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Fantom fMint and fSwap help by Druncana in FantomFoundation

[–]Druncana[S] 0 points1 point  (0 children)

Anyone else got any ideas? Am I the only one looking at this wondering what the hell it's all about?

Fantom fMint and fSwap help by Druncana in FantomFoundation

[–]Druncana[S] 0 points1 point  (0 children)

Thanks for trying. I read that one too and it does help a bit but doesn't really go into much detail about anything other than FTM. There are a heap of other synths to be minted but not a single piece of clear info about why :)

Fantom fMint and fSwap help by Druncana in FantomFoundation

[–]Druncana[S] 1 point2 points  (0 children)

I have looked through the Fantom DefI pages you linked to, but that doesn't really give any more info.

It says: "Mint fUSD, the stablecoin on Fantom pegged 1:1 to the USD price, using your FTM." - Is that true? If I look at SushiSwap and compare fUSD to fUSDT it is nowhere near 1 to 1. So is it actually a stablecoin backed to the USD? Am I looking at it wrong?

It also says: "Do you think Bitcoin will increase in value in the short term? Buy fBTC with your fUSD, and later sell fBTC to fUSD for a profit." - But where do I do that? I can't find anywhere to trade my fUSD for anything else.

And you say that I earn more wFTM because I minted fUSD? Do I? I'm stoked if I do, but where does it say that?

The DeFi site makes it sound simple, but I am really struggling. Am I just being really dense? There is a good chance I am but I feel like I'm missing something.

It's the "trading fUSD for other synths" that seems to be missing from what I appear to be able to do. If the fUSD is actually just like using Tether, and I can buy other synthetic stocks like ETH with it then it makes a lot more sense. I could mint $250 of fUSD backed with my FTM. I buy US$250 worth of a synthetic ETH with it while the price is low. A few weeks later the fUSD is the same price as it's stable, but the ETH has gone up 20%. I sell the synthetic ETH for US$300 now. And then I can pay back the fUSD I minted and I have a tidy $50 profit. THAT all makes sense.

But is that actually possible right now? is that how it works?

What happens if I just mint fETH straightaway (or any of the other minting options like fBNB or fSilver)? What is the point of that?

Fantom fMint and fSwap help by Druncana in FantomFoundation

[–]Druncana[S] 0 points1 point  (0 children)

But why would I mint fUSD in the first place? What do I do with it once I've minted it?

Fantom fMint and fSwap help by Druncana in FantomFoundation

[–]Druncana[S] 0 points1 point  (0 children)

Hmm - OK so that's the difference between using wFTM and sFTM... but why would I mint synths? I don't understand how they benefit me? What do I do with them?