Multichain 101 : Understanding Fantom Blockchain Ecosystem

ENEDEX multichain is coming very soon. Multiple blockchain has been prepared for seamless swapping experience across cryptoverse. But before the release of ENEDEX multichain, let’s learn more about the blockchains that potentially will be in ENEDEX multichain. This time, let’s deepdive on the Ethereum’s fastest contender, the Fantom blockchain.

What is Fantom?

Fantom is basically a layer 1 smart contract development platform with high performance, EVM compatibility and better scalability. The answer to ‘what is Fantom’ would also draw attention towards Fantom Opera, the mainnet deployment of Fantom. Another important component in the design of Fantom refers to the consensus mechanism, Lachesis. With these components, Fantom can serve as an asynchronous, byzantine fault-tolerant and asynchronous layer 1 blockchain protocol. Lachesis plays a crucial role in ensuring faster transaction speeds, deterministic finality and reduced transaction costs. Interestingly, Fantom also remains open-source, permissionless and decentralized.

The design of Fantom FTM has been optimized for resolving the problems of decentralizing many services at scale. For example, legacy financial systems including consumer-facing solutions and back-end tools need faster finality and higher throughput. At the same time, they cannot compromise in terms of security while going through a blockchain transformation journey. Fantom can leverage Lachesis for ensuring seamless execution of digital asset transactions at unprecedented speeds alongside providing significant improvements. Above everything else, Fantom does not compromise with decentralization and security for ensuring scalability.

About Fantom Features

The unique aspect of Fantom is its rich ecosystem of modular tools, all of which can be snapped together to share information and speed development. Every element of the Fantom platform has been designed with decentralization and interoperability in mind.

Fantom is also committed to openness. For example, the platform’s source code is available via open-source licensing at Github. Anyone can create building blocks using Fantom code and APIs.

In operation, Fantom supports open participation. Anyone can run a node on the Opera blockchain. That requires a 3.175 million FTM stake, but that doesn’t limit your participation. Just delegate one FTM or more to a validator node and you can start earning rewards.

Fantom has an ERC-20 token, but it can’t be used directly on the Opera blockchain. ERC-20 tokens that arrive in your Fantom wallet are automatically converted to Opera FTM. Fantom’s ERC-20 tokens are used on the Ethereum network. Fantom also supports BEP-2 tokens that run on the Binance blockchain.

About $FTM Token

FTM, Fantom’s native token, is used for multiple purposes in its network, which include paying for transaction fees, staking to secure the network, and as a medium of governance.

While validators need to stake a minimum of 500,000 to help secure the network, FTM can also be delegated to network validators to make the process of receiving rewards more affordable. Rewards vary based on how long a user locks up their tokens and how much they delegate.

Additionally, one unique aspect of governance is that FTM holders who apply their tokens to voting can scale their vote on a five-point scale based on how much they agree or disagree with a governance proposal. Therefore, a user can vote “4” on a proposal they strongly feel would improve the system whereas another user might vote “2” if they feel lukewarm about its implementation. This granularity of opinion is then taken into consideration in the final community tally.

About Ecosystem

As the fastest contender of Ethereum, no wonder Fantom attracted plenty of developers to build project on top of it. Here is a brief list of familiar tokens and their contract addresses that has Fantom version or are uniquely built only in Fantom :

USDT : 0x049d68029688eabf473097a2fc38ef61633a3c7a
USDC : 0x04068DA6C83AFCFA0e13ba15A6696662335D5B75
DAI : 0x8d11ec38a3eb5e956b052f67da8bdc9bef8abf3e
WBTC : 0x321162cd933e2be498cd2267a90534a804051b11
LINK : 0xb3654dc3D10Ea7645f8319668E8F54d2574FBdC8
FRAX : 0xdc301622e621166BD8E82f2cA0A26c13Ad0BE355
AAVE : 0x6a07a792ab2965c72a5b8088d3a069a7ac3a993b
TUSD : 0x9879aBDea01a879644185341F7aF7d8343556B7a
CRV : 0x1e4f97b9f9f913c46f1632781732927b9019c68b
FXS 0x7d016eec9c25232b01F23EF992D98ca97fc2AF5a
SUSHI : 0xae75A438b2E0cB8Bb01Ec1E1e376De11D44477CC
YFI : 0x29b0da86e484e1c0029b56e817912d778ac0ec69
SYN : 0xe55e19fb4f2d85af758950957714292dac1e25b2
MIM : 0x82f0b8b456c1a451378467398982d4834b6829c1
WOO : 0x6626c47c00f1d87902fc13eecfac3ed06d5e8d8a
ABBC : 0xe83ce6bfb580583bd6a62b4be7b34fc25f02910d
SPELL : 0x468003b688943977e6130f4f68f23aad939a1040
MULTI : 0x9fb9a33956351cf4fa040f65a13b835a3c8764e3
sUSD : 0x0e1694483ebb3b74d3054e383840c6cf011e518e
STG : 0x2f6f07cdcf3588944bf4c42ac74ff24bf56e7590

Summary

Being more secure and environmentally friendly than traditional cryptocurrencies like Bitcoin or Ethereum, Fantom uses the PoS consensus method and Lachesis (Fantom’s aBFT consensus algorithm) to set the nodes’ communication rules. With thousands of daily users, Fantom has become one of the oldest Ethereum contender which attract developers and project to built upon it. The track record of the blockchain is proven to be worthy of traders and hodlers to trade on DEX such as ENEDEX

Do you have a favorite Fantom based token that you wish to see in ENEDEX multichain?

Tell us on ENEDEX socials below :

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