Ethereum Classic participates in DeFi ecosystem for the first time, issuing stablecoin "CSCT"

On February 10th, ETC Labs announced a partnership with the Fantom Foundation, a non-profit organization behind the open-source modular platform Fantom (FTM), with the aim of integrating DeFi functionalities into the Fantom ecosystem.

On February 10th, ETC Labs announced a collaboration with the Fantom Foundation, a non-profit organization behind the open-source modular platform Fantom (FTM), aimed at integrating DeFi functionalities into the Fantom ecosystem. - ETC will be able to issue the stablecoin CSCT. - CSCT can be collateralized to generate rewards. Fantom will utilize the Xar Network as the DeFi framework. This framework leverages Fantom's Byzantine Fault Tolerance (BFT) consensus mechanism, such as Lachesis and TxFlow, to support the DeFi ecosystem. The system allows for collateralized loans, synthetic assets, atomic swaps, and interoperability with public chains like Ethereum and Binance Chain. Michael Chen, the marketing director of Fantom, stated: "We are collaborating with ETC Labs to integrate DeFi with our various technologies, bringing areas such as stablecoins, loans, collateral, asset issuance, and more into the Xar ecosystem." According to the announcement, users can collateralize Ethereum Classic (ETC) to issue a USD stablecoin similar to MakerDAO's Dai on the Fantom platform. This stablecoin will utilize Xar's privacy blockchain stablecoin protocol, known as Collateralized Stable Currency Tokens (CSCT). ETC will function as a company on the Xar Network, fully controlling its collateral (ETC) and being able to collateralize the corresponding CSCT in the fee pool of the Xar Network to generate rewards in the stablecoin. ETC also emphasizes its core values in the announcement: "As the original chain of Ethereum, ETC has always adhered to the original intention of blockchain, namely decentralization and immutability. Like Bitcoin, ETC has an invariant and clear monetary policy, making ETC a hard asset more suitable as collateral in the DeFi ecosystem." **Further Reading** - Survival! Achieving Ethereum compatibility, ETC completes "Agharta" hard fork upgrade - What areas are the top Asian blockchain VCs most focused on? Definitely not DeFi Join now to get the most comprehensive information on financial technology, blockchain insights, and industry examples! [Link to join](https://lin.ee/pl4ELGl)