Fusion: Smooth and safe MainNet launch with 263 active nodes, >15M FSN migrated to MainNet and >12M FSN locked for staking
Biweekly update 26th June — 10th July
Dear Fusionites! After successfully deploying MainNet on June 30th, you can now settle into staking, earning rewards, and supporting the network. The launch of MainNet brings Fusion one step closer to the new reality of DeFi for connecting legacy and next-generation financial systems. The launch is welcomed by the 40+ companies — including banks, global social impact organizations, blockchain projects, and exchanges. Virtually any financial transaction can easily be expressed on the blockchain. Key functionality on Fusion’s MainNet includes time lock, quantum and multi-swap, universal wallet and Short Account Number, asset creation, a token swap and staking. The numbers as for July are quite impressive! Week one MainNet staking yearly reward rate is about 50%. More than 15M FSN migrated to MainNet and 12M FSN locked for staking. After the Fusion MainNet went live, the time has arrived to transition your ERC20 FSN tokens to Fusion native MainNet FSN coins. Everything you need to know is described in the recent team’s blog post “Token Swap — How to Obtain Native MainNet FSN Coins”. And check out the easy-to-follow guide to help you get started with staking on Fusion’s MainNet written by Yona Takac. Fusionites, only ten days left after the highly ambitious MainNet. More to follow. Keep track of updates!
Proud and excited. Fusion team is amazing. Time for the world to see our innovations.
— Dejun Qian, CEO and Founder
Developer activity (from Coinlib.io):
It was welcomed by the 40+ companies — including banks, global social impact organizations, blockchain projects, exchanges and more — that are actively exploring how to use Fusion’s innovative features and interoperable framework. By combining these features, virtually any financial transaction can easily be expressed on the blockchain. Earlier this month, Fusion was invited to discuss the role of blockchain for bringing global finance to the masses as a featured panellist at the United Nations Blockchain Summit in New York.
“It was important for us to build our network to meet needs of real businesses, synthesizing feedback and incorporating partner recommendations to build a protocol and network to transform global finance.” said Dejun Qian.
Key functionality on Fusion’s MainNet
- Quantum and Multi-Swap
- Universal wallet and Short Account Number (SAN)
- Asset Creation and Enhancements
- Fusion (FSN) Token Swap
Although these features are now available through Fusion’s new licensing agreement, Fusion is continuing to build a global Ecosystem of Economies that connects financial systems on the blockchain. Fusion’s next priority is integrating its breakthrough Distributed Control Rights Management (DCRM) technology to MainNet. Numerous companies and projects have already signed up to use DCRM, and the technology is being enhanced by four of the world’s most accomplished cryptographers. The launch of Fusion’s MainNet brings Fusion one step closer to the new reality of Decentralized Finance for connecting legacy and next generation financial systems.
After the Fusion MainNet went live on June 30th, the time has arrived to transition your ERC20 FSN tokens to Fusion native MainNet FSN coins.
MainNet delivers on Fusion’s promise of being the best in breed solution for blockchain interoperability. As a result, Fusion empowers an incredibly easy Token Swap process whilst ensuring liquidity and compatibility with exchanges.
Indeed, FSN can exist and switch between various forms and still be compatible with MainNet, say as native MainNet FSN coins, ERC20 FSN tokens, or even the FSN Bep2 format that is the standard on Binance Chain DEX.
As described above, in the short/medium term Fusion tokens will exist in various states to maximize access to liquidity and to provide flexibility for token holders.
Token holders can seamlessly swap between native MainNet FSN, ERC20 FSN and later BEP2 FSN using Fusion’s Token Swap mechanism and Asset Gateway. Importantly, the total supply of FSN tokens will remain constant.
Token holders may send their ERC20 FSN tokens to the public address that will be provided on Fusion’s website. Subsequently, the wallet address from where the ERC20 tokens were sent will automatically be credited to the same wallet address on MainNet with native FSN coins. The amount credited will be equal to the amount sent.
EFSN (from Fusion’s PSN Test Network)
For token holders who have EFSN tokens on Fusion’s testing network known as PSN, the same process above applies. Token holders may send their EFSN tokens to the very same public address that will be provided on Fusion’s website. Subsequently, the wallet address from where the EFSN tokens were sent will automatically be credited to the same wallet address on MainNet with native FSN coins.. This includes time-locked EFSN. The amount and time period credited will be equal to the amount and time period sent.
Exchanges and Liquidity
Because of Fusion’s Asset Gateway, token holders can transition tokens between native FSN coins and ERC20 FSN tokens seamlessly, therefore they do not require exchanges to support Fusion’s token swap immediately in order to maintain liquidity.
