Climbing to the top — FUJI
Announcing the public beta of the Fuji App
The winter of finance has been long and grueling, with the banking system faltering and failing under the weight of its own shortcomings. The traditional banking system has shown to be fragile and unstable, with major institutions collapsing and a systemic default looming over us all. But just as the last frost brings an end to the cold, so too does the arrival of spring as it heralds a new beginning for finance. It is now clear that non-custodial features are not just a desirable add-on but an essential aspect for the future of finance.
We’re excited to announce the public beta of Fuji and the issuance of Fuji USD, the over-collateralized stablecoin backed by Bitcoin.
After introducing Fuji last year, 500+ users signed-up for the limited private beta program.
We would like to express our gratitude towards our users who participated in the beta program and provided valuable feedback that has helped the improvement of the protocol and shape strategic development decisions in the roadmap.
🗻 What is Fuji?
Fuji is a decentralized and non-custodial borrowing protocol allowing users to draw loans against Bitcoin used as collateral locked in smart contracts called Safes.
Loans are paid out in FUSD — an over-collateralized USD pegged stablecoin backed by Bitcoin, deployed on the Liquid Network.
👩🏫 How does Fuji work?
The Fuji protocol enables the issuance and burn of synthetic assets that are backed by Bitcoin collateral and tracks the price of a reference index. This is regulated by a collection of Bitcoin Script covenants.
- Borrowers who lock collateral into Safes to mint Fuji assets.
- Liquidators who commit Fuji assets to be used for liquidation of underwater Safes.
- Treasury that creates the reissuance tokens and collects minting fees.
To read more about the protocol visit the Fuji Implementation Possibilities repository.
🚀 When launch?
On May 15th 2023, the Treasury will issue the zero-value genesis of Fuji USD.
Users will be able to:
- Mint FUSD locking Bitcoin as collateral, either via Liquid or ⚡️Lightning Network.
- Redeem collateral, simply burning FUSD.
- Increase and decrease collateral.
At launch, users will pick among the many Safes offered by the Treasury. More details coming soon.
If you are interested in integrating the Bitcoin Script covenants directly within your application, head over here.
🛣 What’s next?
- Integration with the broader Bitcoin wallet ecosystem, such as hardware wallets and external apps.
- Promote the adoption as payment method across digital stores and merchants and foster the creation of a widespread payment ecosystem.
- Mobile and Desktop app for peer-to-peer trading, borrowing and digital payments.
🏃♀️Try now
Today, we are open-sourcing our reference implementation of a web application that connects to your Marina Wallet browser extension to interact with Fuji to mint and burn Fuji USD.
You can try the testnet live version and experience the current process of minting and burning Fuji.
We recommend the following instructions:
- Install Marina Wallet on Chrome (minimum version 0.5).
- Create a new wallet seed. If you already have installed Marina with real funds, it is HIGHLY recommended to create a dedicated wallet.
- Switch to Testnet inside Marina via Settings > Networks > Testnet.
- Request Testnet Liquid Bitcoins to your wallet: faucet.vulpem.com, faucet.xdex.ch, liquidtestnet.com/faucet
- For ⚡️ Lightning Network deposits you can use htlc.me
We would love to hear from you, feel free to leave your feedback here.
