Fantom (FTM) is a new smart contract-based blockchain, created with an aim of taking on Ethereum cryptocurrency. This new project has a mixture of high speed and negligible charges.
Fantom is a Bitcoin Loophole of category layer-1, created to offer a substitute for high charges and low speeds about which usually the users of Ethereum are complaining. Fantom (FTM) executes on a directed acyclic graph blockchain which is quite similar to Hashgraph.
An Overview of Fantom
Fantom is a blockchain that supports smart contracts and is powered and supported by its native token FTM. Fantom launched its main network in the year 2019, in December which had a huge success of 40 million dollars.
If we compare Fantom’s blockchain to others such as Ethereum, it is comparatively much faster and cheaper. In the year 2021, this blockchain also displayed a mega show by proving that it can support its decentralized finance (Defi) industry.
In July 2021, the charges of FTM increased from 0.17 dollars to 3.3 dollars in January 2022. This increment showed that there is a desire for substitutes for Ethereum in the crypto market.
Why Is Phantom Special?
When it comes to talking about the success of Fantom, we can easily get an idea about it by noticing the layer-1 wars. Ethereum is quite slow and heavy on pockets and there is still no ray of sunshine about it until any upgrades take place. All this will take years. This will be too late for consumers who are willing to make the most of decentralized finance (Defi) protocol in the present times.
There are developers like those who are constructing Loopring, Abiritrum and Optimism selected to develop layer2 or L2 solutions to increase the speed of Ethereum without removing its security of Ethereum.
Some blockchain platforms decided to remove Ethereum entirely. Ethereum is the base layer which is Layer-1 or L1. Solana, Avalanche, Polkadot, Terra, and Fantom are the leading blockchains in this race.
Even the native coins of these projects have fallen off from their high times. From one of these platforms, Terra’s native coin LUNA is still winning the market as it has the largest market cap of $29 billion as per the stats of March 2022. Other than LUNA, Solana is also on fire as it has a market cap of $26 billion. The Fantom’s token is a bit behind in this race, having a market cap of $3.4 to date.
Each of the above-mentioned blockchain platforms is host to their Defi cottage industry. As per the data and information on Defi Llama, Terra owns the highest Defi market after that of Ethereum. According to the reports of March 2022, Ethereum owns $111 billion total value locked (TVL) and Terra has $22 billion. Fantom stands at fifth position with $7.25 billion which is larger than Solana, having $6.69 billion.
Where to Purchase Fantom From?
Fantom cryptocurrency can be easily bought from decentralized or centralized exchange platforms and others. According to the research of CoinMarketCap, the biggest markets for FTM tokens are Binance, KuCoin, and FTX.
FTM is funded and supported by cross-chain linkages such as Wormhole and Multichain and due to the reason it is issued as an ERC20 or BEP20 token, people can also sell or purchase it on Uniswap of Ethereum and Binance Smart Chain’s PancakeSwap.
Why People Are Interested In Fantom?
There are several reasons behind the interest people are showing toward Fantom. Fantom is developed on the “Lachesis” system this system is a single consensus layer that supports the building of a variety of chains. Lachesis depends upon Directed Acyclic Graph (DAG) based on an algorithm to accomplish asynchronous Byzantine fault tolerance (aBFT). Let’s write down a few reasons:
- Technology of Fantom
- Protection, Scalability, and Localized system
- Growing Pains
- Technical Perspective
- Takeaways
Conclusion
Since Fantom’s launch, it has stood out from the crowd and beaten the other huge cryptocurrency platforms in the period of last few months. Fantom managed to hold it up perfectly when there was an ongoing crypto drawdown and experts believe that it will continue to do so. Fantom is quite undervalued when being compared to total value locked (TVL) to market capitalization. With time, more investors are showing interest in Fantom and its investors are increasing with every passing day.
