Understand and know how to use Fantom (FTM)

There is a lot of talk about alternatives to Ethereum and certain networks are getting a lot of attention, including Fantom. The network – although it is very recent – ​​is experiencing growing success. It even seems to be among the must-haves for crypto-enthusiasts.

It's time to tell you about the Fantom network (FTM) to discover its advantages and know how to use it.

Also, I want to clarify (once again) that this is not financial advice to tell you to invest in the FTM token. This is really a presentation article that is intended to be explanatory. It is really to introduce you to this token with no intention behind pushing you to invest.

It's part of general culture in some way to know different networks and their particularities.

So, we can then begin.

Presentation chapter: What is Fantom?

Let's start with the team behind Fantom. It is a South Korean engineer Dr. Ahn Byung who is at the origin of the project. He knew how to surround himself with people who are technically competent in blockchain technology. There are different profiles in the team and they range from entrepreneurs to engineers to researchers.

In the team, we also find the founder of Yearn Finance who (he no longer works directly in the Fantom project) carried out an integration of Yearn Finance with Fantom.

Fantom was launched in 2018. It took a few years for it to see the light! It is a blockchain that operates on what is called a DAG (directed acyclic graph blockchain). This isn't the only project that uses it either. We can cite Hedera Hashgraph which also uses it and that is why we very often compare them.

Fantom uses its own consensus mechanism, Lachesis, which is a variant of POS consensus that is intended to be less energy intensive. This technology results in one-second confirmation times and transaction fees that charge users just a fraction of a cent. It feels good!

Fantom infrastructure is based on a proprietary technology that it developed called "Lachesis". This is Fantom's aBFT (Asynchronous Byzantine Fault-Tolerant) consensus algorithm. Lachesis makes it a faster, more scalable and more secure solution. This aBFT system is much faster and more scalable than systems based on simple BFTs.

(To learn more about Lachesis, see the documentation here).

When it comes to tokenomics, the total FTM token supply stands at 3,175 billion tokens and currently there are around 2 billion distributed. It was announced that in 2023, max supply will be reached.

What is interesting is that the vast majority of FTM tokens are locked in staking to run the network.

To be a network validator and own a mode, the user will need to have a minimum of 3,17 million FTM. He will then receive FTM at 15% per year if the staking has a total value of 70%. At a minimum, staking is set at 12% per year.

The 4 big advantages of Fantom:

• Near-instant transactions : Transactions on Fantom are finalized in a second and cost a fraction of a cent. Oh yeah.
• Secure Operations: Fantom's validator nodes form a global, trustless, leaderless proof-of-stake network.
• Scalable technology focused on smart contracts : Fantom can process thousands of transactions per second and scale to thousands of nodes.
• Compatible with Ethereum: Of course, Fantom is EVM compatible. You can deploy and run Ethereum dApps on Fantom easily.

Foundations Chapter: Installing Fantom

As with other networks, you can download and have a dedicated Fantom wallet. To do this, you must go to the official website: https://pwawallet.fantom.network/#/.

As you can see, you can create a wallet or create it on your Metamask (by clicking on “connect wallet”).

This will depend on your own requirements, of course. To make this more practical, obviously, installing the network on your metamask will be very practical for subsequently using protocols and applications on Fantom.

Once the network has been added, you will be able to connect your wallet to Metamask and you will be able to see the “Fantom Opera” network.

Of course, you can also create your Fantom wallet. This may be more judicious if you plan to have a large amount and keep more security over your funds.

To create a Fantom wallet, this is the usual procedure with creating a password and saving your 24-word seed phrase in a secure location.

Once you have created your portfolio, you arrive at your Fantom portfolio dashboard.

Among the services, you can:

• Wallet (send and receive FTM tokens). For example, you can buy FTM on an exchange platform like Binance and send your FTM to your wallet.
• Staking: Make staking and choose delegators to do it.
• Performing fMint: This is actually the gateway to DeFi. This is where you can mint an FTM pegged 1:1 to the USD price using your FTM and have an fUSD. Choose the amount you want to mint and rebalance at any time by adding or removing FTM.

• Perform token swaps: You can buy and sell synthetic assets. You can use your FTM or fUSD to trade 176 assets that represent tokens outside of the Fantom ecosystem. You can trade Bitcoin, Ethereum and many other cryptos.
• Do you think Bitcoin will increase in value in the short term? Buy fBTC with your fUSD, then sell fBTC to fUSD for a profit.

• fUNI: This is the equivalent in some ways of Uniswap in which you can swap your FTM tokens for fUSD for example. You will also be able to provide liquidity for the pool. You can also do lending/borrowing.
• Governance: the FTM token is also a governance token, here you can participate in votes concerning the future development of the network.

Fantom Exploration Chapter

Now that you have your network, your wallet and some tokens at your disposal. You can begin the exploratory phase of Fantom.

This is the part that gets interesting, indeed.

Here are the basic tools you will need for optimal exploration:

• Go to the Fantom Foundation website through which you can discover the development of the project and the different services available to you. (https://fantom.foundation)
• You also have access to explore the network to access all network data, blocks, validators, number of tokens in staking, etc. (https://explorer.fantom.network and https://ftmscan.com)
• The site on which you can find out the ranks and popularity of applications (in terms of usage and TVL for example): https://projects.fantom.network/rank-list. It is from this site that I personally discover new applications and do my little exploration.

A growing ecosystem

As I write this article, there are around 80 dApps available on the network. This is both a little and a lot because it must be remembered that the network has only been functional for a year.

dApps allow us to participate in different services such as Lending/Borrowin, Yield Farming and even access NFT platforms.

Final Word on Fantom (FTM)

This year 2021 has been explosive for the FTM token. At the start of the year, the token was worth $0,019. It’s a rise in power that has made him gain more than 13,000%! Moreover, it was especially this summer that its price exploded.

This is partly due to numerous integrations and partnerships like the one with chainlink.

The team has implemented what we can call an alternative to Ethereum even if in 2021, it has become has-been to talk like that.

It is very likely that we will have multiple networks that will exist in parallel with each other and even in collusion and this is how DeFi seems wonderful rather than seeing competitions or “killers”…

Fantom remains very interesting from a technological point of view but also and above all by observing all the dApps and protocols that are growing the ecosystem.

We invite you to read the article on interesting projects in the Fantom eco-system if you wish to go further.

• Discover the Fantom website
• Buy it FTM token on Binance

View version Fantom video :

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Disclaimer : This article is provided for informational purposes only. This is not financial, legal, tax or investment advice. Always do your own research before investing in a project.

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