Statera Goes Cross-chain onto Fantom Network

STATERA PROJECT
5 min readMar 19, 2021

Statera has been around for almost 10 months now — how time has flown!

Since its launch the project consistently worked towards putting deflation into various financial products. The eventual aim is to put crypto into every single portfolio, and we’re working towards this every day.

The unfortunate reality is that within digital assets there are quite a few barriers of entry.

The first barrier is uncertainty around the first time you buy an asset on a CEX, and the accompanying KYC. There are still a lot of restrictions around who is eligible, and where a person can trade. Even if you are successful, you still don’t fully own it. As the saying goes, “not your keys, not your crypto”

The second barrier is when you try moving out of the CEX space and take control of your assets. I’m sure many can remember the anxiety they felt the first time they set up their Metamask and sent funds to it. The relief that is felt when looking at the Etherscan confirmation is second-to-none.

While these two remain the biggest barriers, in recent months a new one has presented itself. The Ethereum network has been shackled by its fees, yet there is no mistaking that it’s the gold standard in terms of both building and trading. The reality is that if a transaction costs $100 to make, many people are simply priced out, especially smaller traders.

Digital assets are not supposed to be only for the wealthy; they already have their hedge funds and asset managers for that.

Because of this we are very excited to announce, with the help of the team over at multichain.xyz, wSTA is live for trading on the Fantom network. Our community, old and new, can now trade and speculate on the price of wSTA on Anyswap.exchange!

To be clear, Statera will never leave the Ethereum network: our contract is fully deployed and immutable. It will always be our primary home, and we are excited about the future of the network. However, by expanding to Fantom, we not only are able to address this barrier of high fees, but have the added bonus of growing out the Statera ecosystem at the same time.

The cost to trade on Fantom’s network is less than $0.10; furthermore, at the time of writing, we are the second largest liquidity provider on AnySwap’s Fantom liquidity pools! The deflation in our ecosystem is proven to attract arbs and boost volume within any liquidity pool it is placed in, and we very much look forward to seeing these happening cross-chain.

Below is a guide on how to add Fantom as a custom network and bridge wSTA between networks.

Please note that the Fantom (FTM) native token is needed to trade on the network. It can be bought on most major CEXs and on a number of DEXs.

First you will need to add the FTM Network to Metamask:

In the top right corner of your Metamask, click “Ethereum Network”

Click “Custom RPC” at the bottom.

Enter the correct information for the FTM Mainnet and click save to add the FTM Network to you Metamask

Now that you have added the Fantom Network to Metamask, you can swap between the Ethereum and Fantom networks as needed by clicking the Network dropdown menu in the top right corner. You will have to have your Metamask set to the correct network in order to utilize the bridge.

Using the ETH-FTM Bridge on AnySwap:

Load up https://anyswap.exchange/dashboard.

Connect your Metamask wallet to AnySwap like you would any other Dex.

Now select Bridge on the left side of the screen.

Make sure you have switched your Metamask to the FTM Network.

You can now select the amount of ETH, wSTA, or any other ERC-20 supported by the platform that you would like to deposit.

Once you have entered the amount you wish to deposit, click “CrossChain Deposit” at the bottom of the screen.

You will then have to approve the transaction via your MetaMask. At this time, this is done via signature. Click sign to confirm and initiate the deposit.

To see your FTM Network balances on your Metamask you will have to import the contract for each coin you are adding in the same way you would import an ERC-20. Make sure you have the correct contract by checking at https://ftmscan.com/.

If using Multichain.xyz, the token can be added to your Metamask with a single click by hovering over the Destination Chain and clicking the Metamask logo when it pops up as shown below.

You are now ready to trade wSTA on the Fantom Network.

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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.