresponding public key will be produced through distributed computation. The application of the algorithm in the cross-chain interconnection of digital assets is a decentralized way to handle digital assets safely and effectively. There are currently 101k USDC holders on Fantom.

USDC Market Risk: B

USDC on Fantom has a $609M market cap, one of the highest market cap and trading volume of frc-20 tokens on Fantom. Furthermore the price is pegged to USD. For this reason we consider the risks of USDC mitigate by USD.

Other Assets

WETH

WETH is the wrapped version of ETH, the native currency of Ethereum blockchain.

WETH Smart contract Risk: B+

The WETH token on Fantom was launched in February 2021. WETH is the wrapped version of ETH, the native currency of Ethereum blockchain. WETH on Fantom is the bridged version of WETH on Ethereum. The bridge used is the Multichain bridge. WETH has generated more than 3.7M transactions.

WETH Counterparty Risk: A

The process to bridge WETH uses the Multichain bridge which is controlled by a threshold distributed signature algorithm based on secure multi-party computation (SMPC). This algorithm enables the generation of a set of private keys on independently run nodes and then a corresponding public key will be produced through distributed computation. The application of the algorithm in the cross-chain interconnection of digital assets is a decentralized way to handle digital assets safely and effectively. There are currently 17k WETH holders on Fantom.

WETH Market Risk: B

WETH on Fantom has a $260M market cap, one of the highest market cap and trading volume of frc-20 tokens on Fantom. Furthermore the price is pegged to ETH as it is redeemable for it at 1:1 ratio. For this reason we consider the risks of WETH mitigate by ETH.

WBTC

WBTC is the wrapped version of BTC, the native currency of Bitcoin blockchain.

WBTC Smart contract Risk: A

WBTC is the wrapped version of BTC, the native currency of Ethereum blockchain. WBTC has generated more than 3.4M transactions.

WBTC Counterparty Risk: A

WBTC is centralised with bitcoins custodially locked on the Bitcoin blockchain. The custody is performed by BitGo, a leader in blockchain custodian technologies.

WBTC MARKET Risk: B+

WBTC on Fantom has a $166M market cap, one of the highest market cap and trading volume of frc-20 tokens. Furthermore the price is pegged to Bitcoin’s as it is redeemable for it. For this reason we consider the risks of WBTC mitigate by BTC.

WFTM

WFTM is the wrapped version of FTM, the native currency of Fantom blockchain.$

WFTM Smart contract Risk: A-

The WFTM token on Fantom was launched in. WFTM is the wrapped version of FTM, the native currency of Fantom blockchain. WFTM has generated more than 3.7M transactions.

WFTM Counterparty Risk: B+

The process to get WFTM uses the fSwap module which is decentralized and controlled by FTM stakers. There are currently 105k WFTM holders on Fantom.

WFTM MARKET Risk: B-

WFTM on Fantom has a $304M market cap, the highest market cap and trading volume of frc-20 tokens on Fantom. Furthermore the price is pegged to FTM as it is redeemable for it at 1:1 ratio. For this reason we consider the risks of WFTM mitigate by FTM.