Weekly insight into blockchains and Web3 apps
Fuse Network has become one of the leading examples of an underappreciated blockchain that serves users with cheap and fast payment services. The network’s efficiency makes it suitable for a cashless society, as traditional financial solutions become ready for disruption.
If you’re looking for the next Spotify, Google, or Amazon on the blockchain, DappRadar can help with our weekly Dapp Trends articles. With so much happening across various categories and verticals, it’s crucial to know which blockchains, dapps, and NFT projects generate value and build audiences for the right reasons.
This week we shine a light on Fuse Network, its ecosystem of dapps, and significant milestones. Fuse Network represents a compelling choice for dapp developers looking to build and deploy DeFi, blockchain gaming, utility, social, local economy, and NFT dapps. Moreover, a raft of recent network upgrades and focus on projects with real-world utility make it stand out.
Check out the most popular dapps on Fuse Network in our rankings.
- Real-world utility sets Fuse Network apart
- What is Fuse Network?
- Fuse’s B2B infrastructure for payments
- Simple user onboarding
- FuseDollar (fUSD) stablecoin
- Interoperable with significant blockchains
- Fuse in summary
- Explore Fuse dapps
Real-world utility sets Fuse Network apart
Five years ago, innovators had wild ideas about using the blockchain and smart contracts. This included tokenizing buildings, digitalizing legal contracts, creating local economies, and sending personal payments. Now we’re a couple of years further, and some building stones are in place: DeFi, yield farming, NFT avatar collections, blockchain games, and the Metaverse. But this is not the dream outlined initially years ago.
This was a dream of a more decentralized world with less impact from overarching central governments and payment and banking cartels. Fuse Network might not be the biggest blockchain player, but they have a strong focus.
In a nutshell, Fuse knows that payment infrastructure is littered with problems and that a change is imminent. Moreover, it appears the time is right for such projects to stand up and be counted. The world becomes increasingly open to the benefits of Web3 as world governments seemingly become increasingly authoritarian.
What is Fuse Network?
Fuse Network is the decentralized Ethereum Virtual Machine (EVM) compatible public blockchain that powers the Fuse platform and ecosystem. It is fully compatible with Ethereum, meaning that Ethereum smart contracts can be deployed there and run on top of the Fuse Network.
Any dapp built on an EVM-compatible blockchain such as Ethereum, BNB Chain, Polygon, Fantom, or Avalanche can launch on Fuse very quickly. Most importantly, Fuse Network is an adapted blockchain design allowing for easy and low-cost transactions and a more efficient alternative to traditional cash or cashless payments.
The Fuse Network blockchain uses delegated Proof-of-Stake (dPoS) to achieve consensus. The consensus is secured by 59 independent validators, only one of which is run by the Fuse core team. Compared with other PoS chains, Polygon has set a cap at 100 validators, BNB Chain has just 21 and is considered highly centralized, while Fantom has 76. Fuse validators are also responsible for Fuse’s most critical type of governance: adopting the network protocol changes via Fuse Improvement Proposals (FIPs).
The average block interval on Fuse is around 5 seconds, and it currently costs much less than $0.01 to get a transaction confirmed. In its present capacity, the Fuse Network blockchain can process around 120 native token transfers and 60 ERC20 token transfers per second. The faster processing of native token transfers is because they do not involve computations run on the network’s virtual machine.
The native token of the network is called FUSE. New FUSE tokens are issued with every added block and used to pay for gas, just like ETH on Ethereum. The Fuse Network blockchain is designed to ensure fast block confirmation times and a low cost of transactions.
Fuse’s B2B infrastructure for payments
Since its launch, Fuse has offered businesses and developers an infrastructure for plugging crypto-powered functionalities into real-world use cases. Initially encapsulated under the Fuse Studio backend and Fuse Wallet frontend, it enabled multiple projects to experiment and build on Fuse, including Bitazza, Peepl, Flambu, and Comunitaria.
The Fuse Labs team has recently brought the B2B infrastructure for payments under the umbrella of a new platform called Charge. The main goal of this move is to make the infrastructure convenient to deploy for Web2 developers familiar with modern API-based app building.
