There are more than a few reasons why Fusion protocol will flourish in this new phase of decentralised finance or DeFi as it is popularly known as today. Many projects will be consolidating their value proposition trying to sway investors looking for the next 100x coin to bring a reversal of fortune in this climate wrought with financial hardships resulting from the economic downturn and global corona virus pandemic.
Fusion has certainly risen from the ashes, even if it has not really grown to the behemoth potential die-hard Fusionites believe it can. A 5x gain in the last couple of months is the very least we can expect in terms of a price point worthy of a coin with such a low market cap coin with a meagre 67 Million circulating supply.
What’s next for Fusion?
If I was to choose a cheeky heading for this sub-section that really summed up old time investor frustration with this project, I could have aptly themed it “When Moon?” Many believe a token or coin’s mainstream introduction is buoyed by listing on a well recognised exchange like Coinbase or Binance. It is often considered a right of passage for any project of note, as listing on a massive centralised exchange means opening up to a new frontier of hodlers, investors traders and watchers who in-turn key into the FOMO hype machine.
Many in the Fusion community have been frustrated with lack of movement in this area of recognition, but it is not for want of trying. In June 2018 Fusion submitted the first of its three applications to list on Binance CEX fulfilling its due diligence mandate and joining the Binance program of community coin of the month as one of seven nominees in a democratic voting process invoked by Binance. Following the vote Fusion came second as Pundi X won out against Fusion and other projects including Arcblock, Bytom, Dock, Havven, Oyster and Ravencoin.
Fast-forward to August 2019 and Fusion again applied; successfully completing due diligence requirements for a Binance listing and was duly selected to be listed on Binance DEX. With Fusion community contributions FSN achieved one of the highest trading volumes on the Binance DEX, however this did not translate to a listing on Binance Centralised Exchange.
In November 2020, Fusion once again rallied for a listing, submitting yet another application again to Binance. As we wait for big news on the listing front, investors can rest assured that it is not a case of if, but when. Look no further than what Fusion brings to the DeFi playing field then ask yourself if Fusion shouldn’t be a mainstay in the game.
What Fusion brings.
Fusion was billed in early 2018 as an infrastructure protocol set to underpin cryptocurrency finance. This was in an era where many other projects were simply putting forward utility use-cases to decentralise existing industry processes or provide a DLT implementation of an existing software-as-a-service offering. This, while a few others were making a case for increased throughput in transactions per second over Bitcoin or Ethereum. The DeFi and interoperability space for blockchain has come on in leaps and bounds albeit still with challenges of ease of adoption, high transaction fees and scalability in terms of cross-chain with non-ERC20 assets. Before we examine how Fusion addresses these let us dial back into the journey so far.
Some of the major milestones attained by Fusion so far include
1. Cross-chain technology DCRM open source. Dec 2018
This is Fusions flagship non-custodial key management technology that facilitates out-of-the-box seamless interoperability for 95% of tokens utilising either ECDSA and EdDSA algorithmic encryption for signature. It enables tokens to be locked in on the Fusion blockchain and when harnessed by other chains enables the same interoperability opening the potential for seamless transfer of liquidity across multiple chains. Andre Cronje a visionary in the DeFi space is already leveraging this technology to facilitate multi-chain bridging on the Fantom network offering low-cost multi-swap capability at a huge fraction of the costs with Uniswap and with increased efficiency. Check out multichain.xyz
2. Fusion: Mainnet live June 2019
Mainnet went live in June 2019 and adoption is steadily increasing in terms of number of unique addresses. Fusion currently sits at number 36 overall in terms of transaction volume and number 3 in the top performers list in terms of transaction adoption score as calculated by coinstats.network even with the easing off of transactions due to reduced liquidity farming activity on the blockchain as new opportunities for growth emerge.
3. Anyswap: First Cross-chain DEX in the world July 2020
Anyswap was certainly the first of its kind. A Uniswap fork in terms of the Automatic Market Maker (AMM) decentralised exchange (DEX) but infused with Fusion’s DCRM, expanding its capability beyond ERC-20 only tokens into realms not previously envisaged for DeFi DEXs. Before interoperability became the key buzzword, many in the DeFi space were building out financial services operations on Ethereum; that is until the latest price rally when the so called technology for the unbanked became the technology of the rich with exorbitant transaction triggering calls for alternative cost-effective solutions.
If I were asked to summarise Anyswap’s mission in words I would say Anyswap is cost-effectively taking noteworthy blockchain projects to the promised land of interoperable and decentralised finance with their multi-chain bridging technology built on Fusion Protocol. It is easy to see how native chains can now play in a space previously reserved for ERC-20 tokens. Besides Fusion, Anyswap network now supports Ethereum, Huobi Eco Chain, Fantom & Binance Smart Chain where it firmly sits as the pillar for cross-chain in their DeFi Landscape.
With OKEx Chain launch also imminent on Anyswap, the existing plethora of bridged assets on the platform cannot be overlooked. BTC, LTC, DAI, UNI, LINK, COMP, YFI, OMG are but a few noteworthy mentions on the Fusion chain not including tokens native to other chains introduced and supported chains by means of seamless Anyswap integration. This is just the beginning. Anyswap V2 will bring multi-bridging to the fore, setting new standards for fluid liquidity provisioning enabling value to traverse through different chains going a step further to eliminate high costs of swaps bringing fees to acceptable levels for those chains that are willing to participate.
