Coins & Tokens

What is Fantom Blockchain?

The Fantom Opera blockchain, initiated by the Fantom Foundation in December 2019, stands out as a groundbreaking creation in the realm of decentralized ledger technologies. Unconventionally, Fantom Opera operates on a Directed Acyclic Graph (DAG), deviating from the traditional blockchain structure. While boasting initial ambitions of reaching an astonishing 300,000 transactions per second (TPS), the network currently achieves a commendable 4,500 TPS. The core strength lies not just in its rapid transaction processing, with a finality time of 1 to 2 seconds, but also in its role as a smart chain supporting complex applications like DeFi and NFTs. Additionally, Fantom Opera flexes its interoperability muscles, establishing connections with Ethereum's EVM and Cosmos SDK, facilitating a seamless transition for DApps and tokens between different chains.

Empowering Through Staking: Unveiling Fantom's Lachesis

Fantom's distinctive staking mechanism, known as Lachesis, introduces an element of decentralization by limiting the network to 50 validators. To become a validator, a stake of at least 1,000,000 FTM tokens is required. However, even non-validators can partake in the staking rewards by delegating their FTM tokens to a validator of their choice. Delegating stakes requires a minimal 1+ FTM tokens, with the flexibility to choose the delegation period ranging from 1 day to 1 year. This unique staking system contributes to the network's security and decentralization, offering rewards to both validators and delegated token holders.

Fantom's Dual DeFi Ecosystem: Native and Imported

Fantom's DeFi landscape unfolds in two dimensions—native and imported. On the native side, fMint enables the creation of a stablecoin called fUSD, pegged to the FMT token at a ratio of 5 to 1. fSwap facilitates the seamless trading of various tokens like fBTC and fETH, while fLend invites users to earn yields by lending their tokens. What's intriguing is that even staked FMT tokens can be utilized in the native DeFi protocols. On the imported side, Fantom's EVM compatibility welcomes DApps and DeFi projects from Ethereum and Binance Smart Chain, enhancing its ecosystem with renowned projects like Curve Finance, SushiSwap, and Cream Finance.

Navigating the Future: Fantom's Development Odyssey

While the official Fantom roadmap paused in 2020, the network's trajectory anticipates a heightened focus on ecosystem development. With a substantial development fund of 370 million FMT tokens, exceeding $700 million, earmarked for DApp growth, Fantom's future seems poised for rapid expansion. The platform's commitment to fostering a robust ecosystem hints at potential breakthroughs and advancements in the decentralized landscape.

Bridging Realms: Fantom's Gateway Bridges

Connecting different blockchain realms becomes a secure reality with Fantom's bridges. Notably, the Ren bridge and the Fantom bridge serve as gateways, allowing the seamless transfer of tokens to and from Fantom. A critical reminder echoes here: utilizing a bridge is imperative when transferring tokens across chains, as neglecting this may lead to irreversible fund losses. Caution remains key in the decentralized realm.

Wallet Harmony: Fantom's Integration with EVM Wallets

Fantom's EVM compatibility extends its user-friendly approach to wallet integration. EVM-compatible wallets like MetaMask and Trust Wallet effortlessly incorporate Fantom, providing users with a familiar interface to manage their FTM tokens, deploy smart contracts, and engage with DApps. As the network continues to grow, the support from various wallets and exchanges aligns with Fantom's commitment to accessibility and usability, ensuring a diverse array of options for the community.

In the ever-evolving landscape of blockchain technology, Fantom Opera emerges as a dynamic force, combining speed, versatility, and a commitment to community-driven development. As users explore the possibilities within Fantom's decentralized realm, the network's journey toward greater heights remains an exciting narrative in the broader blockchain narrative.

If you haven't found your Fantom wallet yet you can also add Fantom to your Metamask wallet.

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