Simple user onboarding
Projects building on Fuse can integrate the Fuse Cash wallet into their dapps to remove blockchain complexity for users and ensure their journey is as easy as possible. Furthermore, Fuse’s integration with Arcana Network means dapp builders in the Fuse ecosystem can plugin a Google Mail login capability to their dapp.
With around 1.5 billion users, Gmail login will smoothen that vital onboarding process for users and mean less drop-off at that crucial moment. At the same time, the integration with Ramp Network’s fiat on-ramp plugin means users can deposit funds with debit cards, SEPA transfers, and Apple Pay.
Connectivity with the leading blockchain wallets is a must, and Fuse network can be added to Metamask and used to access dapps. Alongside options to use Wallet Connect, Coinbase wallet, and more.
FuseDollar (fUSD) stablecoin
FuseDollar (fUSD) is a dollar-pegged stablecoin cryptocurrency minted on the Fuse blockchain. It was created to lower barriers for mainstream users to use this new asset type, just like cash. FuseDollar can move between accounts on the Fuse Cash app. Users can swap fUSD for other currencies and hold a yield-bearing savings account.
fUSD is backed by USDC, a fully backed and regulated stablecoin minted by Circle.com. The USDC stablecoin is also widely used in the decentralized finance space. The Fuse Network has plans to add more stablecoins to aggregate yield, add stability and remove friction for on- and off-boarding between crypto and fiat.
Interoperable with significant blockchains
Fuse Network offers full interoperability with multiple dapps, including bridges, cross-chain DEXs, and bridge aggregators. In addition to Fuse’s native bridge usable from the Voltage Finance app, Fuse Network is also supported by Multichain, Connext, Allbridge, and Elk Finance multichain bridge platforms.
Instead of figuring out asset transfer and swap routes to or from Fuse alone, users can also rely on several DEX and bridge aggregators, including Rango Exchange, Li.Fi and Via Exchange. Most importantly, building dapps on Fuse doesn’t mean you isolate users in a Fuse walled garden. They are free to move assets between chains.
Fuse in summary
As applications and businesses transition to Web3, they will require a customizable, high-performance blockchain to enable new business models and tools for value creation. Fuse’s approach to bringing crypto payments and DeFi to the masses primarily empowers other projects, businesses, organizations, and communities to adopt crypto payments and DeFi. This is achieved by providing clients with convenient, mobile-first tools for creating and managing token-powered environments.
The vision for Fuse is to build and provide a blockchain and tooling to go head to head with Visa and other legacy payment providers to replace traditional payment rails. However, they understand that they will need to bring solutions that are not just on par with those legacy systems but capable of blowing them out of the water and attracting interest from retail and business users.
Moreover, the Fuse Network team is working hard to deliver more real-world examples and projects that showcase the power of the Fuse tech stack and its ability to attract high-quality dapp projects with clear objectives and the potential to change how businesses and consumers operate.
Explore Fuse dapps
Those interested in looking into the Fuse Network dive into our Fuse Network Rankings. Here you can find the most popular dapps in the Fuse ecosystem. We advise you to take a look at these three dapps:
- GoodDollar – GoodDollar is a Universal Basic Income project led by the founder of eToro, and is currently the darling of Fuse Network, with around 80,000 users a month. It’s a regular in the top 10 DeFi dapps on DappRadar and offers eligible users a chance to collect G$ tokens to improve their quality of living.
- Peepl – Peepl is rewriting local economics. No more lining the pockets of the rich. No more losing money to big financial institutions. No more relying on greedy financial service providers. They might be the new kids on the block but are bringing a game-changing solution.
- Voltage – Voltage is a DeFi hub and non-custodial platform that brings financial tools to the Fuse token community. Its main feature is its AMM token swap and several options for farming and staking Fuse assets to earn passive income.
- Fuse Cash – Fuse Cash is a consumer-facing mobile wallet for transacting with crypto assets. In many ways, it’s like some of the mobile wallets you probably interacted with, such as Venmo, ApplePay, or Lydia.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in various cryptocurrencies, including BTC, ETH, and RADAR.