Description: Fantasm Finance is a DeFi project aimed at developing and popularizing synthetic tokens for the Fantom Ecosystem. Imagine having exposure to the price of FTM token without actually owning it. That’s not fantasy: it’s #Fantasm. With Fantasm Finance we introduce a decentralized solution to scale up volume of the FTM token by using our partial collateralized design where synthetic token supply of xFTM will be partially backed by FTM and partially by the FSM token. xFTM is a Fractional-Algorithmic Synthetic Token pegged to the value of 1 FTM on Fantom Opera.
What are Synthetic Tokens?
In the broadest sense, synthetic assets are a type of financial derivatives giving its owner exposure to an underlying asset without having to actually hold it. A synthetic asset is simply a tokenized derivative that mimics or mirrors the value of another asset. Imagine that you want to trade Gamestop stocks without holding the $GME asset itself. Or, you want to gain exposure to S&P500 index movements without having to hold the underlying basked of stocks? No problem. What about gold and silver? Yes. How about…something more exotic like becoming a Bitcoin miner without owning any hardware but simply by holding the right synthetic asset. Well, all this already exists, and it's the evolution for many asset classes that wish to gain exposure to the decentralized and tokenized world of cryptocurrencies.
xFTM
xFTM is a Fractional-Algorithmic Synthetic Token pegged to the value of 1 FTM on Fantom Opera. The protocol aims to maintain xFTM token’s price stability, in other words the peg, by storing sufficient collateral in the time-locked smart contracts. This collateral is used for redemptions, helping to maintain price stability. The Fantasm team are Fantom Ecosystem users and supporters. The xFTM synthetic token explicitly gives FTM holders another great use case and a way to earn yield via additional rewards on top.
FSM
FSM is the protocol utility token. The FTM token is deposited into the protocol when a user mints xFTM token, while the FSM token which is used for minting is burned. When the user redeems xFTM tokens, the protocol pays back FTM tokens and mints the required amount of FSM tokens. The ratio of FTM and FSM token used by the minting and redeeming function is determined by the Collateral Ratio.
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