What Is Fantom (FTM) How It Works & Where To Buy It?

Fantom is a layer 1 blockchain that is EVM compatible and claims to solve the blockchain trilemma. FTM token powers the Fantom blockchain and is used to interact with decentralized applications in the Fantom ecosystem.

The Fantom network has seen rapid growth in user adoption and DApp development recently -in fact, many individuals consider it among the best blockchain networks available.

FTM token has grown to become the 43rd largest cryptocurrency in the world by market capitalization.

 

How Fantom (FTM) Works

The seamless deployment of smart contracts on the Fantom network is facilitated through its proof of stake consensus layer, the Lachesis consensus protocol.

The network achieves secure transactions through the implementation of a Directed Acyclic Graph (DAG). Essentially, DAG ensures ultra-fast relaying of data, and data sharing between nodes on the network – resulting in enhanced network security.

Fantom Opera Chain is an EVM-compatible smart contract chain that allows various projects to benefit from the security of the Fantom network. Projects benefit from the nominal transaction fees and fast transaction speed.

The Lachesis protocol is capable of bolstering transactional processing to 4500 transactions per second. On average, this is significantly higher than the Bitcoin network which can only process 7 transactions per second.

Fantom network positions itself as a faster and more efficient alternative to the Bitcoin network. Bitcoin transactions can take anywhere north of ten minutes, whereas Fantom transaction finality is between 1 and 2 seconds.

The gold standard for blockchains is Byzantine Fault Tolerance, which is crucial in ensuring transparent and trustless networks. Fantom utilizes an ”improved” Byzantine Fault Tolerance to reach consensus, called the Asynchronous Byzantine Fault Tolerance (ABFT).

Essentially, ABFT removes the time limit that is typical of delayed messages and essentially allows them to be lost completely.

 

What Is Fantom (FTM) Used For?

Fantom blockchain has quickly garnered the attention of many developers – it is faster, more affordable, and easier to deploy DApps on than the sluggish Ethereum Blockchain.

This has bolstered the growth of the Fantom ecosystem which now has a TVL (total value-locked) of more than $5,24 billion.

Essentially, Fantom has rivaled blockchain networks like Ethereum which has a TVL of $116 billion. Fantom network’s TVL may seem minuscule in comparison to Ethereum but Fantom has amassed this TVL in a considerably shorter period.

As the Fantom network continues to outperform competitors, it attracts more developers building on the fast and secure decentralized network, powered by the Fantom token. The more the blockchain network grows, the faster the rate of user adoption and sequential price appreciation of FTM.

 

Where To Buy Fantom (FTM)

FTM tokens are generally available on most cryptocurrency exchanges. The token saw its highest trading volume to date in January 2022, with 24-hour trading volumes reaching $1.8 billion.

Individuals can also buy and trade FTM tokens on decentralized exchanges like Uniswap and PancakeSwap.

Some of the most popular crypto exchanges used by US traders are:

• Gate.io
• HTX
• KuCoin
• Crypto.com

Individuals can also transfer their FTM tokens to a Fantom wallet, or Fantom-compatible wallet that they can use to connect to decentralized applications in the Fantom ecosystem. This is especially popular for individuals seeking to earn yields from decentralized finance applications.

The most trusted Fantom wallets can be found here.

 

About Fantom (FTM)

How long has Fantom (FTM) existed?

Fantom Foundation was initially founded in 2018 by DeFi architect and world-renowned developer Andre Cronje. The Fantom Opera Chain went live in December 2019.

The FTM cryptocurrency has seen rapid price appreciation since its inception, reaching an all-time high of $3.30 in January 2022.

What’s controversial about Fantom (FTM)?

Research is critical in the crypto space. As a retail investor, it is essential to do diligent research into projects, their history, partners, and team. Fantom has seen a lot of success in the blockchain space but Fantom has also seen a notable amount of controversies.

Let’s take a look at the top two controversies surrounding Fantom (FTM).

• Lead developers quit crypto – One of the most notable controversies surrounding Fantom was when the project’s lead developers and founders announced they were abandoning the project. Anton Nell and Andre Cronje announced in March 2022 that they would no longer be involved with Fantom. After the announcement was made, the FTM cryptocurrency plummeted more than 30% in a single day.
• Solidly (SOLID) – One of the most anticipated crypto projects was Solidly – a joint venture between Andre Cronje and the infamous Daniele Sesta. The project was destined to be one of the greatest to emerge in the crypto space but after Andre Cronje announced that he was quitting crypto, things quickly unraveled.

