Fantom chain - why I feel it's the best blockchain for DeFi right now

By DeFiExplorer | DeFi to Defy | 7 Nov 2021


OK, I really have to make my first proper post on this blog about the Fantom blockchain ($FTM).

Why Fantom over the other better-known Layer 1 blockchains like Binance Smart Chain ($BNB), AVAX ($AVAX), Polkadot ($DOT) et al? 

Because in my experience it has the smoothest user experience by far, is incredibly fast, super-cheap to use, secure, and has the biggest-yielding opportunities among all the L1 chains that I have seen. It just works. 

 

To illustrate how flawless the Fantom chain is to use, this is what I did last night as one large extended transaction (connect to Metamask for links):

  • Removed a token from a yield farm's complex auto-compounding smart contract (Grim finance BTC single asset)
  • Staked the same token into a different, similar smart contract (Beefy Finance BTC single asset)
  • Used the Beefy Finance BTC deposit token as collateral in a third smart contract (Qi Dao protocol) to mint a stable coin ($MAI) against it at 0%
  • Swapped the $MAI to two different tokens ($FTM & $TOMB) using the exchange on Beethoven X
  • Put the $FTM & $TOMB into a liquidity position to make TOMB-FTM LP using Spiritswap
  • Staked the TOMB-FTM LP into the Beefy Finance TOMB-FTM pool earning a mighty 2.59K% APY (0.9% DAILY!)

Many transactions using several complex, multi-layered auto-compounding smart contracts. Phew - must have cost a lot in gas, and taken hours right? 

Total time taken = under 10 minutes with an easy pace. Total cost including all gas and slippage from trades = Under $3. Nice.

Compare that to Ethereum, where just to swap a token would have cost me $120 in gas fees alone! Or Binance Smart Chain (which I also love) that would have cost around $30 and probably more like 20 minutes but I wouldn't have been able to get such mighty yield APY anyway. 

 

After trying out several L1 chains, Fantom is the one I ended up moving most of my assets to, and is the chain I go back to most because:

  • Easy Metamask integration
  • Everything works as expected, intuitively with no problems
  • A vibrant ecosystem is already operational with NFT, lending, farming and exchanges in abundance, and gaming coming on strong too.
  • Easy native Fantom Chain CEX-DEX on/off ramps via Binance and Gate.io (0.01FTM withdrawal and almost instant). From FIAT to FTM-chain in minutes
  • Fast and cheap to use
  • Wide range of tokens available from other chains too (currently got some BNB earning 96% APY on the Fantom chain).
  • The best DeFi options and yields available due to the fast tech powering the chain

 

Some of the best Fantom ecosystem native tokens to explore: $FTM $BOO $SPIRIT $SCREAM $TOMB $TSHARE $BIFI $GRIM $LQDR $SPELL $MIM $MAI $BRUSH $GEIST $ICE $SUMMIT $BEETS $YOSHI $REAPER $JUST $MENSA $ZOO $MESO

 

I will write detailed how-to guides for manyy of the best opportunities on Fantom, but for now I'll let you explore using the links above.

Happy DeFi folks!

 

Disclaimer: none of this should be taken as financial advice. Do your own research. 

How do you rate this article?

5


DeFiExplorer
DeFiExplorer

Obsessed with crypto, DeFi and new opportunities


DeFi to Defy
DeFi to Defy

My deep dives into the best Decentralised Finance opportunities. Mostly on the Fantom ($FTM) blockchain, but I will also be touching on other chains too. Be your own bank with Decentralized finance - use DeFi to defy!

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.