4. Chainge: Self-banking app. January 2020
As far as blockchain decentralised applications or d’Apps go, none is more anticipated than Chainge, a self-banking application that will harness the brilliant features of Fusion and Anyswap in addition to an easy to use self-programmable banking services offering. I wrote extensively about chainge here and giving multiple reasons to jump on it. Many have heeded the call and suffice to say 1M plus have been stacking their tokens to a healthy 105,332,561 CHNG tokens in anticipation of the application launch.
In addition to earning up to 145 CHNG tokens just for signing up to a waiting list, Chainge will offers users an annual percentage yield of 8.32% for BTC and 16.18% for USDT deposits and also enables them draw from their interests on a daily basis. A sound offering in my opinion.
Market positioning
The market is evolving to adopt and adapt blockchain technology and government central banks that take a fight-or-flight approach do so at their own peril. A brilliant article by Alex Axelrod the founder and CEO of Aximetria and Pay Reverse puts this succinctly “When companies and people can choose among different types of money/currencies/payment systems, only those financial institutions that can work with a wide variety of formats and services simultaneously can be considered universal banks.” This is where Fusion and Chainge will set their stall, challenging the challenger banks, traditional and central banks to become more universal in their approach and yes CBDCs or Central Bank Digital Currencies will become a thing according to many industry leaders.
Fusion is positioned to underpin these new “universal banks” foray into crypto finance. The Fusion whitepaper published in 2017 supports this assertion that crypto finance will be a definitive step in the realisation of the true potential of blockchain technology as the Internet of value. So while many are adopting a wait and see approach, Fusion through Anyswap and Chainge is leading the way in bringing these banking services to as many as would care to take notice of its unique banking features. The extract from the whitepaper below shows the depiction of the landscape in 2017 from which a very different picture can be painted today.
So what are these features within Fusion infrastructure that can be harnessed for decentralised finance?
As already mentioned Decentralised Control Rights Management or DCRM from Fusion will introduce a wider host of cryptocurrency options than currently exist on Ethereum based DeFi platforms. It enables end-to-end decentralisation in the true sense because it does not require a 3rd party custodian assume ownership of tokens locked into the ecosystem of connected chains. It instead enables sharding of wallet keys for signing cross-chain multi-signature algorithms across multiple nodes allowing for funds to be stored securely in smart contracts. Before reputable projects like Polkadot and Cosmos began building in earnest, Anyswap was already showcasing Fusion’s encryption layer cross-chain solution in its cross-chain DEX bridging function.
Another feature of note is Fusion Protocol’s Time-lock. A feature that showcases for digitised assets, the time value of money (TVM) for unleashing equities, bonds, and derivatives use-cases. Chainge is gearing up to implement a DEX feature with USDT/ Future USDT and BTC/Future BTC trading pairs integrated for self-banking upon release of the app. This means you can lock in the future value of your token in exchange for extracting todays value. This is a brilliant concept that as highlighted by a recent announcement of a new token format called FRC758 which supports ‘Time-frames (TF)’ to be rolled out on the highly anticipated Chainge app.
Quantum Swap the next piece in the puzzle will underpin a decentralised Over-The-Counter or OTC market and enable trustless smart-contract based value exchange opening the market for escrow services without needing a 3rd party while also allowing for extraction of time-value and subsequent exchange based on bespoke requirements.
With all these features in place it is no surprise that any interoperability consideration by traditional and central banking institutions will look to Fusion’s technology as a valid option for adoption. A recent Europe Central Bank report in December 2020 looking at DLT options for CBDCs looked closely at Fusion and DCRM citing “Fusion aims to connect different DLTs by means of a common public blockchain using Decentralized Control Rights Management (DCRM) — an open-source interoperable solution that offers a decentralized custodian model (cross-chain and cross-system). where assets are held and transferred on behalf of the user across heterogeneous chains. The DCRM is to offer a hot wallet liquidity with cold wallet security, a key recovery system and, a settlement network, as well as an option of introducing protection requiring multiple approvals in case of both workflow on-chain or off-chain.”
So where do we go from here?
I will conclude by bringing it full circle back to where I began. Success of a crypto project leans heavily on exposure, the same way TV programmes get more viewers simply because they are on a specific channel with higher viewership. The same goes with Fusion. It needs its token issued on a large exchange in whatever flavour however its success isn’t wholly dependent on this.
Sometimes you need to create your own channel and that is what Chainge is doing. While there is no timeline for this exposure on Binance or Coinbase, a new playing field designed to bring ease of adoption to the everyday user is in the works. Chainge promises a no-holds-barred all-encompassing decentralised exchange with multi-chain support that harnesses all the underpinning infrastructure features of Fusion while promising a wealth of features including
- Deposit to Earn
- Decentralized Escrow
- Cross Chain DEX
- Fiat On/Off Ramp
- Private Key Social Guard
Fusion is 3 years old and looking forward to a bright future ahead. While they will continue to support Binance and the entire blockchain industry with their core technology, over 1M waiting users need an exchange of the future and ‘Universal Bank’ to transact on to harness their financial future. I can only see one future with Fusion technology becoming more integral not only to Chainge but the DeFi space as a whole.
Support this further by signing up to Chainge if you haven’t already up to 145 CHNG tokens await you. More so if you use my referral link https://www.chainge.finance/?referral=bd5f2a7ee59b4fbea783735857faf2ed
