Overview
Trading is a regular activity in the cryptocurrency market. These assets can be tangible or intangible, but what they all have in common is expensive and time-consuming transaction costs. On the other hand, the risk ratio and the risk of account hacking can happen in any account. Fusotao is the cutting-edge project with the goal of disrupting this by providing a user-friendly DEX-based order book with zero gas cost, high security, and low latency. So what special features does the Fusotao project have that can do that? Now, let’s find out detailed information about the Fusotao project so that you can choose the right Dex floor for your asset class.
What is Fusotao?
Fusotao is a project similar to the order book of CEX exchanges like Binance, it is a verification protocol for order matching system and uses an on-chain verification model, off-chain order processing.
The Fusotao Network is an application chain based on the Octopus Network for holding user assets and verifying matching transactions from off-chain exchange services. Founders can build their own DEX using the Fusotao application chain as an on-chain verifier and implement their own off-chain matching server. Communities can earn rewards by trading on DEXs or directly staking tokens for DEXs supported by the Fusotao Protocol.
Fusotao’s main product is FXDX — the first DEX using Fusotao, it will be launched in early May. Currently, the testnet is still running, Fusotao is running the testnet and there are incentives for users. The two core components of this project are A blockchain that acts as a verifier and an Offline Matching System.
Currently, the project can connect to NEAR and other sub-rate-based blockchains because they built the blockchain based on the Substrate framework as a standalone blockchain, by partnering with Octopus.
How Fusotao works?
By trading on the Fusotao integrated trading platform, users simply grant the right to use the assets without transferring funds to the platform. Once the authorization is complete, the funds remain in your wallet and only the status is changed from “free” to “reserved”.
Reserved status — “reserved” means that the number of coins will remain unchanged until the offchain activity presents a suitable proof.
The Off-chain Supply Kit is a standard matcher like other CEX matching systems, with an additional proofing engine.
The matcher will update the states within it immediately, but the content number will not be changed until the proofs are verified to be correct.
In a nutshell, Fusotao is a solution that can deliver the experience of using a CEX exchange like Binance for a DeFi environment, meaning a transaction as good as CEX for a decentralized, anonymous DeFi environment.
1. Distribution of tokens
The total number of TAO tokens is 100 million. 63% of TAO tokens will be allocated to community members including trading rewards (Proof of Transactions, 48% of total token supply), validation rewards (Proof), 7, 5% of total token supply), TAO staking reward (Proof, 7.5% of total token supply).
Of the remaining 37% of the total token supply, 8% will be distributed to FusotaoTeam, 12.5% to Investors, 2.5% to Public Sale, 4% to Initial Liquidity, 1% for Testnet Rewards, 3% for Ecosystem Developers and Marketing, 6% for Fusotao Foundation. Check the Fusotao Economic Official Report to find out the bidding schedule.
Summary
Fusotao is a completely permissionless network where any TAO holder can stake a certain number of tokens to build their own DEX on Fusotao and earn trading fees. No need to maintain the property anymore, just prove any modifications made. So what are you waiting for without joining the project right away
