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What is Fantom (FTM)? Everything you need to know about FTM Token

Publish by Quang Phan at 03 November 2021

The crypto market in Q4 2021 has changed completely compared to it a quarter ago. A variety of blockchain platforms have announced their Incentive Programs, which seem shocking at first until most available blockchains have released at least one such program.

Incentive Programs of different ecosystems.

Among them, Fantom rose up and led the market with strong price growth in only a short period. So, what is Fantom? How has Fantom performed recently? This article will provide you with the answers to those questions.

Now, let’s get started!

What is Fantom?

Fantom is a fast, cheap, scalable, decentralized, and secure blockchain platform. Not only does Fantom support DeFi development, but it also develops for institutional demands, such as Financial Markets, Institutional Finance, CBDC (Central Bank Digital Currency), Real Estates, Smart Healthcare,...

Some exceptional features of Fantom can be listed as: Speed, Security, Scalability, Compatibility with EVM.

Exceptional features of Fantom

To implement those advantages over other blockchains, Fantom adopts the use of Lachesis - an innovative aBFT consensus mechanism. The primary properties of this algorithm are:

  • Asynchronous: Users can freely process commands whenever, at will.
  • Leaderless: Noone is single-handedly taking control of the system.
  • Byzantine Fault-Tolerant: Functional even with 1/3 nodes being faulty or malicious.
  • Final: Transactions are confirmed within only 1-2 seconds, which can be considered as instantly.
Compare Lachesis aBFT to other Consensus Protocols.

What is FTM Token?

The FTM token is the native token of the Fantom ecosystem, used for ensuring the security of the network through incentivizing staking, governance, payments, and fees.

How FTM is applied with Fantom.

How does Fantom work?

Fantom was created in order to continue the vision of Bitcoin, at the same time resolving existing problems of other blockchains. A majority of blockchain platforms are now facing the blockchain trilemma, which requires a blockchain to balance between 3 things: security, scalability, and decentralization.

Fantom tackles this problem with its core innovation: the Lachesis consensus mechanism, which can be used to create any kind of private and public distributed ledger, using EVM or Cosmos SDK. Here are what Fantom can do with its technology:

Modular

Lachesis powers Fantom’s Opera mainnet deployment, that uses the Ethereum Virtual Machine (EVM). Being EVM-compatible means that Ethereum dApps can be easily deployed on Fantom, at the same time Ethereum developers (which have a massive underlying community) don’t have to start learning a new coding language again.

Scalable

Fantom is a network of networks, whereas each one built on Fantom is independent of another. Regardless of Fantom’s traffic or condition, each of them can still operate smoothly without being affected.

To keep it simple, if we think of Ethereum as a decentralized computer, then Fantom is a network made of a potentially infinite number of decentralized computers. Every network can communicate with others while still being able to run as a standalone network, which tremendously improves the blockchain’s capacity and scalability.

Fantom - a network of networks.

Secure

Fantom implements the Proof-of-Stake mechanism, which is different from Proof-Of-Work used by both Bitcoin and Ethereum. In fact, in the vision of Ethereum 2.0, the transfer from Proof-of-Work (Ethereum) to Proof-of-Stake (Ethereum 2.0) is needed.

The reason is that using POS helps the network become more decentralized, more environmentally-friendly, and less costly. Instead of buying expansive computer hardware to mine using an enormous amount of electricity, users can just stake network’s native tokens to prove their loyalty against malicious or fraudulent behaviours.

Proof of Work vs Proof of Stake.

Decentralized

First of all, Fantom is open-source. The works within the network are fully visible and transparent, hence creating the opportunity for everyone to contribute to the products and the network.

Second, Fantom is permissionless. Everyone with more than 1,000,000 can become a node in the network, thus being able to take part in securing and protecting the Fantom network.

The Fantom Ecosystem

The Fantom Ecosystem overview.

The Fantom ecosystem has grown tremendously recently. There have been more than 200+ dApps, with some quality projects being available on Fantom namely Curve, SushiSwap, Yearn,... Even its native protocols have been developed solidly to capture value for the whole ecosystem, some of which are Geist Finance, SpookySwap, SpiritSwap,...

The Fantom ecosystem has been growing tremendously.

In regard to TVL (Total Value Locked), Fantom has just surpassed Polygon - the current biggest Ethereum Layer-2. At the moment, the TVL inside the platform is $5.56B, which can possibly outperform other major competitors like Avalanche ($8.74B), Terra ($10B), Solana ($12.8B) in the future if Fantom can maintain this growing pace.

Detailed information about Fantom Coin (FTM)

FTM Price Today

Currently, you can track the price of FTM on Coin98 Markets: https://markets.coin98.com/currencies/fantom

Coin98 Markets is a website that helps users to get updates of the real-time prices, as well as view the detailed information of a Token Metric from any project. More specifically, you can access the home page or the community page of a project, or filter the coins/tokens by Market Cap, Trading Volume, etc.

FTM token price is updated regularly at Coin98 Markets. Updated: November 2nd, 2021.