Whilst the team expects all exchanges to transition to support native FSN coins instead of ERC20 FSN in the future, in the short term token holders can continue trading ERC20 FSN on exchanges.
UpBit exchange has already announced that they is supporting token swap.
Asset Gateway: Switching from Native FSN coins on Fusion MainNet back to ERC20 FSN
Above the team explained how to Token Swap from ERC20 FSN to native FSN on Fusion MainNet. Here they explains the opposite process, exchanging from native FSN back to ERC20 FSN.
Two items to note:
- Switching from native FSN on Fusion MainNet back to ERC20 FSN using the Asset Gateway will be disabled until the 14th of July.
- There will be a 1% fee associated with switching from native FSN on Fusion MainNet back to ERC20 FSN.
A guide on how to use the Asset Gateway to perform this switch will be released following the launch of Mainnet and before the 14th of July.
How to Set Up a Fusion Node
This is the first section of a 4 part guide that culminates in you staking on the Fusion Foundation’s Main Network. Part 1 provides background and introduction to Consensus Algorithms. How do they work? Why do we need them? What’s the difference between Proof of Work and Proof of Stake?
Part 2 explores Fusion’s unique approach to staking, purchasing ‘tickets’ and competing in the ticket ‘lottery’.
In part 3, Yona Takac takes you through the steps of setting up a Virtual Private Server (VPS) on Amazon Web Services (AWS).
In part 4, Yona Takac takes you through the steps of SSHing into your VPS and connecting your node to the Fusion Blockchain if you are using a Mac or Linux system.
In this part, Yona Takac takes you through the steps of SSHing into your VPS and connecting your node to the Fusion Blockchain if you are using a Windows system.
Also, check out Staking On Fusion MainNet page.
With the launch of MainNet, it’s time to talk about staking rewards!
The team is anticipating very healthy block rewards for staking on MainNet. Network participation is the bedrock of a public blockchain and block rewards are a good way to strengthen the network by incentivizing participation and increasing decentralization.
The easiest way to estimate your potential future staking rewards is to use the Fusion Staking Estimator which pulls directly from Fusion’s block explorer (currently pointing towards PSN 2.0 Block Explorer).
Alternatively, if you would like to understand the inputs used in the calculator, here is the equation they use for calculating staking rewards per year:
(Quantity of tokens staked / Quantity of total tokens staked in the network) * 2.5 FSN (Reward per block) * 5,760 (Blocks per day) * 365 (Days in a year)
As an example, let’s suppose that a staking participant has 5,000 FSN tokens and that a total of 8,000,000 FSN tokens are in the staking pool on main network.
We can input these values into the equation:
(5,000 / 8,000,000) * 2.5 FSN * 5,760 * 365
= 3,285 FSN tokens earned per year from staking.
The % rewards for staking per year therefore = (3,285/5,000) * 100 = 65.7%
With those numbers, it’s easy to see that staking rewards on Fusion are relatively high compared to other tokens.
As with many decentralized networks, staking and mining rewards are especially favorable at the early stages of the networks existence. Early adopters have the potential to reap disproportionate rewards whilst the network is small and competition for block validation is relatively low. Don’t miss out!
Information from Coinmarketcap.com:
From Fusion Whitepaper:
From DJ Qian Interview with Crypto Shark (June 2019):
Fusion’s short-term strategic priorities:
- Launch mainnet in Q2.
- Integrate Fusion’s interoperability solution DCRM with mainnet.
- Work with our existing and upcoming partners to help foster wider adoption of Fusion’s technology.
There are 3 priorities in the long term. Adoption, Adoption and Adoption with REAL business.
From Official Telegram group:
Rudy (@RkadSG, admin): “No roadmap available yet”.
Incredible achievement by the Fusionite community after only 2 days of MainNet going live
WARNING: Someone is creating FAKE FSN private swaps on the Swap Market to all addresses. DO NOT TAKE THIS SWAP.
Social media metrics
Social media activity:
Social media dynamics:
Fusion community continues to grow slowly. Social media dynamics shows that it remains virtually unchanged. There is a slight fluctuation in the number of subscribers of Fusion social media channels these weeks.
Twitter — Official announcements channel. Average number of retweets is 30–60 for one post.
Fusion Community Twitter: since October 19th, 2018. Not active since November 26th, 2018.
Fusion Announcements Telegram channel — Official announcements. About 2,5K followers.
FUSION Developers Announcements Telegram channel: Tech discussion.
Facebook (till May 2018) — Announcements, 10–15 likes, 1–2 shares.
Bitcointalk.org: since January 20th, 2018. Discussion on PSN, latest news, price, etc.
Check out Fusion forum.
The graph above shows the dynamics of changes in the number of Fusion Facebook likes, Reddit subscribers and Twitter followers. The information is taken from Coingecko.com.