  The SOLID token was trading at around $14 after its listing but the news drove the price down to sub $1. Many individuals are uncertain about the future of Fantom and some of its most influential projects.

How many Fantom (FTM) tokens are there?

At the time of writing, Fantom (FTM) has a circulating supply of 2.55B FTM (80% of the total supply).

The total supply of Fantom (FTM) is 2,545,006,273.

The max supply of Fantom (FTM) is 3,175,000,000.

Can Fantom (FTM) be mined?

Fantom (FTM) is not a mineable cryptocurrency. Unlike Bitcoin and Ethereum which use proof of work consensus algorithms, Fantom uses a proof of stake consensus layer called the Lachesis consensus mechanism.

However, individuals typically earn FTM yields by staking FTM tokens, securing the network as a node, or utilizing other profitable decentralized finance applications.

What is the market cap of Fantom (FTM)?

The market cap of any cryptocurrency can be calculated as follows:

The total amount of coins in circulation times the current market price.

Fantom (FTM) Market Cap = 2.55B FTM x $1,06 = $2,71 billion.

The market cap fluctuates according to circulating supply and market price.

 

Biggest Competitors Of Fantom Network And Fantom Token (FTM)

Fantom network has seen extensive growth since its launch and FTM has quickly grown to become one of the most popular cryptocurrencies on the market.

However, Fantom is relatively new to an already overly-saturated crypto market. This means that the project faces some steep competition from blockchains that have already garnered an immense amount of support and adoption.

Some of Fantom’s most notable competitors are:

• Ethereum
• Avalanche
• Polkadot
• Solana
• Cardano

 

What Are The Future Plans Of Fantom Network And FTM

The future of the project remains relatively uncertain, this is mainly because the project’s founders and lead developers have abandoned Fantom.

The influential figures behind Fantom recently announced their departure from the crypto space and this has left the Fantom community considerably concerned.

The future success of the project is therefore in the hands of the community and developers that will continue to encourage further user adoption and increase the value proponents that Fantom can offer.

Many individuals argue that the founder’s absence could be extremely beneficial to the decentralization and prosperity of the project. Essentially, the growth of the project relies entirely in the hands of the people who endeavor to improve its open-source software and continue to trade the FTM token on exchanges.

 

Pros And Cons Of Fantom Network And FTM

Pros:

• Fast transaction speeds – The Fantom network is capable of 1-2 second transaction finality. The network can also process up to 4,500 transactions per second – this is superior compared to other networks like Ethereum or Bitcoin.
• Low network fees – The advancement of smart contract functionality and innovative proof of stake mechanisms have decreased the network fees. The average network fee on Fantom is significantly lower than most blockchain networks.
• Secure consensus layer – The network claims to have improved security compared to other notable blockchain networks. This is achieved through the unique proof of stake called the Lachesis consensus mechanism.
• Ethereum Virtual Machine compatibility – Fantom is EVM compatible which makes the process of deploying applications virtually seamless.
• Growing ecosystem – Fantom has only recently entered the crypto space but has already amassed a TVL of more than $5 billion. The Fantom ecosystem has among the highest TVL of any network.
• DeFi dominance – Fantom’s ecosystem has established itself as a DeFi app powerhouse in the DeFi space. The ecosystem boasts an array of credible and innovative decentralized applications which have already attracted hundreds of thousands of users. The DeFi space is one of the fastest-growing sectors in crypto and Fantom has positioned itself as an influential player in the sector.

Cons:

• Founders abandoned the project – One of the biggest cons associated with Fantom is the absence of its lead developers and founders. Fantom is no longer pioneered by its founder and lead developers, instead, it relies solely on developers building on the Fantom blockchain. The digital assets already utilizing the Fantom network can continue their growth only through network expansion and enhanced user adoption.
• Significant competition – Fantom has only recently entered the crypto space. Although it has quickly established itself as a major player in the space, it still has steep competition. Fantom needs to compete with the likes of Ethereum and Solana which have become some of the most-used networks.
• Fantom’s capabilities remain relatively untested – Possibly one of the most important considerations when assessing Fantom is the capabilities it claims to have. Many of the capabilities such as throughput, scalability, and security can only truly be tested once user adoption and network volume increase.