Alpaca Finance Is Going Multi-Chain! Announcing the Herd’s Expansion to Fantom Network!

This post was originally published here

Dear alpacas,

We know you’ve all been waiting for this moment and it’s finally here. After much time spent in discussions with potential network partners, and analyzing the logistics of growing multi-chain, we’re finally ready to announce it’s time to expand the farm! We’re going multi-chain! And the first expansion will be to Fantom!

Which Alpaca Products Will Be On Fantom?🌽

👨‍🌾Leveraged Yield Farming

Our first DEX integration on Fantom will be SpookySwap which is currently the #1 DEX on Fantom with ~1.5Bn TVL.

At launch, we’ll initially support 2 lending pools: FTM and USDC

Additional lending pools (e.g. fUSDT, DAI, BTC, wETH) will be added in the future. We will also be rolling out support for the following farming pools:

  • FTM-BOO (3x)
  • FTM-USDC (3x; double-sided borrowing)
  • FTM-wETH (3x)
  • FTM-DAI (3x)
  • FTM-fUSDT (3x)
  • FTM-MIM (3x)
  • FTM-BTC (3x)

Note: The list of farming pools is subject to change based on multiple factors such as TVL, and APR at the actual time of launch

📈Automated Vaults: Market-Neutral Strategies

We recently announced we’re building Automated Vaults running market-neutral strategies on BSC, which allow users to yield farm high APYs DEX pairs with almost 0 market exposure, and thus completely hedge market risk. Once we launch this product on BSC, we will observe it for a short period of 1–2 weeks to ensure everything is stable and behaving as intended. After that, we will also launch this product on Fantom.

biswap

💸AUSD

We are in the process of rolling out additional pegging mechanisms and a development plan for AUSD to get it commercially ready, which we’ll soon share in an article. Once AUSD is ready, we also plan to launch the stablecoin on Fantom as well. That means lenders on Fantom will also be able to lock their ibTokens to borrow AUSD, increasing their capital efficiency, APYs, and strategic flexibility.

🔮Other Future Developments

We intend to launch all future major products and features on both BSC & Fantom. So, you young alpacas can rest assured that you’ll be able to find all the tastiest grass on both networks.

💰Benefits to Alpaca Finance Community

  • More farming opportunities: whether you’re a leveraged yield farmer or lender, this multi-chain expansion means you’ll have more opportunities to earn high yields and get exposure to different tokens that do not currently exist on BSC. You’ll get to do all this under the comfort of the Alpaca platform where you can invest comfortably knowing everything is safe and secure because of our industry-leading focus on security.
  • New revenue sources for ALPACA holders: More TVL, lending, and borrowing means more buyback&burn each week, as well as more revenue to distribute to our governance vault stakers. There will be no new tokens. All the economic benefits of our multi-chain growth will accrue to $ALPACA holders!
  • New members to grow the herd: While we’re one of the most recognizable protocols on BSC, there are many users out there on other networks like Fantom who have not heard about our magical farm yet. Many of these innocent souls simply aren’t aware that they’re actually alpacas…
    With this expansion, we will grow our Herd, bringing in new users and investors, so you might be seeing some baby alpacas soon. Be sure to be kind and show them the noble ways of our Herd!

🚀Why Fantom Network

EVM Compatible: This simplifies a lot of the development effort and ensures the product can be released in a reasonable timeframe.

Sufficient Infrastructure: It has the required infrastructure to support operating LYF (subgraph, oracle service, etc.) and a good-sized DEX that we can integrate.

Vibrant Ecosystem: TVL on Fantom has grown 100%+ last month and the chain is now sitting at #6 according to DeFi Llama. Recently, prominent projects and developers have also publicized plans to launch new products on Fantom. As more major names grow Fantom’s ecosystem, it will allow for greater composability and more opportunities for Alpaca’s product development.

Incentive Grant: Fantom has one of the most attractive and transparent grant programs for protocols developing there. Based on the metrics required, we are confident Alpaca will qualify for the grant, and we intend to use 100% of it to reward our platform participants! This means higher yields for the Herd!

Lower Gas Fee: Based on the current gas price on FTM network, a typical transaction on the Alpaca Finance platform would cost .10 to .50 USD.

Consensus mechanism: The aBFT consensus mechanism utilized by Fantom allows nodes to reach consensus independently without the need to exchange finalized blocks. Less network communication between nodes will result in a faster and more scalable chain.

⏰Timeline

The effort is already currently underway! We expect the LYF feature to be launched on Fantom on February 10th. We will provide the community with the exact launch date closer to the time of launch.

🙌Partnership with 100x

With many initiatives on our roadmap, our dev team has partnered with a development studio, 100x, to help us deploy our platform’s code onto Fantom. Of course, our core team will be reviewing the process and code to make sure everything is implemented perfectly and securely.

💯About 100x

100x is a leading software development company specialized in the financial sector. It has experience working with top companies in the financial and blockchain industries such as Omise and GuildFi.

We’re very excited about multiplying our platform’s reach to a network like Fantom. However, this is only the beginning. We plan to expand to more chains in the future, planting our Alpaca seeds so that each one of them can sprout a new tree of their own on each network, growing new farms, and helping our Herd thrive!


Alpaca Finance Is Going Multi-Chain! Announcing the Herd’s Expansion to Fantom Network! was originally published in Alpaca Finance on Medium, where people are continuing the conversation by highlighting and responding to this story.

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