After BSC and HECO I start locking some more decentralized ecosystems to explore. In this post, I present my quick researches about this chain.
What is Fantom?
Fantom is a fast, high-throughput open-source smart contract platform for digital assets and dApps. Network consensus protocol is a Fantom’s aBFT.
What is aBFT consensus?
In an aBFT network, nodes can reach consensus independently conveys this information, and they don’t need to exchange finalized blocks. For this reason, aBFT consensus mechanisms are completely leaderless, increasing security: there is no round-robin and no Proof-of-Work.
Unlike pBFT, which relies on the fact that all the messages shared among nodes will eventually be delivered, aBFT allows for messages to be delayed or lost altogether. Besides making networks particularly resilient to DDoS attacks, aBFT also lowers the transaction’s latency, resulting in a faster network.
Fantom is an EVM compatibility network that means to work with this network you can use your present Ethereum wallet and Metamask.
How configure Famtom and MetaMask
To configure metamask for work with the Fantom Opera network you must add the custom network to your metamask.
- Network Name : Fantom Opera
- New RPC URL : https://rpcapi.fantom.network
- Chain ID : 250
- Currency Symbol (optional) : FTM
- Block Explorer URL (optional) : https://explorer.fantom.network/
After that change network to Fantom Opera. You can add this network later automatics from fWallet.
You need some fantom tokens for paying the transaction fee and other cool stuff. You can Buy FTM on Binance and ern 10% form fee or any of the available markets.
In the fantom ecosystem, we start from Fantom fWallet By click Connect Wallet we connected metamask wallet with fWallet. From fWallet dApp level, you can start working with the fantom ecosystem. You can manage your account contacts, delegate tokens to stack, collateral, mint synthetic tokens, and swap currently between FTM and wFTM. An interesting option in fWallet is stacking and collateral. You can delegate your FTM token and receive equivalents of stacked tokens in wrapped token sFTM. sFTM and wFTM tokens you can use as collateral inside DeFi section. When lock your wFTM or sFTM you can Mint Synths tokens Available synthetics token to mints are :
Collateral in fWallet
Fantom collateral has a specific mechanism that provides earn rewards in wFTM form stacking if your collateral stays above a certain level.
C-Ratio needs to be at least 300%. If your C-Ratio is above 500%, you’ll earn rewards in wFTM. If your C-Ratio falls below 300%, your wFTM will be locked (not liquidated) until the C-Ratio goes back to at least 300%. That can happen either via FTM price fluctuations or if you add more wFTM as collateral.
Move assets to FTM network
To moving tokens between chains you can use multichain.xyz
Multichain.xyz support :
Other dApps in the Fantom ecosystem
For now, the biggest audited dApps in fantom are :
Sushi Swap - Multi-chain AMM.
Curve Finance - extremely efficient stablecoin trading.
Other currently not audited apps :
- Popsicle finance - Cross-chain yield enhancement platform focusing on Automated Market-Making (AMM) Liquidity Providers (LP).
- SpookySwap - Native farm and exchange on Fantom
- SpiritSwap - Platform for trading, staking, and farming.
- HyperSwap - is a DeFi protocol with a fun token ecosystem on Binance Smart Chain and Fantom. The ecosystem is built around NFTs, gaming, and tokenomics that will benefit the end user.
Ty for reading and tip
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