Statera burns on Fantom

STATERA PROJECT
3 min readNov 14, 2021

The Statera ecosystem thrives on volatility in the crypto-marketplace by multiplying arbitrage opportunities available to traders and bots alike. The Ethereum network’s fees have often hampered these trades — stagnating the ecosystem’s growth and preventing it from fully realising its potential.

As such, we are incredibly pleased to announce that we have bridged our native STA token to the Fantom network, where it will continue to burn with every transaction. STA can only be minted on Fantom when it has been bridged from Ethereum, ensuring that the remaining supply will never increase.

With Fantom’s low transaction fees, Statera’s unique in-built arbitrage model will allow the slightest opportunities to be taken advantage of, driving volume across the ecosystem.

We have utilised the Multichain (previously Anyswap) bridge protocol due to its ease of use, speed, considerable TVL, and network agnosticity. When utilising the bridge, please keep the following points in mind:

  • There are no bridge fees when bridging to Fantom
  • Please ensure that you bridge more than the stated Minimum Crosschain Amount to account for STA’s 1% burn
  • Your STA will burn 1% on transfer to the bridge, but will not burn when being minted on Fantom. Subsequent transfers will incur 1% burn
  • When returning your STA to Ethereum, there is a 0.1% Crosschain Fee (with a minimum fee of approximately $80 worth of STA) for the amount of STA transferred, to cover the cost of the transaction on Ethereum.

Statera (STA) and Wrapped Statera (wSTA) are also available to trade on the Fantom network at SpookySwap.

We have also introduced our inaugural weighted pool index-fund on Fantom through Beethoven X, which utilises the Balancer v2 protocol. It has been named Dante Symphony (INFERNO) to reference both the movement from Liszt’s Dante Symphony and Statera burning on the Fantom network.

It contains wSTA (30%), wETH (20%), wBTC (20%), wFTM (20%), and BEETS (10%). You can join the fund with any of the above assets.

How to bridge STA to Fantom

  1. Go to the Multichain Router
  2. Connect your wallet
  3. Ensure that your wallet and the Answap Bridge are set to Ethereum Mainnet
  4. In the ‘From’ box, change the token to ‘Statera’, and enter the amount of STA that you would like to transfer to Fantom — ensure that this amount is more than the Minimum Crosschain Amount shown below to account for STA’s 1% burn
  5. In the ‘To’ box, select ‘Fantom Mainnet’
  6. Once you have entered the amount you wish to deposit, click “Swap” at the bottom of the screen, and then confirm the swap on the popup — note that the amount shown does not account for Statera’s deflation, you will receive 99% of the displayed amount
  7. You will then have to approve the transaction via your wallet
  8. If you have not already done so, add Fantom to your wallet (MetaMask tutorial)
  9. Add STA as a custom token to your wallet using the contract address: 0x89d5e71e275b4be094df9551627bcf4e3b24ce22
  10. Your bridged STA will shortly appear in your wallet.

This is an exciting time for Statera, and we look forward to you joining us on our journey — the best is yet to come.

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STATERA PROJECT

STA: a smart contract powered Indexed Deflationary Token which synergizes with a trustless & community driven portfolio of class-leading cryptocurrencies.