Fantom: The DeFi Unicorn?

Fantom: The DeFi Unicorn?

By Dzoelx | Scripts | 7 May 2021


FantomFTM-Review.jpg

I just provided liquidity for FTM/FUSDT pair on SushiSwap, if you are wondering how much fee I paid for this transaction; it’s NOTHING! Alright, I’ll have to be frank; I paid a fee of 0.00016FTM ($0.000112) to provide liquidity on sushiswap using Fantom’s opera chain. Relative to Defi on any other blockchain, the fee above is absolutely free, and yes, it is!

Fantom’s opera chain has been in incubation for a while now and pretty much under the radar. The cross-chain feature has had a tremendous effect on the overall relevance of the fantom project. Thanks to a mind-blowing 160X annual price gain, Fantom sits amongst the top 100 cryptocurrency projects with about $2 billion market capitalization, trading at about $0.75/FTM. Personally, I’ve been an ardent believer of the visions of the Fantom team and what they hope to achieve with their project. Investing in fantom at $0.006/FTM remains one of my best gambles, holding on to them for this long is an even bigger gamble! I’d say those gambles paid off…for now.

Anyways, back to it. The past few weeks has really been an interesting one for anyone on the fantom ecosystem! Tons of new projects growing on fantom’s ecosystem, these new projects have created much interest which has reflected rapidly on the price as fantom came inches to breaking its current $0.87 all time high after an over 200% price gain.

Popsicle finance, Spooky swap, Spirit swap, Hyperjump, Liquid driver…the list is getting inexhaustive! DeFi projects are exploring the Fantom world, plying their trade on the fastest blockchain with negligible fees. The speed at which these projects have caught the attention of the rest of the crypto space is amazing, and plausible. Rapid price actions have also followed these developments and fantom tokens are booming currently! Spirit swap’s SPIRIT token grew to an all time high of $1.8 from its launch price of $0.12. Glad I got in at somewhere below the launch price, lol! A number of new projects on fantom has experienced similar price runs.

Screenshot (128).png

Off the price talks, fantom’s tremendous growth is not just a result of hypes…and memes. Since it’s inception, the team have been hard at work. Working on all phases of the project and making tangible and gradual progress. One after the other, the developers have assembled the best growth-friendly ingredients on the fantom opera chain.

Fantom opera chain presents an impressively high throughput with smooth and instant transactions, earning it the ‘fastest blockchain’ title. A well-deserved reputation. Enjoying this speed and efficiency for almost free is a perfect example of what many other blockchains ‘promise’ to offer. Anyways, these promises remain…promises. Fantom opera chain’s compatibility with ethereum blockchain smart contracts simplifies the creation of smart contract projects and decentralized applications on the opera chain and also porting of existing projects to the opera chain.

High transaction fee and relatively slow transaction speed has riddled many defi platforms. Users hardly enjoy the complete provisions of Defi platforms due to the high fees charged for each transaction and a high frequency of failed transactions. To save the expenses, cryptocurrency enthusiasts are faced with the hurdle of trimming their activities on defi platforms, sticking to the basic activities. DeFi hasn’t really been as fun as was promised due to these short comings. Regardless of the investors’ financial status, paying high fees isn’t something the cryptocurrency community really loves to do. A slow and expensive platform is nothing different from the banks, if not worse.

Screenshot (124).png

Like a missing piece of a very tough puzzle, Fantom offers a complete set of solutions to the DeFi ecosystem. The incredible speed of growth of defi projects in its ecosystem is a pure evidence of the fertility of the fantom ecosystem for virtually anything! New projects keep launching as existing ones continue to consider switching to fantom’s opera chain. It is set for more growth!

 

Would you love to read similar articles?

 

Follow us on Twitter
Follow us on Medium
Follow us on Publish0x

How do you rate this article?


107

3

Dzoelx
Dzoelx

Drinking coffee and writing about cryptocurrency. Follow me on medium: https://cryptoscripts.medium.com/


Scripts
Scripts

Cryptocurrency and technology articles. Follow us on twitter: https://twitter.com/scriptscrypto Follow our Medium Page: https://cryptoscripts.medium.com/

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.