Fantom is an open-source, high throughput smart contract platform for digital assets and decentralized applications. Fantom Opera is an EVM-compatible blockchain where developers can deploy and run Ethereum dapps on Fantom. Fantom Opera is highly scalable and transactions are super fast.
Fantom uses the Asynchronous Byzantine Fault Tolerance, with Directed Acyclic Graph(DAG) to achieve consensus among the nodes and fast finality. A Bitcoin transaction takes 60 minutes or 6 confirmations to achieve finality. The Fantom network achieves the finality in a few seconds.
Fantom blockchain uses its own unique consensus mechanism known as Lachesis consensus. No node has special privileges in block production. Every node has an equal opportunity to create a new block.
FTM is the native token of the Fantom blockchain. Fantom is used to stake and earn rewards, pay fees on the network, and also participate in the governance of the protocol. FTM has gained 1400% in the last year and is trading at $1.99 with a market capitalization of over $5 billion(at the time of writing this article). The current circulating supply of FTM is 2.54 billion coins with a max. supply of 3.17 billion.
To be a validator on the Fantom network you have to stake at least 1,000,000 FTM. However, you can delegate your FTM with a validator you trust even if you have 1 FTM.
Fantom team has announced an incentive of 370 million FTM to the builders. Protocols teams building decentralized applications on the Fantom network will be able to apply for rewards based on their total value locked(TVL).
Connection Fantom(FTM) to Metamask
1. Log in to Metamask and click the three dots present on the top right and select 'Expand View'
2. Click on the drop-down list and select 'Add Network'
3. Add the following Fantom mainnet settings to Metamask
Network Name: Fantom Opera
New RPC URL: https://rpc.ftm.tools/
Chain ID: 250
Currency Symbol: FTM
Block Explorer URL: https://ftmscan.com/
Enter the above details and save them. Now the Fantom network has been added to your Metamask.
Buy FTM on any centralized exchanges like Binance or Kucoin. Transfer the FTM to Metamask and start using dapps and dexes on Fantom. You can also their fantom bridge multichain.org to bridge your tokens from other networks to the Fantom network without ever using a centralized exchange.
Here are some dapps on the Fantom network for a headstart
- Spookyswap
- Tarot Finance
- Spell
Spookyswap is a decentralized exchange on the Fantom network similar to Uniswap on Ethereum. Spookyswap has a 24h trading volume of over $289 million. WFTM/USDC is the most traded pair.
Tarot is a decentralized lending platform similar to AAVE on Ethereum. Users can borrow or lend money from Tarot finance.
Spell is a token associated with abracadabra.money, where we can borrow USD pegged stable coin called Magic Internet Money(MIM).
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