13 things you need to know about Fantom
Fantom is a layer 1 smart contract platform that has recently stolen all the attention, with an astronomical rise of 500% in a week.
What happened? What is Fantom? What’s the hype?
Good news for you, my friend. If you’re reading this, you’re still early, and you can be part of one of the few crypto unicorns that can grow 100x and more in the current market.
Why? Read below.
Fantom is fast and cheap
Fantom confirms transactions in less than 2 seconds, and they cost a fraction of a cent, or $0.00001.
You know, like Ethereum. Not.
Andre Cronje built it
Andre Cronje, the genius developer behind Yearn and many other DeFi products, coauthored the consensus algorithm of Fantom, called Lachesis. He’s still involved in the project and speaks to the team daily, overseeing the major updates and releases.
Moreover, he confirmed multiple times that when the bridges are ready, he will port his most popular dApps on Fantom since it’s faster and cheaper than Ethereum. Where would users go? On the slow and expensive Ethereum, or the fast and cheap Fantom?
Fantom isn’t an Ethereum fork
Unlike many other blockchains, Fantom is not a fork of Ethereum. It’s built from scratch using an innovative consensus algorithm designed for high performance and scalability.
Fantom is fully compatible with Ethereum
Fantom supports the Ethereum Virtual Machine.
What does it mean? Developers familiar with Ethereum can deploy their dApps on Fantom just as easily, using the same tools such as Truffle, Remix, and Metamask.
Their dApps will be much cheaper to deploy, maintain and interact with. The user experience is therefore drastically improved, also thanks to the almost instant confirmations.
Fantom is interoperable
The full Ethereum compatibility makes Fantom interoperable with Ethereum. Ren is building a bridge between the two networks to allow a seamless flow of assets back and forth.
Fantom is a layer 1 platform that can serve as a layer 2 for Ethereum. In other words, it can help Ethereum scale, among many other things.
You can stake it to earn rewards
Fantom is a Proof-of-Stake network. It means that you can participate in securing the network by staking your FTM. But it doesn’t end there. You can choose for how long to lock up your tokens for and get rewarded accordingly; the longer you lock your FTM, the higher the rewards.
Furthermore, Fantom is the first network to introduce Liquid Staking. You can use the value of your staked FTM within the ecosystem. Massive.
It has an all-in-one DeFi suite
The team didn’t just build an incredible blockchain platform that is fast, scalable, and secure. They also created an all-in-one DeFi suite, Fantom Finance. DeFi users are used to jumping across different protocols and websites to trade, lend, borrow and farm. Fantom Finance solves all that.
Users can mint synthetic tokens (like on Synthetix), trade on an AMM dex (like on Uniswap), and borrow and lend tokens (like on Aave), all in one place, directly from the wallet. How cool is that?!
It has partnered with the most recognized crypto projects
Fantom partnered with:
- Chainlink
- Ren Protocol
- Band Protocol
- Injective Protocol
- Waves
- Ethereum Classic Labs
- Api3
- Ontology
- V-id
- Coti
- And many more
It is massively undervalued
Fantom is sitting around a $300m market cap with a token price of $0.13. Despite its recent rise, Fantom is still vastly undervalued. Avalanche offers a similar tech, without the integrated DeFi suite, and it’s valued at $900m. Solana, a fast blockchain yet not compatible with EVM and slower than Fantom, is above $1b. Aave, a dApp on Ethereum that would represent a part of Fantom Finance (so a part of a dApp on the Fantom ecosystem), is valued at $3.5b. The proper comparison should be made with Ethereum, valued at $160b. The potential growth for Fantom is at least 3x in the short term, up to 100x and more.
It has the best community and social presence
The Fantom Marines are one of the best communities in crypto. They’re organized like a proper army. They’re knowledgeable, and their Twitter presence is a force of nature. They’re similar to the Link Marines. They act as one. Memes, articles, videos, gifs, you name it. They can do it all.
It has three government pilot programs
Fantom is reshaping the country of Afghanistan. They have not one, not two, but three government live pilot programs. The first one, launched in July 2020 with the Minister of Health, leverages blockchain technology for pharmaceutical supply chain tracking to combat counterfeit drugs. More recently, Fantom partnered with DABS, the national energy company for Afghanistan, to build blockchain-based ERP and CRM systems. The latest program involves the Afghanistan Chamber of Commerce and Investment to implement blockchain tools for auditing and authentication purposes. The team aims to digitize the whole country of Afghanistan and ultimately build a national stock exchange on the blockchain.
It has a transparent and humble team
The Fantom team is very transparent and humble. They communicate promptly (they have one of the most active Twitter accounts in crypto), they’re hard-working and as clear as they can be with the community. It almost feels like the team is part of the community. Besides their official chat on Discord, they also offer a support chat on their website, unheard of in crypto. Their Github is updated frequently, almost daily, and it’s easy to see what they’re working on at any given time.
It’s getting integrated everywhere
Besides centralized exchanges like Binance, Fantom is taking over the DeFi space. It’s listed on Uniswap and Sushiswap. It’s just the beginning. We can speculate that once the Ren bridges are in place, there will be more integrations on Ethereum. We can think of Yearn, Curve, and all the biggest DeFi money markets.
It’s on Coinbase Custody
Coinbase Custody is the most important crypto custodian in the world and it supports Fantom. Institutions and funds can now safely store their FTM with a trusted third party. It’s the first step to getting listed to Coinbase.
Etherscan has built an explorer for them
The Etherscan team has recently built FTMScan, an explorer for Fantom. Previously, they only made Etherscan and an explorer for Binance. If that doesn’t tell you something, my friend, it’s on you.
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