What Is Fantom? A Guide to Fantom’s Ecosystem

In June of 2015, DFS issued virtual currency regulation 23 NYCRR Part 200 under the New York Financial Services Law. Availing the license, Fidelity’s entry into the cryptocurrency business is viewed as a breakthrough for drawing more institutional investments in this domain. This will help the investors to trade cryptocurrencies across the majority of the exchanges. Most recently, the Fantom Foundation unveiled the details of the upcoming layer-1 chain Sonic Network. According to the blog post, the new blockchain network will be connected to and be able to tap into vast amounts of liquidity, users, and protocols from “Ethereum and beyond” via a native layer-2 bridge.

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Fantom grew in popularity in late 2021/early 2022, as prolific developer Andre Cronje announced a project built initially on the Fantom blockchain, causing a rush of assets into Fantom protocols. FTM is the native token of Fantom and used for governing the platform, securing the network, and paying for transaction fees. At how to buy ftm the time of writing, about $45 million worth of assets are locked on the Geist finance contract. On November 28, 2022, Andre Cronje’s medium publication gave an insight on the economic condition of the Fantom foundation. His report showcases a net profit and the relative financial stability of the smart contract project.

Fantom (FTM) price has increased today.

In his publication, he maintained that the project has enough funds to stay in business for the next 30 years. On-chain unique address data shows a spike in usage statistics in November 2022 and sustained metrics along this line. On November 6, 2022, an excess of one million new wallet addresses were created on the Fantom network, which represents the highest daily increase in new wallets. Following this spike, the Fantom network https://www.tokenexus.com/ has welcomed an average of over 100,000 new addresses daily. This is quite significant considering the fact the network sat at just over 3 million active addresses before November 2022 but has grown to over 43 million wallet addresses at the time of writing. The most popular exchange to buy and trade Fantom is DigiFinex, where the most active trading pair FTM/USDT has a trading volume of $3,042,994.06 in the last 24 hours.

What is the market cap of Fantom (FTM)?

Fantom said it utilized the cross-chain messaging protocol Wormhole (W) to roll out the new stablecoin, USDC.e. The new technology will also reduce storage requirements by up to 90%, according to the project. Fantom launched its token sale on Jun 15, 2018 and completed it on Jun 16, 2018. Fantom said the vulnerability would have allowed malicious players to mint FTM token on Ethereum. Although details still have not been revealed as of February, the project is rumored to be a collaboration of the two prolific DeFi developers. Please note that the contents of this article are for educational purposes and should not be taken as financial advice.

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It uses a vault system to manage liquidity across supported crypto assets. The vault system removes the need for segmented liquidity pools on the decentralized exchange. Supported assets use a generalized liquidity pool with every committed asset held in a single contract and swap requests served from this collective fund pool. According to Beethoven X, this design ensures that every asset has sufficient liquidity. Beethoven X claims to be a next-generation decentralized investment platform built for the future of finance. It offers asset pools with varying stability and a basket of facilities that helps developers, investors and traders explore the full capabilities of decentralized finance.

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It aims to offer crypto trading services and crypto custody to the institutional clients and also plans to spread its wings across the borders in the future. The increase indicated an improvement in the health of protocols operating under the chain. As of this writing, FTM circulation was 2.97 million, confirming the notion that tokens engaged in transactions had reduced. Furthermore, AMBCrypto noticed that the 24-hour active addresses on the Fantom jumped on the 17th of May. The increase implied that the rate of successful transactions on the network jumped.

What is the daily trading volume of Fantom (FTM)?

• Other investors who also wish to benefit from staking can also stake their FTM tokens to the network.
• The provided liquidity is automatically staked in the vaults and generates additional rewards.
• Another innovation is Fantom’s “leaderless” consensus mechanism, Lachesis.
• FTM is the native utility in-house PoS token of Fantom that powers the ecosystem and is applied for payments, network fees, staking, and governance.
• GEIST token holders who simply commit their assets to the staking contract or lock their assets for a period of time (usually three months) will receive rewards in GEIST according to the prevailing APR.