FTM Key Metrics

  • Name: Fantom.
  • Ticker: FTM.
  • Token standard: ERC-20.
  • Token type: Utility, governance.
  • Max supply: 3,175,000,000 FTM.
  • Circulating Supply: 2,541,152,731 FTM.
  • Contract address: 0x4e15361fd6b4bb609fa63c81a2be19d873717870.

FTM Token Allocation

  • Token Sale: 40%
  • Staking Rewards: 31.4%
  • Advisors/Contributors: 15%
  • Fantom Team & Founders: 10%
  • Strategic Reserve: 3.6%
FTM Token Allocation.

FTM Token Sale

FTM Token Sale.

FTM Token Release Schedule

FTM Token Release Schedule.

FTM Token Use Cases

Currently, the FTM token serves multiple purposes, making it the core element linking every product in Fantom. Some key use cases include:

  • Secure the network.
  • Payments.
  • On-chain governance.
  • Network fees.
  • Stake to become a node (at least 1,000,000 FTM).
  • Used in Fantom products (fMint, fSave, fMint,...).

How to get FTM Token

You can get FTM through multiple options:

  • DEXs: Spookyswap, SpiritSwap.
  • CEXs: FTM, Binance,...
  • Become a node on Fantom and receive FTM as rewards.

How to buy FTM Token

Coin98 Exchange is a decentralized exchange (DEX), a Multi-chain liquidity aggregator that offers users a wide variety of DeFi services (swap, stake, lend, borrow,...) through intuitive and simple interfaces.

You can buy FTM on Coin98 Exchange by following these steps at: exchange.coin98.com

Step 1: Connect Coin98 Extension Wallet.

Step 2: Select Uniswap.

Step 3: Choose the trading pair:

  • Search FTM.
  • If the result does not come up, you can paste the contract of COMP into the search box: 0x4e15361fd6b4bb609fa63c81a2be19d873717870.

Step 4: Adjust the amount you want to swap.

Step 5: Adjust the gas fee, then click Approve.

How to buy FTM token on Coin98 Exchange

How to store FTM Token

You can store the FTM token on Coin98 Wallet with these steps:

Step 1: Open Coin98 Wallet & click Receive on the home screen.

Step 2: Search Fantom Token.

Step 3: Click on the correct result, copy the wallet address and send FTM to this address.

How to store FTM Token on Coin98 Wallet

Fantom Roadmap

Updating...

Team, Investors and Partners

Team

Fantom Foundation consists of multiple developers and contributors, some including:

  • Michael Kong: CEO/CIO.
  • Andre Cronje: DeFi Architect. Founder of yEern Finance, has become the inspiration for blockchain developers.
  • Simeone Pomposi: CMO.
  • Quan Nguyen: CTO.
  • David Richardson: Director.
Fantom Team.

Investors

Fantom has been invested my multiple popular investors, namely Alameda Research, Arrington XRP Capital, HyperChain,...

Fantom Investors.

Partners

Fantom has had partners in numerous fields, such as:

  • Oracles & APIs: Chainlink, Band Protocol, Covalent, The Graph,...
  • Identity: Ontology, V-ID,...
  • Payment: Coti, Travala, Retreeb,...
  • Goverments: Afghanishtan, Pakistan, Ukraine, Taijkistan,...

Is Fantom (FTM) a good investment?

I hope that with the aforementioned information, you have understood what Fantom is and how Fantom works. This article should give you a deep insight into the project, so there is no financial advice. You should Do Your Own Research before conducting any investment, and be responsible for your own fund. However, Coin98 will provide some notable points of the project to give you the best overview to make your own decisions.

Top blockchain comparison.
  • Fantom is a fast, scalable and decentralized Layer-1 blockchain platform, due to the implementation of Lachesis - an innovative aBFT consensus mechanism.
  • Besides developing a DeFi ecosystem, Fantom also attempts to provide solutions for Enterprises and Institutions, especially in some fields like Financial Markets, Institutional Finance, CBDC (Central Bank Digital Currency), Real Estates, Smart Healthcare,...
  • Fantom’s DeFi ecosystem has grown to the point where there are now enough dApps in each market sector for the ecosystem to receive more cash flow. This explains why the FTM price has increased so dramatically recently ($1.1 to $3.4 in less than 2 months).
  • 5 months ago, the number of dApps on Fantom was only about 50, with the TVL of over $200M. Up to this moment, the number of dApps has gone over 200+ (+300%), with the TVL of over $5.6B (+2,700%), proving how rapidly the Fantom ecosystem has been growing.
  • In the future, the next competitors for Fantom to outrun are Avalanche, Terra, and Solana, respectively. Compare Fantom with these DeFi ecosystems can help you determine which position the Fantom ecosystem is currently at, and whether it is possible that Fantom can outperform its opponents.

Conclusion

You’ve been through an article about Fantom and the FTM token. I hope it has helped you in gaining more valuable insights into this project and understanding its potential.

If you want to know further about Fantom (FTM), please feel free to leave a comment below and join Coin98 Community for further discussions!

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