Partnership Announcement: Telos x Fortis Network
Telos announces its newest partnership with Fortis Network, a decentralized Web3 platform built on Telos that includes Fortis Coin (FORT), the newly announced ROI dApp and lastly, the Fortis Wallet. Fortis’ new whitepaper, unveiled earlier this week, showcases their new roadmap, which will unlock opportunities for passive income for community members and supporters in the near future.
Fortis Network has been a staple of the Telos ecosystem since its launch in 2021 and through this official partnership they will be delivering a new DeFi offering specific to the tEVM network. As part of this collaboration, FORT holders will be able to use their newly migrated FORT tokens into a high-yield interest account for which they will receive a 365% yield on their deposit, users will be able to claim 1% daily guaranteed. Users will then have the option to re-compound, with this option maxing out at 100,000 FORT per account. Current FORT holders will be able to migrate their old tokens into new tokens via the Fortis Bridge.
New FORT tokens will have the same monetary value as legacy FORT tokens, but the supply will be divided with a 1,000:1 ratio. If you held 100,000 legacy FORT tokens, you would receive 100 new FORT tokens after sending them through the Fortis Bridge that would, again, have the same monetary value. The new max supply of FORT will be 1 billion with an eventual max supply of 1 million through deflationary mechanisms.
If you’re interested in reading more about Fortis’ new venture, full details can be found in their latest whitepaper: https://fortisnetwork.io/whitepaper.pdf
About Fortis Network
Fortis Network is a financial movement, developing solutions that allow users to take control of their finances in an accessible way. Our goal is to bring DeFi to the masses and reward our community of visionaries as they build the economy of tomorrow. The Fortis ecosystem commenced on Telos Native and has now transitioned to become a Telos EVM project.
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About Telos
The Telos Foundation is a decentralized, independent and not-for-profit organization that spearheads the advancement and governance of the Telos blockchain. Since the network launched in 2018, Telos has demonstrated unparalleled reliability with over five years of uninterrupted service. In 2021, Telos released the tEVM — the fastest Ethereum Virtual Machine — operating in parallel with the native Telos Network. After a unanimous decision brought about by a recent community-led vote, Telos is now shifting development into a Layer 0 network, placing an emphasis on scalability, security, and decentralization. In an ever-evolving world, Telos is focused on advancing decentralization through reliable, eco-conscious and trustless technology while providing solutions that can lead to greater adoption of blockchain technology globally.
